Australian shares edge higher as banks and miners gain
Oct 7 (Reuters) -Australian shares edged higher on Monday, as gains in banks and miners outweighed losses in gold and real estate stocks, while Rio Tinto confirmed a takeover approach for U.S.-based Arcadium Lithium.
The S&P/ASX 200 index .AXJO gained 0.2% to 8,162.1 by 0000 GMT, after losing 0.8% in the previous week. The Aussie dollar was 0.15% weaker against the U.S. dollar to A$0.68.
Investors awaited minutes of the Reserve Bank of Australia's last policy meeting, to be released on Tuesday, for more insights into the central bank's interest rate outlook.
The central bank kept its cash rate steady at a 12-year high of 4.35% last month while maintaining a hawkish stance.
In Sydney, mining stocks .AXMM rose as much as 1% after copper prices surged last week. MET/L
Shares of Rio Tinto RIO.AX were down 0.6% after the miner said it had made an approach to buy Arcadium Lithium ALTM.N, which could be valued at $4 billion to $6 billion or higher. Arcadium's Australia-listed shares LTM.AX rose as much as 50.5%.
Financials .AXFJ climbed 0.6%, with the "Big Four" banks up between 0.4% and 1.1%.
Meanwhile, interest rate-sensitive real estate stocks .AXRE declined 1.5%, with Goodman Group GMG.AX and Charter Hall Group CHC.AX falling 1.4% and 2.1%, respectively.
Gold stocks .AXGD dropped as much as 2.1% after bullion prices slipped on Friday. GOL/
On Friday, the U.S. Dow Jones Industrial Average .DJI rose 0.81% after a surprisingly strong U.S. labour market report. The S&P 500 .SPX gained 0.90%, while the Nasdaq .IXIC climbed 1.22%.
In New Zealand, the benchmark S&P/NZX 50 index .NZ50 edged 0.2% lower to 12,593.56, with investors awaiting the central bank policy decision on Wednesday.
The Reserve Bank of New Zealand is expected to cut its key interest rate by 50 basis points to 4.75%, according to a Reuters poll. The central bank lowered rates in August for the first time in more than four years.
Reporting by Ayushman Ojha in Bengaluru; Editing by Subhranshu Sahu
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