ASX 0.3% down as Westpac leads bank losses, miners gain

Local stocks closed 0.3 per cent lower as losses among banks after Westpac's $1.3bn writedown offset strong mining gains on the back of rising commodity prices.

Rollercoaster ride for stocks as commodity prices rise. Picture: NCA NewsWire/James Gourley

Welcome to the Trading Day blog for Tuesday, October 12. The ASX 200 closed 0.3 per cent lower as the impact of Westpac's $1.3bn writedown on banks offset mining sector gains on strong commodity prices.

The ASX 200 closed 0.3 per cent lower, with Westpac leading banking sector falls after its massive $1.3bn writedown.

Gains among the big miners due to high commodity prices and biotech giant CSL's rise on its profit affirmation are offsetting other  losses. 

US futures were down 0.4 per cent after US stock markets ended Monday lower after higher oil prices and bond yields weighed.

Dow Jones Industrial Average closed 0.7 per cent lower, S&P 500 also fell 0.7 per cent and the Nasdaq Composite declined 0.6 per cent.

Overnight, world oil prices vaulted to fresh multi-year pinnacles on strong demand and tight supplies, fuelling inflation worries.

New York’s WTI crude leapt to a seven-year peak of $81.72, before settling 1.5 per cent higher at $80.52, the first time it has closed above $80 since late 2014.

Iron ore gained 9.5 per cent to $US136.95 per tonne.

Originally published as ASX 0.3% down as Westpac leads bank losses, miners gain