Highlights:
- Australian Shares Up 0.9%: The S&P/ASX 200 index rose 0.9% to 7,994.1 points, led by gains in mining and banking stocks.
- Mining and Banking Boost: Rio Tinto (ASX: ASX:RIO) and BHP Group (ASX: ASX:BHP) climbed 1.4% and 0.8%, respectively, while financials saw a 1.1% increase.
- Investor Focus: Market participants are awaiting June-quarter consumer price data and the Reserve Bank of Australia's interest rate decision on August 6.
Australian shares climbed by nearly 1% on Monday, driven by gains in the mining and banking sectors. The S&P/ASX 200 index was up 0.9% to 7,994.1 points, recovering from last week’s 0.6% decline. The Australian dollar weakened slightly, trading at A$0.66 against the US dollar.
Investors are closely watching the upcoming June-quarter consumer price index data, due on Wednesday, which will impact the Reserve Bank of Australia's rate decision set for August 6.
Mining stocks saw a boost, with Rio Tinto (ASX: RIO) and BHP Group (ASX: BHP) up 1.4% and 0.8% respectively, following a rebound in iron ore prices spurred by China's new stimulus measures.
Financials also contributed to the index's rise, with the "Big Four" banks climbing between 0.8% and 1.2%. Brent crude oil futures increased by 0.36% to $81.42 a barrel, while West Texas Intermediate (WTI) crude rose by 0.22% to $77.33 per barrel.
In the US, the Dow Jones Industrial Average gained 1.64%, the S&P 500 rose 1.11%, and the Nasdaq added 1.03%. Gold stocks in Australia jumped 2% as bullion prices were buoyed by lower U.S. Treasury yields.
Tech stocks advanced by 1.5% in anticipation of strong earnings reports from major technology companies this week. In New Zealand, the S&P/NZX 50 index edged 0.2% lower to 12,324.73 points, and Fletcher Building (ASX: FBU) saw its shares drop nearly 4% due to supply chain issues in its cements business.