Australian shares rose on Tuesday, led by miners after Rio Tinto reported a rise in quarterly production, while investors awaited minutes of the central bank’s last policy meeting to gauge the interest rate outlook.
The S&P/ASX 200 index climbed 0.8% to 7,084.2 by 2338 GMT after a 0.4% fall on Monday, with most sectors trading in positive territory.
Investors will scrutinise the minutes of the Reserve Bank of Australia’s (RBA) October meeting, due later in the day, for comments on the country’s monetary policy path.
“The focus in today’s minutes will be the discussion on inflation,” analysts at ANZ said in a note.
The September unemployment report due on Thursday is expected to play a key role in the RBA’s monetary policy decision next month.
Heavyweight miners rose 1.2%, driven by a more than 3% jump in Rio Tinto as the world’s biggest iron ore producer reported a 1.2% rise in its third-quarter iron ore shipments.
Miners were also helped by an increase in iron ore futures on Monday as investor sentiment was boosted by fresh China stimulus. Financials climbed 1%, with the “big four” banks rising between 0.6% and 1.1%.
Tech stocks advanced 1.9%, after the tech-heavy Nasdaq closed 1.2% higher overnight. Gold stocks were up 0.8%.
Shares of Newcrest Mining gained 1.1% even after the country’s largest gold miner reported an 18.1% sequential fall in quarterly gold production, hurt by maintenance shutdowns.
Australian shares inch lower as banks, tech stocks drag
In New Zealand, consumer inflation hit a two-year low in the third quarter, reducing expectations the central bank will hike the cash rate further in November and prompting a fall in the New Zealand dollar.
“Against this backdrop, the chance of a further rate hike from the RBNZ in November is less likely,” analysts at Westpac said in a note.
The country’s benchmark S&P/NZX 50 index rose 0.1% to 11,199.62.
Comments
Comments are closed for this article.