Australian shares rose on Wednesday, with banks and miners leading the charge, boosted by a surge in National Australia Bank after its first-half cash earnings beat market estimates.
The S&P/ASX 200 index gained 0.1% to 8,160.40 points by 0038 GMT.
The benchmark had fallen 0.1% on Tuesday. On the local bourse, financials led gains with a 0.8% jump.
The country’s biggest business lender, National Australia Bank, rose 3.6% to its highest since February 19 after posting better-than-expected first-half cash earnings.
Earlier this week, Westpac kicked off the earnings season for Australian banks with its first-half profit falling short of market estimates.
Local traders are closely watching the banks’ earnings reports to assess the impact of US President Donald Trump’s tariffs on the country’s financial sector.
ANZ Group will announce its results on May 8, while Commonwealth Bank of Australia, the country’s largest bank, will release its third-quarter trading update on May 14.
Heavyweight miners added to the benchmark’s gains, rising 0.9% to their highest since March 31.
The world’s largest listed miner, BHP Group, advanced 1.3% and Rio Tinto added 1.5%.
Gold stocks ascended 0.7% to rise for the fourth straight session.
Australia shares muted; all eyes on Fed meeting
However, healthcare stocks dropped 1.5% after Trump said he plans to announce pharmaceutical tariffs over the next two weeks.
Meanwhile, investors worldwide are waiting for the Federal Reserve’s policy decision later in the day, where the central bank is largely expected to keep interest rates unchanged.
Fed Chair Jerome Powell’s commentary will be in focus for insights into the future policy path.
New Zealand’s benchmark S&P/NZX 50 index rose 0.1% to 12,428.21.
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