Australian shares rose on Tuesday after three straight sessions of losses, helped by gains in heavyweight financial and mining stocks, as market participants awaited third-quarter inflation data due on Wednesday for interest rate clues.
The S&P/ASX 200 index advanced 0.5% to 6,876.9 by 1150 GMT, recovering from a one-year low hit on Monday.
Investors are closely watching the developments in the Middle East as Israeli aircraft struck southern Lebanon and Israeli troops and Palestinians clashed in the occupied West Bank.
Market participants are also awaiting a slew of data from the United States later in the week, including third-quarter gross domestic product numbers and personal consumption expenditures report, to assess the economic strength of the country.
Back in Australia, financial stocks rose 0.8% with the so called “big four” banks gaining between 0.3% and 0.6%.
Mining stocks gained 0.5% after a three-day slide. BHP Group and Rio Tinto climbed 0.6% each.
Miners drag Australian shares lower
Energy stocks jumped 1%, with Woodside Energy and Santos rising 0.6% and 1.2%, respectively.
Technology stocks climbed 0.7% after four consecutive sessions of losses.
Gold stocks fell 1.2%, heading for their worst day since Oct. 3.
Shares of Northern Star Resources slid 0.9%. Among individual stocks, shares of Zip Co advanced as much as 20% to hit their highest level since Aug. 30 after the buy-now-pay-later (BNPL) firm returned to profitability in the first quarter of fiscal 2024, earlier than previously projected.
Shares of Core Lithium and Pilbara Minerals climbed 6.1% and 4.9%, respectively, to be among the top gainers in the benchmark index.
New Zealand’s benchmark S&P/NZX 50 index retreated 0.4% to 10,952.99 as trading resumed after a long holiday weekend.
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