Nov 29 (Reuters) - Australian shares were trading cautiously on Tuesday as global markets lost some momentum, while gains in financials and materials provided some support.
The S&P/ASX 200 index .AXJO rose 0.1 percent, or 8.1 points, to 5,472.5 points by 0059 GMT, making a comeback after falling 0.2 percent in early trade.
U.S. stocks declined on Monday for their worst performance in nearly a month, weighed down by a pullback in the financial and consumer discretionary sectors as some investors booked profits after a record-setting week. The three major U.S. indexes had closed higher for the third week in a row on Friday. .N
The pan-European FTSEurofirst 300 index .FTEU3 fell 0.85 percent, while MSCI's global gauge of stocks .MIWD00000PUS fell 0.28 percent.
" The weak global market sentiment is likely to deliver another negative day...EU worries and U.S. uncertainties remain an overhang," Mathan Somasundaram, a quantitative strategist with Baillieu Holst, said in a note.
He noted that European Union issues would return to investor attention this week with Italy's constitutional referendum, which could see the government resign, and Austria's presidential election both to be held on Sunday December 4. "Big Four" banks were trading in positive territory, with Commonwealth Bank of Australia CBA.AX up 0.8 percent.
Gold mining giant Newcrest Mining NCM.AX climbed 1.2 percent as gold prices rose more than 1 percent after the U.S. dollar and long-dated U.S. Treasury bond yields retreated from recent highs. GOL/
Iron miner Fortescue Metals Group FMG.AX rose as much as 3 percent to its highest in over five years.
Chinese steel futures jumped to the highest in 31 months, as investors raised bets that strong property and infrastructure investment will sustain demand in the world's top consumer, spurring a similar rally in iron ore and zinc. IRONORE/
Consumer staples and telecom stocks were the biggest drag, with Vocus Communications VOC.AX falling 15.8 percent, and Wesfarmers Ltd WES.AX sliding 0.4 percent.
New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.3 percent, or 18.2 points, to 6,884.7.
Healthcare stocks were among the losers with Orion Health Group OHE.NZ falling for a ninth straight session to its record low. On Monday, company reported an operating loss for the first half of FY2017. company Trilogy International TIL.NZ fell as much as 8.6 percent to its lowest since November 1, after the company said the market in China has the potential to be unpredictable. more individual stocks activity click on STXBZ