Australian shares inch higher on gains in banks and miners

Australian shares edged up on Tuesday, with the S&P/ASX 200 rising 0.3% to 8,759.60 by 0014 GMT, according to Business Recorder. The index had closed little changed on Monday. Overnight, oil fell below $100 a barrel amid optimism that Iran and the United States could reach a diplomatic agreement, while top exporter Saudi Arabia partly restored shipments, which drew investors back toward riskier assets.

The resources sub-index gained 0.4%, recovering some of the previous session's losses on firm iron ore and copper prices. BHP, Rio Tinto and Fortescue each rose by 0.2% to 0.3%, while gold miners Northern Star Resources and Evolution Mining advanced 1.1% and 0.7%. Commonwealth Bank of Australia, the largest lender, edged 0.4% higher as financials extended a rise to a second consecutive session.

Technology shares climbed as much as 3.9% after the Nasdaq Composite reached a record high overnight, with WiseTech Global and Xero each up about 4%. Energy stocks lagged, slipping 0.9%, as Woodside Energy and Santos fell 1.5% and 0.8%. Markets largely expect the Reserve Bank of Australia to lift rates again next week, and an assistant governor said a fourth increase this year might be needed to bring inflation under control.