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The S&P/ASX 200 experienced a 1.3% rise to reach 8,893 on Tuesday, ending a four-day losing streak as investors positioned themselves in anticipation of the Reserve Bank of Australia's monetary policy announcement later in the day. This recovery occurred despite the anticipated 25 basis point interest rate hike, which would represent the first increase since November 2023. Should this rate hike materialize, it would establish the RBA as the first major central bank to transition from a post-Covid easing phase back to a tightening stance. Market participants are also keenly attuned to Governor Michele Bullock’s post-meeting press conference, where her remarks and the updated economic forecasts are likely to offer insights into the future direction of policy decisions. The majority of stocks saw increases, with financial and materials sectors leading the way. Commonwealth Bank of Australia saw a 1% gain, National Australia Bank increased by 1.1%, Westpac Banking Corporation advanced by 1.5%, and Australia and New Zealand Banking Group added 1%. Among mining firms, BHP Group appreciated by 1.8%, while Rio Tinto experienced a notable surge of 2.5%. Gold producers were particularly strong performers, with Newmont Corporation, Evolution Mining, and Northern Star Resources posting substantial gains ranging from 2.6% to 5.3%.
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