Australian stocks are in the red in morning trade as a slump in oil and iron ore prices crimped demand for resources stocks.
At 10.55am (AEDT), the benchmark S & P/ASX 200 index weakened 6.8 points, or 0.12 per cent, to 5,752.9, while the broader All Ordinaries index eased 7.6 points, or 0.13 per cent, to 5,791.9.
The falls were driven by the big names in the materials and energy sectors, with BHP Billiton and Santos the two primary laggards.
In contrast, the major banks outperformed as the prospect of rate rises boosting margins captured investors’ attention.
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