June 21 (Reuters) - Australian equities snapped a seven-session...

June 21 (Reuters) - Australian equities snapped a seven-session losing streak on Tuesday, led by energy and financial stocks in broad-based buying after the central bank said it does not see a recession on the horizon.

The S&P/ASX 200 index (xjo) rose 1.13% to 6,506.3 by 0055 GMT after shedding 9.7% in the previous seven sessions.

Australia's top central banker said he expected to discuss hiking interest rates by either 25 or 50 basis points at the July policy meeting, downplaying the possibility of a larger hike.

Energy stocks .AXEJ rose 3.1% to be the biggest gainers on the main index. Oil prices rose 1% in early trade as the focus returned to tight supply of crude and fuel products versus concerns about a recession hitting demand down the track.

Sector heavyweights Woodside Energy (WDS) and Santos (STO) jumped 2.7% and 1.8%, respectively.

Mining stocks .AXMM rose 2.3% even after benchmark iron ore prices slumped by their 11% limit on Monday as fears grew about a collapse of steel consumption in top user China.

Sector heavyweights BHP Group (BHP) , Rio Tinto (RIO) and Fortescue (FMG) advanced between 2.3% and 3.1%, with Fortescue set for its best day since June 3.

Financials .AXFJ rose 2.1%, with the "Big Four" banks trading in positive territory. Commonwealth Bank of Australia (CBA) , the country's biggest lender, advanced 2%, while National Australia Bank (NAB) led gains with a rise of 2.8%.

Across the Tasman sea, New Zealand's benchmark S&P/NZX 50 index (nz50) rose 0.58% to 10,649.3.