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Financials lead gains on ASX with a 1.2% rise
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Mincor Resources jumps over 40% on buyout offer
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RBA minutes indicate possible pause in rate hikes
By Mehr Bedi March 21 (Reuters) - Australian shares finished higher on Tuesday, tracking global equities after a historic bailout of embattled Credit Suisse allayed some contagion fears, and as investors weighed odds of the Reserve Bank of Australia pausing its rate hikes in April. The S&P/ASX 200 index closed up 0.8% at 6,955.40 points, led by a 1.2% gain in financials . The benchmark fell 1.4% on Monday. Minutes from the RBA's last policy meeting suggested it was considering a rate pause in April, if the upcoming retail trade and inflation data provided evidence of cooling demand. Overnight, Europe shares rebounded from an early sell-off and U.S. futures rose after UBS's bailout of Credit Suisse and moves by regulators to bolster international access to U.S. dollars quelled immediate concerns about banking sector stability. "The recent turbulence in global financial markets... is likely to be a secondary consideration for the (RBA) Board at the April meeting, given the Australian banking system is very well regulated and capitalised," said Gareth Aird, economist at Commonwealth Bank of Australia. Traders have priced out further hikes in the cash rate, and even a slim chance of a cut at the next meeting, but many analysts expect at least one more rate increase this year. All eyes are now on the U.S. Federal Reserve's monetary policy meeting starting later in the day, where economists are widely expecting a 25 basis-point hike, according to a Reuters Poll. In Sydney, the 'big four' banks jumped between 0.5% and 1.9%. Miners rose 1%, with sector majors Rio Tinto and BHP Group adding 1% and 1.3%, respectively. Mincor Resources jumped over 40%, after receiving a buyout offer from a unit of billionaire Andrew Forrest-backed Wyloo Metals, valuing the nickel miner at A$750.3 million. New Zealand's benchmark S&P/NZX 50 index was down 0.3% at 11,531.30. (Reporting by Mehr Bedi in Bengaluru; Editing by Subhranshu Sahu)
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