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Australia Stocks end mixed

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The Australian equity market closed mixed after wiping out earlier gains on Wednesday, 12 June 2019, as risk sentiments turned sour amid continued rumble of hostile rhetoric from the U. S. and over trade. At closing bell, the benchmark S&P/ASX200 index declined 2.59 points, or 0.04%, at 6,543.70 points, while the broader All Ordinaries rose 4.45 points, or 0.07%, at 6,628.90.

Investors' sentiments were downbeat amid concerns over the global economic outlook amid ongoing trade issues. China's foreign ministry on Tuesday said it would respond firmly if the U. S. insisted on escalating trade tensions, after U. S. on Monday said further tariffs on Chinese imports would take effect if the two countries don't reach a deal at a meeting of Group of 20 leaders later this month.

The US said on Tuesday that he was holding up a trade deal with and had no interest in moving ahead unless agrees to four or five "major points" which he did not specify.

Financial stocks declined on profit booking after five straight sessions of gains. Commonwealth Bank of slipped 0.8% and and New Zealand Banking Group fell 1.1%.

Shares of materials and resources inclined after grew on Tuesday on hopes that top consumer will pump money into building Separately, the on Tuesday said the will team up with and to help countries around the world boost key minerals' output to reduce reliance on China.

Major and gained 2.9% and 2.4%, respectively, while jumped as much as 5.2%.

ECONOMIC NEWS: Australia's weakened in June as deepening concerns about the economy outweighed the initial boost from lower interest rates, survey data from showed Wednesday. The Westpac-Melbourne of Consumer Sentiment fell to 100.7 in June from 101.3 in May. The sub-index tracking the economy over the next twelve months dropped the most, by 4.7%. Meanwhile, the indicator for 'finances, next 12 months' rose 3.1% in June. The unemployment expectations index registered a 5.1% increase, reversing the decline in the previous month. At the same time, the 'time to buy a dwelling' index posted a 1.8% rise to 116.9.

NEWS: The was lower against the U. S. dollar on Wednesday. The changed hands at $0.6947 following its slip from levels above $0.699 earlier in the week.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 12 2019. 12:41 IST