* Metals and mining index at over 8-month high
* Rio Tinto (LON:RIO) hits over 10-year high, up over 7 pct
* BHP Group up nearly 5 pct, at 7.5-year high
* Air New Zealand flags weak 2019 earnings, records worst day in 15-years
* Focus on Fed Meeting, U.S.-China trade talks, inflation data due
By Rashmi Ashok
Jan 30 (Reuters) - Australian shares rose on Wednesday as mining stocks surged, with BHP Group and Rio Tinto at multi-month highs on strong iron ore and copper prices, while positive leads from U.S. markets lifted broader sentiment.
The S&P/ASX 200 index .AXJO rose 0.4 percent, or 23.30 points, to 5,897.50 by 0008 GMT. The benchmark fell 0.5 percent on Tuesday.
Strong earnings from U.S. industrial giant 3M (NYSE:MMM) Co MMM.N and slightly better than expected results from Apple Inc AAPL.O helped take some risk off the table and provide short-term upside, said Kyle Rodda, market analyst at IG Markets.
Meanwhile, mining stocks .AXMM surged as much as 4.2 percent to hit a more than eight-month high and notched their biggest intraday percentage gain since November 2016.
Mining giant BHP Group BHP.AX hit a more than seven-year high, while rival Rio Tinto RIO.AX added as much as 7.3 percent to soar to an over 10-year high.
Mining stocks surged as Chinese iron ore futures hovered near a 16-month high scaled in the previous session as concerns about a supply disruption remained after a mining disaster in Brazil. Firm copper and aluminium prices also supported the sector. IRONORE/
Meanwhile, gold miner Newcrest Mining NCM.AX rose over 4 percent to a near two-year high, after posting a near 7 percent rise in second-quarter gold output, while its Cadia Valley operations achieved record production for the period. stocks .AXGD also rose for a third straight session, after the precious metal jumped to an over eight-month high on Tuesday, fueled by concerns about U.S.-China trade relations and the prospect of a pause in the Federal reserve's rate hikes.
Energy stocks .AXEJ firmed as oil prices gained more than 2 percent on Tuesday, supported by U.S. imposed sanctions on a Venezuelan state owned oil company. O/R
Elsewhere, financial stocks .AXFJ extended losses from the previous session to edge lower.
New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.3 percent or 31.32 points to 8,975.06.
Shares of the country's flag carrier Air New Zealand AIR.NZ plummeted after it said it expects weaker earnings in its 2019 financial year.