Miners, banks propel Australian shares to record high; RBA outlook in focus
The S&P/ASX 200 index was up 0.6% at 8,820.80 points, as of 0051 GMT. The benchmark crossed the psychologically key level of 8,800 for the first time.
Data from ANZ and employment website Indeed on Tuesday showed that job advertisements in Australia fell 1% in July, while separate government figures indicated a modest rise in household spending in June.
The soft local data underscored market wagers for a rate cut, with swaps pricing in more than 99% odds of a quarter-point reduction by the central bank on August 12.
Global risk appetite improved as odds of a U.S. rate cut in September now stand at about 92%, as per CME Fedwatch, up from 63% seen on July 28.
On the local bourse, Australian miners propelled the benchmark index with a 1.1% rise, while gold stocks gained 3.5% on higher iron ore and bullion prices.
Banks advanced 0.8%, with the "big four" banks rising between 0.3% and 1.1%.
Among individual companies, REA Group was among the top gainers as its shares rose nearly 10%, their biggest intraday percentage gain in 2-1/2 years.
The News Corp-controlled Australian property listings firm reported higher annual profit and raised its dividend payout.
New Zealand's benchmark S&P/NZX 50 index edged 0.2% higher to 12,904.18 points.
The country's jobless rate rose slightly in the second quarter as the labour market remained soft, matching the central bank's forecast.
Markets have priced in an 85% chance of a quarter-point rate cut by the Reserve Bank of New Zealand on August 20, with a potential second cut expected by early next year.
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Sherry Jacob-Phillips)
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