Australian shares rose on Thursday, boosted by banking, mining, and technology stocks, as traders looked past strong economic data-led rate hike concerns in the United States.

The S&P/ASX 200 index rose 0.4% to 7,401.8 points by 0031 GMT, after falling 1.1% on Wednesday.

Elsewhere in Asia, Japan’s Nikkei was up 0.45% and S&P 500 E-minis futures gained 0.04%.

US data suggested retail sales had rebounded sharply in January after two straight monthly declines, raising bets that the Fed will raise the policy rate at least twice more this year to the 5%-5.25% range.

In Australia, the financial sub-index inched higher, with National Australia Bank gaining about 1%.

The lender’s first-quarter cash profit rose 19%, helped by higher interest rates, but it has warned of headwinds as house prices soften and borrowers get squeezed by rising living costs.

Technology stocks added more than 1.5%, tracking their overseas peers. ASX-listed shares of Block Inc and Xero Ltd soared 7.3% and 2.3%, respectively.

Miners too advanced 0.3% on account of higher iron ore prices, with BHP Group, Rio Tinto climbing 0.3% and 0.4%, respectively. Bucking the trend, gold stocks were the top losers, and slumped over 1.7%.

Australian shares log worst day in six weeks as Commonwealth Bank slumps

Australia’s largest gold miner Newcrest Mining rebuffed Newmont Corp’s $16.9 billion bid but left the door open for a better offer as it logged profit that surged past analyst expectations.

Shares were down nearly 2%. Energy stocks fell 0.8% after oil futures were flat to lower on Wednesday.

Australia’s biggest independent coal miner Whitehaven coal dropped up to 5% after declaring a lower-than-expected dividend. In New Zealand, the benchmark S&P/NZX 50 index rose 0.2% to 12,110.91.