Australian shares gain as commodity prices rebound
Sept 10 (Reuters) -Australian shares bounced back on Tuesday in a broad-based rally, as a recovery in underlying prices helped boost commodity stocks after losses last week, while investors awaited a key U.S. inflation report.
The S&P/ASX 200 index .AXJO gained 0.6% to 8,035.7, as of 0032 GMT. The benchmark closed 0.3% lower on Monday.
A U.S. inflation print, due on Wednesday, is expected to offer final hints of the size of the Federal Reserve's interest rate cuts, ahead of the central bank's policy meeting next week.
Back in Sydney, financials .AXFJ led gains on the benchmark, jumping 0.9%, with the "Big Four" banks all rising between 0.5% and 0.9%.
Miners .AXMM climbed 0.8%, after iron ore prices posted their first day of gains in seven on stimulus hopes from top consumer China. The mining sub-index lost 6.5% last week. IRONORE/
Mining giants BHP BHP.AX and Rio Tinto RIO.AX were up 0.9% and 0.8%, respectively.
Energy stocks .AXEJ climbed 0.3% while gold miners .AXGD gained 0.9%, on the back of a rebound in their respective underlying prices. O/R GOL/
Brent crude LCOc1 futures rose 0.1% to $71.91 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 gained 0.06% to $68.75 per barrel.
Healthcare companies .AXHJ were up 0.7%, while information technology firms .AXIJ jumped 0.2%, following an overnight relief in their Wall Street peers. .N
Overnight, the U.S. Dow Jones Industrial Average .DJI rose 484.18 points, or 1.20%, at 40,829.59 points on Monday. The S&P 500 .SPX, .SPX gained 62.63 points, or 1.16% while Nasdaq .IXIC gained 193.77 points, or 1.16%.
Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index .NZ50 firmed 0.1% to 12,637.46.
Reporting by Aaditya Govind Rao in Bengaluru; Editing by Rashmi Aich
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