Australian Market Little Changed

The Australian stock market is flat on Wednesday following the modest gains overnight on Wall Street amid worries about global economic growth and trade tensions. Gains by mining stocks were offset by weakness in the financial and oil sectors.

The benchmark S&P/ASX 200 Index is adding 0.10 points or 0.00 percent to 6,653.30, after rising to a high of 6,654.20 earlier. The broader All Ordinaries Index is up 1.10 points or 0.02 percent to 6,742.20. Australian stocks gave up early gains to close flat on Tuesday.

Among the major miners, Fortescue Metals is rising almost 1 percent, Rio Tinto is advancing 0.7 percent and BHP Group is adding 0.4 percent.

Gold miners are notably higher after gold prices rebounded overnight. Newcrest Mining is higher by more than 1 percent and Evolution Mining is rising almost 2 percent.

In the banking sector, ANZ Banking, National Australia Bank, Westpac and Commonwealth Bank are lower in a range of 0.5 percent to 1.1 percent.

Among oil stocks, Santos is declining almost 2 percent, Oil Search is lower by more than 1 percent and Woodside Petroleum is down almost 1 percent after crude oil prices plunged overnight.

Woolworths Group said it will combine its Endeavour Drinks liquor business and hospitality business ALH Group by the end of the calendar year to create a standalone business called Endeavour Group, and pursue a separation of that business through a demerger or other value-accretive alternative in calendar year 2020. The supermarket giant's shares are rising more than 3 percent.

Vocus Group's shares are falling almost 4 percent after the company said it has divided its operations into three independent business units as part of a three-year turnaround plan.

On the economic front, the latest survey from the Australian Industry Group revealed that the service sector in Australia continued to expand in June, albeit at a slower pace, with a Performance of Service Index score of 52.2.

That's down from 52.5 in May, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Australia will also release May numbers for building approvals and May figures for trade balance today.

In the currency market, the Australian dollar is higher against the U.S dollar on Wednesday. The local currency was quoted at $0.6993, compared to $0.6980 on Tuesday.

On Wall Street, stocks closed modestly higher on Tuesday amid renewed uncertainty about global trade after the U.S. proposed new tariffs on approximately $4 billion worth of European goods as part of an ongoing dispute over aircraft subsidies. While the U.S. and China have agreed to restart stalled trade talks, the news is a reminder that President Donald Trump is fighting a trade war on multiple fronts.

The Dow rose 69.25 points or 0.3 percent to 26,786.68, the Nasdaq edged up 17.93 points or 0.2 percent to 8,109.09 and the S&P 500 climbed 8.68 points or 0.3 percent to 2,973.01.

European stocks ended mostly higher on Tuesday. While the U.K.'s FTSE 100 Index advanced by 0.8 percent, the French CAC 40 Index edged up by 0.2 percent and the German DAX Index closed just above the unchanged line.

Crude oil prices fell sharply on Tuesday as concerns about global demand overshadowed a widely expected agreement by OPEC and its allies to extend production cuts by another nine months. WTI crude oil for August delivery plummeted $2.84 or 4.8 percent to $56.25 a barrel.