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Australian shares logged small gains on Tuesday on the back of technology and banking stocks, offsetting heavy losses on the mining index, while investors await key US inflation data and the Federal Reserve’s interest rate decision.

The S&P/ASX 200 index finished 0.2% higher at 7,138.9 points, its highest closing since June 7. Markets were closed for a public holiday on Monday.

The heavyweight mining index finished 0.9% lower, recovering from a 1.8% drop earlier in the day, as investors took relief in China’s central bank lowering short-term lending rates and hopes of more stimulus, reviving optimism for commodity demand.

Iron ore mining giants BHP Group Ltd and Rio Tinto Ltd slid 1% and 1.5%, respectively.

Meanwhile, investors will closely monitor US inflation data for May, due later in the day, to assess the impact of the Fed’s rate hiking cycle and also for clues on the central bank’s future policy path.

Investors now see a 76% chance of the Fed holding rates between 5%-5.25% on Wednesday, according to the CME Fedwatch tool.

Brad Smoling, managing director at Smoling Stockbroking, expects that a pause from the Fed will be an impetus for a very strong market rally not only in the United States but on the Australian bourse as well.

The Reserve Bank of Australia (RBA) will likely follow suit if the Fed decides to pause, he added.

Back in Sydney, Australian business and consumer surveys showed a slowdown in business activity and a decline in consumer confidence following RBA’s surprise hike last week.

Technology stocks led gains on the index, rising 3.8% and tracking gains on Wall Street.

Heavyweight banking stocks jumped 0.6%, their highest since June 7, with Commonwealth Bank of Australia advancing 0.8%.

Domino’s Pizza Enterprises Ltd finished 5.9% lower, hitting a three-year bottom, after it said it would shut 27 stores in Denmark as well as its construction and supply arm in Australia.

New Zealand’s benchmark S&P/NZX 50 index advanced 0.3% to 11,652.84.

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