By Oliver Gray
Investing.com - The S&P/ASX 200 gained 41.80 points or 0.56% to 7,565.20 during Tuesday’s deals as firm commodity prices buoyed investor sentiment, while Reserve Bank of Australia policymakers noted that an earlier than expected rate hike is likely amid rising inflation and a tightening labour market.
Among stocks, Energy lifted 1.3% collectively amid strong crude Oil prices. Woodside Petroleum Ltd (ASX:WPL) added 1.6%, Santos Ltd (ASX:STO) lifted 1.6% and Beach Energy Ltd (ASX:BPT) added 4.1%.
Materials finished 1% higher as Rio Tinto Ltd (ASX:RIO) gained 0.9%, BHP Billiton Ltd (ASX:BHP) added 1.3% and Fortescue Metals Group Ltd (ASX:FMG) lifted 0.6%.
Financials gained 0.9% as Macquarie Group Ltd (ASX:MQG) added 0.9%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) lifted 1.2%, National Australia Bank Ltd (ASX:NAB) gained 1.2% and Commonwealth Bank Of Australia (ASX:CBA) added 0.5%.
In policy news, minutes from the latest RBA meeting released today showed that policymakers brought forward the timing of interest rate rises amid quicker inflation and a pickup in wages growth.
On the bond markets, Australia 10-Year yields were at fresh 7-year highs of 3.062% while United States 10-Year rates were at 40-month highs of 2.847%.
In New Zealand, the NZX 50 lost 0.5% to 11,836.