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Benchmark logs fourth straight day of gains
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Miners, banks top boosts
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Analysts at top banks split on RBA rate decision
(Updates to close)
By Poonam Behura
March 30 (Reuters) - Australian shares rallied 1% to
finish at a near three-week high on Thursday, as outlook from
U.S. firms improved and banking crisis worries eased, while
domestic inflation data boosted hopes of a pause from further
rate hikes by the central bank.
The S&P/ASX 200 index closed 1% higher at 7,122.3
points, marking a fourth consecutive session of gains.
Investors will eye the Reserve Bank of Australia's (RBA)
policy meeting on April 4 where analysts are split between a
quarter-point rate hike and a pause, after recent data indicated
a cumulative 350 basis point (bp) hikes since May last year were
starting to impact growth.
Among the country's top banks, Commonwealth Bank of
Australia and Westpac Banking Corp expect a pause by the RBA,
while National Australia Bank and ANZ Group see a 25 bps hike.
"The domestic economy is now showing sufficient signs of
slowing and we expect the RBA board will judge that a pause in
the tightening cycle is the appropriate move in April," Gareth
Aird, head of Australian Economics at CBA said in a note.
However, analysts at ANZ Research projected two more rate
hikes, and said "an extended period of restrictive rates will be
required to bring inflation back to target".
Globally, sentiment improved on rally in U.S. stocks as
robust outlook eased worries regarding the country's economic
health, with fears of a banking sector crisis also fading. In Australia, miners were the top gainers, rising 1.7% and
hitting their highest since March 10. Heavyweight miners like
Rio Tinto and BHP Group jumped 1.8% and 2.4%,
respectively.
Banks recovered from the previous session, rising
1.5%. The so-called "Big Four" banks added between 0.9% and
2.3%.
Technology stocks rallied 1.7%. Block Inc's ASX-listed shares advanced 2.4%, while Xero added 1.9%. New Zealand's benchmark S&P/NZX 50 index ended 1.7% higher at 11,933.17. (Reporting by Poonam Behura in Bengaluru; editing by Uttaresh Venkateshwaran)
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