FX.co ★ Australian Shares Rise to 3-Month High

On Tuesday morning, Australian stocks rose by 0.7%, reaching 8,353, effectively reversing the losses recorded in the previous session. This uptick occurred in anticipation of the Reserve Bank of Australia's upcoming policy meeting. The S&P/ASX 200 Index achieved its highest point in three months, fueled by expectations of a potential 25 basis point interest rate cut by the central bank. This speculation followed last week's revelation of stronger-than-anticipated employment figures. The index also reflected a modest increase in U.S. futures, as the market absorbed the impact of Moody's recent downgrade of the U.S. credit rating to Aa1. Additionally, investors are keenly awaiting the People's Bank of China's interest rate announcement, especially after Monday's release of mixed economic data from China. Most sectors experienced gains, particularly the technology and financial sectors. Notably, leading the pack were PEXA Group with a 3.4% rise, Newmont Corp with a 2.5% increase, Life360 Inc up by 2.3%, Mineral Resources gaining 2.2%, and Macquarie Technology Group climbing 1.7%.