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Stock markets rebound on Tuesday: Here's what else happened

The gloomy days could be ending, with resurgent mining and financial sectors lifting the Australian share market thanks to stronger commodity prices.

The benchmark S&P/ASX200 index was up 32.8 points, or 0.56 per cent, at 5869.9 points at 1615 AEDT on Tuesday while the broader All Ordinaries was up 29.8 points, or 0.5 per cent, at 5977.8.

The SPI200 futures index was up 44 points, or 0.76 per cent at 5862.0, while the Australian dollar was buying 71.23 US cents from 71.05 on Monday.

The very things weighing on Monday’s trade proved a positive influence on Tuesday morning, with materials in particular lifting the ASX.

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BHP was up by 1.39 per cent – earlier hitting two per cent gains – following news it had upped its share in SolGold, bolstering its position against top shareholder Newcrest Mining as it eyes SolGold’s promising Cascabel copper-gold project in Ecuador

Much to the relief of its shareholders, the A2 Milk Company Ltd (ASX: A2M) share price has returned to form on Tuesday.

At lunch the infant formula and dairy company’s shares are up nearly 1.5% to $9.00 as investors shrug off reports of increasing competition from food giant Nestle.

Telstra (ASX: TLS) shares were down 1.6 per cent at $3.05 at 1458 AEDT, after a tumultuous week and AGM in which 60 per cent of investors voted against the communication giant’s remuneration report.

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US stocks have finished a choppy trading session lower, dragged down by technology stocks amid lingering worries over interest rates and corporate earnings.

The benchmark S&P 500 index teetered between positive and negative territory for much of the day but moved definitively lower in the last half-hour of trading. The Dow, which was positive for most of the session, reversed course.

The technology index fell 1.6 per cent, weighing the most on the S&P 500, while defensive sectors such as real estate, consumer staples and utilities led the S&P’s major sectors in percentage gains.

The major stock indexes sold off sharply last week, which led to their sharpest weekly percentage declines in seven months. Investor concerns have mounted about the impact on corporate profits of tariffs and rising borrowing costs as the third-quarter earnings season kicks into high gear this week.
S&P 500 companies on average are expected to report 21.6 per cent year-over-year profit growth, a decrease from the previous two quarters, according to data from Refinitiv.

Also, the Treasury Department released data on Monday showing that the US federal government closed the 2018 fiscal year with the biggest deficit since 2012. It ended the 12 months through September $779 billion in the red as tax cuts hit revenues and the government paid more to service a growing national debt.

Yields on the benchmark 10-year Treasury note were at 3.1557 per cent, holding above September’s levels but below the levels that prompted last week’s sell-off.

The Dow Jones Industrial Average was down 89.44 points, or 0.35 per cent, to 25,250.55, the S&P 500 lost 16.34 points, or 0.59 per cent, to 2,750.79, and the Nasdaq Composite dropped 66.15 points, or 0.88 per cent, to 7,430.74.

Britain’s top share index managed a modest gain on Monday as a deadlock in Brexit talks depressed domestic stocks but helped multinational exporter companies as it weakened the pound.

The FTSE 100 (.FTSE) reversed early losses to climb 0.5 percent while the domestically focused mid-cap index (.FTMC) fell 0.9 percent, dragged down by profit warnings from ConvaTec and Superdry.
The FTSE outperformed the pan-European STOXX 600 index (.STOXX), which rose 0.2 percent. Oil majors BP (BP.L) and Shell (RDSa.L) also helped support the index as crude prices climbed.

Commodities

Crude oil prices went up 0.61% to $71.78.

Gold prices fell -0.05% to $1,229.70.

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