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The S&P/ASX 200 rose 45 points, or 0.5%, to close at 8,971 on Tuesday, snapping a two-session losing streak after Wall Street rallied Monday on hopes for a resolution to the Middle East conflict, even as the U.S. moved to block Iran’s ports following failed peace talks.
Gains were limited by steep declines in both consumer and business confidence in Australia, underscoring the fallout from the conflict, which has sparked a global oil shock and heightened domestic inflation risks. Meanwhile, a Reserve Bank of Australia official warned of stagflation risks should energy shocks persist, pointing to already elevated inflation and constrained supply capacity.
Sector performance was mixed: commercial services, utilities, and healthcare advanced, while consumer non-durables, industrial services, and transport retreated. Among major movers, BHP gained 3.3% after China’s state iron ore buyer permitted plants to resume bidding for selected U.S. dollar–denominated cargoes. Macquarie climbed 3.9% on expectations of structurally higher commodity prices, while the “big four” banks mostly ended lower.
