Australian shares rose for a seventh consecutive session on Tuesday led by mining stocks, while investors awaited domestic December retail sales data and looked out for hints on the US Federal Reserve’s policy framework.
The S&P/ASX 200 index rose 0.6% to 7,622.10 by 2349 GMT, its highest level since Jan. 7. The benchmark rose 0.3% on Monday.
Investors await retail sales data for December due shortly for clues on the Reserve Bank of Australia’s decision on interest rates at its meeting in early February.
“We expect retail sales to fall 3.5% month-over-month with households shifting a larger portion of their end-of year spending from December to November, during Black Friday sales,” analysts at ANZ wrote.
In the US, Fed Chair Jerome Powell and other policymakers have warned not to expect interest rate cuts before inflation cools down to its average 2% annual target.
The Federal Open Markets Committee is scheduled to convene on Tuesday for its two-day monetary policy meeting. Local mining stocks rose as much as 1% as metal prices climbed.
Energy stocks fell as much as 0.6% on falling oil prices, as China’s ailing property sector sparked demand worries. Banking stocks rose as much as 0.3% to their highest since early May 2017.
Australian shares rise for sixth day as banks gain; Fed in focus
The “Big Four” banks added between 0.1% and 0.4% Tech stocks rose 2% and healthcare stocks advanced 0.8%.
Megaport rose as much as 22.1% and was the top gainer on the benchmark, after posting a 5% sequential rise in quarterly revenue.
Nickel Industries jumped moe than 15%, after posting record quarterly output and announcing a share buyback.
New Zealand’s benchmark S&P/NZX 50 index fell 0.1% to 11,895.99.
The country’s central bank chief economist said recent economic data suggested monetary policy was working but there was still a way to go before inflation returns to its midpoint of 2%.
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