The Australian share market is trading relatively flat, following a mixed session on Wall Street where the blue chip industrials index was down but tech stocks gained.

By 12:30pm AEST, the ASX 200 was 0.1 per cent lower at 7,294 points.

The consumer sector was the biggest drag on the market, led by a 12.4 per cent decline in Woolworths shares to $37.26.

However, the $5.25 decline in its share price was more than offset by the $6.02 market valuation of its hotels business, Endeavour Group, which was spun off and commenced trading on the ASX today.

Woolworths shareholders received one Endeavour share for every Woolworths share they owned ahead of the spin-off.

Endeavour Group has been added to the ASX 200 without any other company being excluded, counteracting the effect that the Woolworths share price adjustment would otherwise have had on the index.

Woolworths shares fell 1.9 per cent yesterday, after the supermarket giant wrote down the value of its metro store network.

Woolworths flagged a $50 million impairment charge, based on the impact of COVID-19 on foot traffic in CBD locations, which is where the 13 convenience-style stores are located.

Afterpay shares rose 6.8 per cent, as it announced an expansion in the US, allowing some customers to use the service to shop with Amazon, Nike and Sephora, among other retailers, through its app.

Other buy now, pay later stocks were also on the rise, including Zip Co (+0.2pc) and Sezzle (+2.2pc).

Commodity prices were mostly higher, with gains for iron ore and oil prices overnight.

A rally in thermal coal continued, with prices around their highest level in more than a decade.

"The surge in prices primarily reflects strong demand from South Korea and Japan on expectations that a warmer-than-usual summer will boost power demand for cooling," CBA commodities analyst Vivek Dhar wrote in a note.

Shares in Whitehaven Coal rose 1.3 per cent to $1.95 by the middle of the trading session, as did mining stocks including Fortescue (+1.5pc) and Rio Tinto (+1.2pc) and BHP (+1pc).

The Australian dollar was buying 75.77 US cents.

Westpac to hang on to New Zealand operations

Westpac has announced it will retain ownership of its New Zealand banking operations, after considering offloading them due to increased regulation in the country.

In a statement to the ASX, Westpac said it would not proceed with a demerger of Westpac NZ, after a review found it would not be in the best interests of shareholders.

Shares in Westpac were down 1 per cent by 12:40pm AEST.

In recent years, the Reserve Bank of New Zealand has increased scrutiny on Australian banks operating in New Zealand, including imposing higher capital requirements.

Westpac launched the review of its NZ business in March, citing the changing capital requirements, as well as an RBNZ mandate to structurally seperate Australian and NZ operations.

It followed a review of Westpac's risk governance processes by the New Zealand central bank, which raised concerns about the bank's reporting of its liquidity, and technology systems.

Global stocks mostly lower but Tesla jumps

In the US overnight, shares in the electric car maker gained 5.3 per cent after announcing it had opened a solar-powered charging station, including on-site storage, in Tibet.

That helped lift the tech-heavy Nasdaq index, which closed 0.1 per cent higher.

However, the other major US indices ended in the red, with eight of the 11 sectors of the S&P 500 losing ground.

The S&P 500 dropped 0.1 per cent and the Dow Jones Industrial Average lost 0.2 per cent.

It followed declines on European markets, with the German DAX index losing 1.2 per cent.