Australian shares rise as banks, tech gain; Woodside and Lynas fall
July 23 (Reuters) -Australian shares rose on Tuesday to snap a three-session losing streak, with banking and technology stocks leading the rebound, while Lynas Rare Earths and Woodside emerged as the top losers after reporting dismal quarterly updates.
The S&P/ASX 200 index .AXJO climbed 0.6% to 7,976.5 by 0028 GMT. The Aussie dollar was 0.02% weaker against the U.S. dollar at A$0.66.
Banks .AXFJ gained 0.5% after three consecutive sessions of falls amid renewed interest rate hike fears. The "Big Four" banks inched higher between 0.6% and 0.8%.
Technology stocks .AXIJ climbed 1.7% after their Wall Street peers closed higher overnight. WiseTech Global WTC.AX rose 2.8% and Xero XRO.AX gained 1.5%.
Overnight, the U.S. Dow Jones Industrial Average .DJI rose 0.32%, the S&P 500 .SPX, .SPX climbed 1.08%, and the Nasdaq .IXIC gained 1.58%. S&P 500 E-minis futures EScv1 were down 0.11% on Tuesday. The yield on benchmark 10-year Treasury notes US10YT=RR rose to 4.2486% compared with its U.S. close of 4.26%.
Back in Australia, miners .AXMM climbed 0.3%, even though Dalian iron ore futures DCIOcv1 fell 1%. IRONORE/
Lynas LYC.AX declined as much as 2.8% to hit its lowest in more than three months after the rare earths miner posted a drop in quarterly revenue, hit by lower production at its Kalgoorlie facility in Western Australia and weaker underlying prices.
Limiting the gains in the benchmark stock index, energy stocks .AXEJ fell 0.8% after oil prices dropped overnight. O/R
Brent crude LCOc1 futures fell 0.11% per barrel on Tuesday, while U.S. West Texas Intermediate (WTI) crude CLc1 lost 0.14% per barrel.
Woodside WDS.AX slipped as much as 2.4% after it flagged a jump in the estimated cost of its Scarborough project to $12.5 billion.
Gold stocks .AXGD gained 0.4% after two sessions of falls. Bullion prices XAU= were marginally down.
In New Zealand, the benchmark S&P/NZX 50 index .NZ50 was trading 0.6% higher.
Reporting by Rishav Chatterjee in Bengaluru; Editing by Subhranshu Sahu
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