FX.co ★ Australia Stocks Rise After Recent Declines

Australian shares gained 25 points, or 0.3%, to reach 9,098 on Tuesday morning, snapping a four-session losing streak. Bargain hunters moved in after the market hit a two-week low, selectively buying stocks in healthcare, manufacturing, non-energy minerals, and consumer non-durables. Sentiment was further supported by August consumer confidence rising to a nine-month high, as mortgage holders grew less worried about additional interest rate hikes.

Upside momentum was limited, however, by overnight losses on Wall Street after a spike in oil prices intensified inflation concerns amid escalating geopolitical tensions in the Middle East. Adding to the cautious tone, July activity data from China, Australia’s largest trading partner, indicated slowing economic momentum: consumer spending stalled, urban investment contracted at a faster pace, and unemployment edged higher.

Among major movers, heavyweight BHP Group climbed 3.3%, while Pro Medicus surged 13.1%, Cochlear Ltd. advanced 6.0%, and JB Hi-Fi rose 1.5%. By contrast, the four big banks declined between 0.5% and 1.4%.