Australian shares gained for a fifth straight session on Thursday led by a mining stocks rally, while economic data from the US made investors gather optimism around potential interest rate cuts.
The S&P/ASX 200 index rose 0.2% to 7,533.0 by 0030 GMT.
The benchmark ended subdued at 7,519.2 on Wednesday.
In US economic releases, a survey showed business activity picked up in January and inflation appeared to ease, suggesting that the economy began 2024 on a strong note.
In Sydney, mining stocks jumped 1.3%.
Iron ore futures and copper prices rose on Wednesday on improved risk sentiment amid efforts by authorities in China to stabilise market. Mining giants BHP Group and Rio Tinto added 1.2% and 1.8%, respectively.
Fortescue rose as much as 2.9%.
The miner logged a near-record iron ore shipments for the first half, as it ramped up production at its flagship Iron Bridge project.
Lithium miner Mineral Resources rose as much as 7.5%, emerging as the top gainer on the benchmark.
The diversified miner reported a 30% sequential jump in its second-quarter spodumene concentrate output from its Mt Marion operation.
Energy stocks rose 0.3% as oil prices edged up on Wednesday on a bigger-than-expected crude storage withdrawal and slump in US crude output. Sector major Santos reported a 21.1% fall in its fourth-quarter revenue.
Australian shares hit 2-week high on banking boost
The oil and gas producer is up 0.3%. Rate-sensitive financials extended losses and fell 0.3%.
The country’s “Big Four” banks remained volatile as of the midday break.
Gold stocks fell 0.2%.
Bucking the Wall Street trend, tech stocks fell as much as 0.8%.
Domino’s Pizza Enterprises fell as much as 31.1% on poor half-yearly results from Wednesday, and emerged as the top loser on the benchmark index.
New Zealand’s benchmark S&P/NZX 50 index down 0.1% at 11,844.38.
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