Australian shares hit 2-1/2-month high as lower oil prices fuel broad rally

Australian equities climbed on Tuesday, with the S&P/ASX 200 adding 1.1% to 9,129, its strongest level since August 26. Business Recorder reported that cheaper oil helped lift investor risk appetite, while mining and gold shares led gains across the market.

Mining shares advanced 1.5% as copper strengthened, and gold stocks rose 2.3%; financials also gained 1.1%. Lower Australian bond yields supported property stocks, which jumped 2.2%, while Qantas climbed 6.3% after announcing plans to eliminate 850 jobs. Investors were also watching for US inflation figures due later on Tuesday, while New Zealand’s S&P/NZX 50 reached a record.