(RTTNews) - The Australian stock market was trading mixed on Monday, following mixed lead from Wall Street on Friday and as concerns about the global economic picture sapped any trader enthusiasm. At 8:48 p.m. ET, the benchmark S&P/ASX 200 index was gaining 1 point or 0.03% to 3,582, after closing up a percent on Friday. The broader All Ordinaries index was falling 7 points or 0.20% to 3,515.

In the currency market, the Australian dollar opened weaker. The Aussie opened at US$0.6832-0.6837, down from Friday’s close of US$0.6858-0.6865.

On Wall Street, U.S. stocks ended Friday’s trading session mixed, despite word from the White House on a financial rescue plan for the nation’s struggling major auto makers. The Dow closed down 26 points or 0.30% at 8,579, the Nasdaq gained 12 points or 0.77% to close at 1,564, and the S&P 500 added 3 points or 0.29% to finish at 888.

On the economic front, the Australian Bureau of Statistics data showed that new motor vehicle sales for November in Australia declined by a seasonally adjusted 5.2% from October. New vehicle sales were also lower by a seasonally adjusted 17.8% from last year.

Among banking stocks, Commonwealth Bank of Australia, and National Australia Bank edged down 0.54%, while ANZ Banking Group added 1.50%. Westpac dropped 2.43%, and investment bank Macquarie Group fell 1.02%.

In the resources sector, index leader BHP Billiton was unchanged and Rio Tinto fell 2.44 after it announced plans of a 10% cut in iron ore output by shutting down all its iron ore mines in the Pilbara region. Gold miners were weaker, after gold closed sharply lower on Friday. Sino Gold fell 2.40%, Lihir Gold edged down 0.36%, and Newcrest Mining dropped 5.67%.

On Friday, crude oil futures for January delivery closed lower, amid storage concerns as traders without access to sufficient storage were forced to sell. Oil closed down $2.35 at $33.87 a barrel on the New York Mercantile Exchange on Friday, after hitting an intraday low of $32.40 and a high of $37.59. Meanwhile, crude oil for February delivery closed up $0.69 $42.36 a barrel. Traders continued to mull the latest production cut by the Organization of Petroleum Exporting Countries. In the Asian session Monday, crude was up $0.90 at $43.26 in electronic trading at 8:08 p.m. ET.

Among energy stocks, Oil Search lost 3.34%, and Santos fell 2.38%, while Woodside advanced 2.96%.

In the retail sector, David Jones dropped 2.99%, Woolworths lost 1.02%, and Coles’ owner Wesfarmers fell 1.27%.

Energy generation group Babcock & Brown Power soared more than 40% after it said it is reviewing some non-binding bids to buy its business amid an ongoing capital structure review.

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Posted in Categories: Australia, Releases, Stocks, USA.

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