Australian stocks climb 1.5% on banking and commodity hikes


July 4 (Reuters)Australian stocks rose on Monday after falling for three straight sessions as banking stocks rallied as investors waited for another potential 50 basis point (bp) rate hike by the Reserve Bank of Australia to rein in the doldrums. galloping inflation.

The S&P/ASX 200 Index .AXJO climbed 1.5% to 6,640.10 at 0049 GMT, after losing 0.4% on Friday. Among global markets, Japan’s Nikkei .N225 rose 0.6%, while S&P 500 E-minis futures ESCv1 were down 0.57%.

Financial stocks .AXFJ led the gains on the Australian benchmark with a jump of 1.5%. The so-called “Big Four” banks climbed between 1.8% and 2.3%.

Investors focus on Australia’s central bank’s decision on Tuesday, with a Reuters poll showing it will hike interest rates another 50 basis points and mark the first time it has raised the cash rate by this magnitude in consecutive meetings.

Gold stocks .AXGD rose 2.6%, with major sector Newcrest Mining growing 3.1%.

Mining .AXMM and energy values .AXEJ followed suit to gain 0.4% and 1.8% respectively.

Tech stocks .AXIJ added 1.5%, following a strong finish on Wall Street on Friday, ahead of the holiday long weekend. .NOT

Australian listed shares of Block Inc SQ2.AX jumped 6.2% and Life360 Inc 360.AX increased by 5.6%.

Link management LNK.AX said he wouldn’t recommend Canadian cloud software company Dye & Durham Ltd. DND.TO lowered the tender offer but agreed to continue to engage with it. Its shares were stable.

In New Zealand, the benchmark S&P/NZX 50 .NZ50 rose 1.2% to 10,876.98.

(Reporting by Himanshi Akhand in Bengaluru; Editing by Uttaresh.V)

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