Australian shares rise on boost from banks
Oct 9 (Reuters) -Australian shares rose on Wednesday as gains in banks outweighed losses in mining and energy stocks, while New Zealand equities climbed ahead of a likely interest rate cut by the central bank.
The S&P/ASX 200 index .AXJO had risen 0.4% to 8,207.6 by 2316 GMT. The benchmark fell 0.4% on Tuesday.
Rate-sensitive banks .AXFJ climbed for a third straight session and were last up 0.9%. The "Big Four" banks rose between 0.6% and 1.2%.
Minutes of the Reserve Bank of Australia's latest policy meeting, released on Tuesday, outlined conditions for a future rate cut - namely a weak economy, a deterioration in labour market or less stubborn inflation.
The RBA also discussed the scenario for a rate hike, such as growth in consumption, constrained outlook for aggregate supply or weak productivity growth.
Technology stocks .AXIJ tracked their U.S. peers higher and were last up 0.8%. WiseTech Global WTC.AX and NEXTDC NXT.AX rose 1.1% and 0.6%, respectively. .N
Mining stocks .AXMM fell 1.1% in what could be their second straight session of losses, weighed down by declining aluminium and iron ore prices. MET/L IRONORE/
Investor sentiment was also weighed down by a Chinese briefing on Tuesday that failed to sufficiently detail new or large measures to pull the economy out of its current slump.
China is Australia's top trading partner and a key user of metals.
Energy stocks .AXEJ fell for a second session and were last down 1.7%, after oil prices slumped overnight on news of a possible ceasefire between Hezbollah and Israel. O/R
The S&P 500 index .SPX closed 0.97% higher on Tuesday, while the Nasdaq .IXIC gained 1.45%.
In New Zealand, the benchmark S&P/NZX 50 index .NZ50 rose 0.5% to 12,614.65. The Reserve Bank of New Zealand will cut its key interest rate by 50 basis points later in the day, according to a majority of economists in a Reuters poll who were split on where rates would be at year-end.
Reporting by Roshan Thomas in Bengaluru; Editing by Subhranshu Sahu
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