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S&P/ASX 200 dips 0.95% following a soft lead from Wall Street

Oil prices fell for a second day today by 0.6% to US$41.03 per barrel amid rising concerns about fuel demand as the COVID-19 pandemic worsens.

Euro Manganese Inc - S&P/ASX 200
Gold rose 0.5% to US$1,889.85 per ounce yesterday, its highest in a week as the dollar weakened

S&P/ASX 200 (INDEXASX:XJO) retreated 0.95% to 5896 by around 12.45 pm and is on track to finish the month in the red, the first monthly decline since March 2020 when the index fell 21%.

Wall Street closed lower overnight, snapping a three-day winning streak as investors stepped back before the first US presidential debate.

All three major US stock indices declined with market leaders Apple (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT) and Amazon.com (NASDAQ:AMZN) weighing in heavily on the Nasdaq.

Losses across the board

All sectors on the S&P/ASX 200 are in decline with energy falling most. The big four banks fell along with BHP Group (ASX:BHP) (-1.08%) and CSL Ltd (ASX:CSL) (-0.93%).

Global oil prices slumped more than 3% overnight as Europe and the US responded to a second wave of COVID-19 cases.

Woodside (ASX:WPL) and Oil Search (ASX:OSH) fell 2.38% and 2.51% respectively.

Positive manufacturing activity data from China

China’s official manufacturing Purchasing Managers’ Index (PMI) for September came in at 51.5 as compared to 51.0 in August.

Analysts were expecting the PMI to come in at 51.2 in September. PMI readings above 50 signal expansion from the previous month, while those below 50 signal contraction.

Top gainers

Today’s top gainers on the ASX include Euro Manganese Inc CDI (ASX:EMN) (+25.64%), Bryah Resources Ltd (ASX:BYH) (+16.07%), Havilah Resources Ltd (ASX:HAV) (+37.93%), Cellmid Limited (ASX:CDY) (+9.52%) and Pure Minerals Ltd (ASX:PM1) (+9.52%).

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