Australian shares rose on Tuesday, ending a three-session losing streak, with banking and technology stocks leading the recovery. However, Lynas Rare Earths and Woodside were the biggest losers after reporting poor quarterly results.
The S&P/ASX 200 index increased by 0.6% to 7,976.5 by 0028 GMT.
The Australian dollar slightly weakened against the US dollar by 0.02%, standing at A$0.66.
Banks gained 0.5% after three days of declines, as concerns about interest rate hikes resurfaced.
The “Big Four” banks saw modest gains between 0.6% and 0.8%.
Technology stocks rose by 1.7% following gains in their US counterparts overnight.
WiseTech Global jumped 2.8% and Xero increased by 1.5%.
In the US, the Dow Jones Industrial Average increased by 0.32%, the S&P 500 rose by 1.08%, and the Nasdaq gained 1.58%. However, S&P 500 E-minis futures were down 0.11% on Tuesday.
The yield on the benchmark 10-year US Treasury notes rose to 4.2486% from the US close of 4.26%. In Australia, miners went up 0.3% despite a 1% drop in Dalian iron ore futures.
Australian shares reached a record high; the RBA remains cautious about inflation.
Lynas fell by as much as 2.8% to its lowest point in over three months after the rare earths miner reported a decline in quarterly revenue due to lower production at its Kalgoorlie facility and weaker underlying prices.
Energy stocks dropped 0.8% as oil prices fell overnight.
Brent crude futures decreased by 0.11% per barrel on Tuesday, while US West Texas Intermediate (WTI) crude dropped by 0.14% per barrel.
Woodside slipped by as much as 2.4% after announcing an increase in the estimated cost of its Scarborough project to $12.5 billion. Gold stocks gained 0.4% after two sessions of declines.
Bullion prices were slightly down.
In New Zealand, the benchmark S&P/NZX 50 index was trading 0.6% higher.
