Australian shares rose on Tuesday as miners and banks rallied, with investors awaiting minutes from the Federal Reserve's latest meeting this week to gauge the U.S. central bank' rate-hike path.
The S&P/ASX 200 index (xjo) rose 0.6% to 7,183.2 points, with most indexes trading higher. The benchmark fell 0.2% on Monday.
Aiding sentiment, a Fed official overnight stated the central bank could ease on its aggressive rate hike path from next month for the economy to get adjusted to the slew of interest-rate decisions taken.
"The Fed speakers suggested that they are potentially entering into a restrictive phase of the hiking cycle, because that means that they may look at not just slowing down, but also potentially pausing," Azeem Sheriff, a market analyst from CMC Markets said.
Australia's mining index was the top gainer on the benchmark, adding 0.9%, with the iron ore behemoths Rio Tinto (RIO) and BHP Group (BHP) advancing 0.7% and 0.9%.
The energy index .AXEJ followed suit, gaining about 1.8%, while domestic technology stocks .AXIJ rose 0.5%.
However, investors also took into account of weaker commodity prices overnight as China struggled with a resurgent COVID-19 wave, prompting lockdowns in prominent industrial hubs, thereby denting global demand outlook.
The financial sector .AXFJ , the second-biggest sector in the benchmark in terms of market value, traded 0.5% higher, with the country's largest banks rising between 0.1% and 1%.
The gold index .AXGD was the outlier in the bourse, falling about 0.1%, as prices of the precious metal dropped owing to a stronger dollar.
New Zealand's benchmark S&P/NZX 50 index (nz50) fell 0.4% to 11,393.1 points.
The country posted a monthly trade deficit of NZ$2.129 billion ($1.30 billion) in October. ($1 = 1.6364 New Zealand dollars)
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News: XIJ Miners, banks drive Australian shares higher
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