Australian equities climbed 14 points, or 0.2%, to 8,870 in early Tuesday trade, rebounding from earlier losses as stronger U.S. stock futures improved sentiment. Investors weighed Apple’s latest earnings results and looked ahead to the U.S. midterm elections, while a sharp pullback in oil prices—driven by renewed optimism over possible U.S.-Iran diplomatic talks—offered additional support.
Upside momentum was limited by caution ahead of the Reserve Bank’s interest rate decision later today, with markets broadly anticipating a fifth rate hike this year to tackle persistent inflationary pressures. In the housing market, Australian home prices declined again in October, extending recent falls amid ongoing affordability challenges.
On the sector front, gains in industrials, transport, and non-energy minerals helped offset weakness in energy minerals, technology, and healthcare. Qantas Airways jumped 6.3% on expectations of lower fuel costs, while gold producers Northern Star Resources and Evolution Mining each advanced 2.6%. Among the major banks, Commonwealth Bank rose 1.2%, while the other three of the big four were little changed.
