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Australian stocks open lower at mid-week

Xinhua, October 12, 2016 Adjust font size:

The Australian share market opened lower on Wednesday.

At the open, the benchmark S&P/ASX200 index was down 37.1 points, or 0.68 percent, at 5,526.3 while the broader All Ordinaries index was 35.9 points, or 0.65 percent, at 5,526.3 points.

CMC Markets chief market analyst Ric Spooner said in a research note after resisting the sell-off in bonds and rising yields for nearly two weeks, U.S. equity markets finally bowed to pressure last night, dropping below the recent trading range.

"The Australian market will follow with a weak opening this morning (Wednesday morning)," Spooner said.

"Stock markets are becoming nervous about the prospect of rising interest rates against a background of moderate profit growth and relatively high valuations, particularly in the United States," he said.

At the open, ANZ was down 0.28 percent, the National Australia Bank fell 0.04 percent, the Commonwealth Bank of Australia shed 0.01 percent while Westpac was 0.36 percent lower.

BHP Billiton retreated 2.65 percent, rival Rio Tinto climbed 2.09 percent, while gold miner Newcrest surged 2.05 percent.

Oil Search jumped 3.38 percent, Santos increased 3.96 percent and Woodside Petroleum rose 0.70 percent.

Woolworths advanced 0.54 percent while rival Wesfarmers was 0.04 percent lower.

Qantas declined 1.26 percent and telecom giant Telstra fell 0.39 percent. Enditem