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Banks, commodities lead Australian shares higher; NZ also rises
[BENGALURU] Australian shares ended higher on Tuesday, with financial stocks leading gains on the benchmark after the banking regulator gave lenders more time to implement new capital rules on loans.
US stocks rebounded after last week's massive selloff but risk appetite was spoiled across Asia when US President Donald Trump said he expects to move ahead with China tariffs, just a few days before he is to meet Chinese President Xi Jinping at the G-20 summit starting Nov 30.
The S&P/ASX 200 index climbed 1 per cent or 56.7 points to 5,728.30 at the close of trade after falling 0.78 per cent on Monday.
Financial stocks, were the biggest boost to the index, rising nearly 1.5 per cent.
They cheered the decision of Australia's banking regulator to extend the deadline for implementing new capital rules on some loans to Jan 1, 2022, after lenders raised concerns about the impact on their competitiveness against foreign rivals.
The "Big Four" banks rose between 1.1 and 2.1 per cent.
Metals and mining stocks were supported by heavyweight BHP Group Ltd which gained 1.5 per cent after announcing it had found new mineral deposits under its copper operation in South Australia.
Energy stocks also contributed to gains, rising about 0.7 per cent on the back of a modest recovery in Brent Crude oil futures.
Sector heavyweight Santos Ltd rose 2 per cent after completing the acquisition of Quadrant Energy on Tuesday.
New Zealand's benchmark S&P/NZX 50 index rose 0.13 per cent to finish the session at 8,673.82, boosted by gains in consumer and healthcare stocks.
Dairy firm a2 Milk Company Ltd rose nearly 2 per cent, while retirement village operator Ryman Healthcare Ltd rose 1.6 per cent.