Australian shares rise on banks and miners ahead of RBA rate decision
The S&P/ASX 200 gained 0.4% to 8,891.90 as banks and miners led, oil fell 7% on Iran talks hopes, and energy stocks slid about 4%, per Reuters.
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what happened
Australian shares rose on Tuesday, according to Reuters, with banks and miners leading the gains. The S&P/ASX 200 index climbed 0.4% to 8,891.90 by 23:25 GMT. Oil dropped 7% overnight as talks between Iranian and Qatari officials raised hopes of ending the Iran war, lifting airlines such as Qantas (up 6.4%) and Virgin Australia (up 8.3%). Energy stocks fell around 4%, with Woodside and Santos each losing about 4%. Gold stocks jumped 3% after bullion rebounded from a one-year low.
why it matters
The Reserve Bank of Australia's decision is the key event, with markets now pricing nearly 90% odds of a fifth rate hike, up from 25% a couple of weeks ago. Tighter policy could hit consumer stocks harder, and Bunnings, Nick Scali and Mirvac already flagged weaker demand.
market impact
Australian stocks: banks and miners lift the index, while energy faces pressure from falling oil prices
- Oil pressure down — hopes of talks lower the risk of supply disruptions from the region
- Australian energy stocks pressure down — cheaper oil cuts revenue for producers like Woodside and Santos
- Australian airlines pressure up — cheaper jet fuel reduces operating costs for the sector
instruments
sources
- Australian shares climb on bank, miner strength ahead of RBA decision — Reuters, 3 November 2026 at 00:33 UTC
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