Feb 28 (Reuters) - Australian shares rebounded on
Tuesday, with mining and energy stocks leading the advance,
after Wall Street closed slightly higher overnight as investors
found respite in positive U.S. economic data amid rate-hike
worries.
The S&P/ASX 200 index advanced 0.5% to 7,263.7 by
0024 GMT. The benchmark fell 1.1% on Monday.
Data released on Monday showed U.S. core capital goods
orders accelerated in January, beating estimates, while
contracts to buy previously owned U.S. homes rose the most in
more than 2-1/2 years.
At the same time, comments from Federal Reserve Governor
Philip Jefferson indicated that inflation in the United States
remained "stubbornly high", adding fuel to concerns of further
monitory policy tightening.
Fed funds futures show traders are pricing in a third
25-basis-point rate hike for this year and see rates peaking at
5.4% by September. Miners rose 2%, leading gains on the benchmark
Australian stock index. Sector majors BHP Group and Rio
Tinto gained 1.1% and 1.7%, respectively.
Financial stocks climbed 0.4%, with two of the so
called "big four" banks posting gains. Australia's biggest
business lender, National Australia Bank , climbed up to
0.6%.
Energy stocks gained 1.4%, with industry giants
Santos and Woodside Energy jumping 1.7% and 1.4%,
respectively.
Gold stocks advanced 2.2%, with sub-index majors
Newcrest Mining and Northernstar Resources rising 2.8%
and 2.8%, respectively.
Technology stocks dropped 0.1%, with Block Inc's
ASX-listed shares down 2.5%. Xero gained 0.2%.
New Zealand's benchmark S&P/NZX 50 index advanced
0.32% to 11,823.64.
(Reporting by John Biju in Bengaluru; Editing by Subhranshu
Sahu)
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