Australian shares rose on Tuesday, tracking Wall Street’s sharp gains overnight, as investors awaited key US inflation data and the Federal Reserve’s policy decision for clues about the pace of interest rate hikes next year.

The S&P/ASX 200 index rose 0.3% to 7,204.80 by 2353 GMT after falling 0.5% on Monday.

S&P 500 E-minis futures were down 0.08%.

Investors will be closely monitoring the US consumer inflation data on Tuesday, ahead of a possible 50 basis-point rate hike by the Fed on Wednesday.

In Australia, heavyweight banking stocks rose 1.4% to lead the gains.

The so-called “big four” banks rose between 0.8% and 1.6%. Bendigo and Adelaide Bank rose 6.6% to become the top gainer on the benchmark index after posting higher year-to-date cash earnings.

Technology stocks rose 0.9% and gold stocks advanced 0.3%.

Energy stocks climbed 0.3% as oil prices rose on supply worries.

Miners drag Australian shares down ahead of US inflation data

Healthcare giant CSL Ltd slid 0.8% after naming Paul McKenzie as its new chief executive officer and managing director.

The healthcare sub-index fell 0.5%. Miners tracked weakness in base metal and iron ore prices to fall 0.6%.

Sector heavyweights BHP Group and Rio Tinto lost 0.5% and 0.6%, respectively.

Casino operator Star Entertainment Group said it was not a party to the civil proceedings started by the Australian securities regulator against 11 of its current and former directors for alleged shortcomings related to the risk of money laundering.

Its shares rose 0.2%. New Zealand’s benchmark S&P/NZX 50 index rose 0.3% to 11,545.63.