Australia?s ASX 200 rises as rate decision lifts sentiment

Australia?s ASX 200 gained 18 points, or 0.2%, to close at 9,251 on Tuesday, ending a two-day losing streak. Sentiment improved after the Reserve Bank of Australia kept its cash rate unchanged at 4.35%, in line with expectations.

The central bank remained cautious about inflation, noting that the effects of its earlier three rate hikes are still working through the economy. Investors largely shrugged off weak July business confidence and concerns about softer US markets ahead of Wednesday?s inflation data.

Energy and mining stocks helped support the market, with BHP Group up 0.7% and Rio Tinto gaining 0.5%. Energy stocks performed particularly well, with Woodside Energy rising 3.8% and Santos jumping 5.4%.

Austral surged 17.5% after South Korea?s Hanwha offered up to USD 1.2 billion to acquire its US shipbuilding business. Gains in healthcare, technology and consumer durables also helped offset losses in logistics and retail.

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