RIO

Rio Tinto Plc

59.83
USD
-1.92%
59.83
USD
-1.92%
58.06 89.51
52 weeks
52 weeks

Mkt Cap 74.66B

Shares Out 1.25B

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Banks, miners lift Australian shares to near 3-week high

May 25 (Reuters) - Australian shares rose to touch a nearly three-week high on Wednesday, underpinned by banking and mining stocks, even as shares slipped worldwide on supply snags and concerns over a potential global economic slowdown. The S&P/ASX 200 index .AXJO was up 0.6% at 7,174.20 points, as of 0101 GMT, its highest since May 6. The benchmark ended 0.3% lower on Tuesday. MSCI's gauge of stocks in 47 countries .MIWD00000PUS shed 0.9% on Tuesday. Japan's Nikkei .N225 dipped 0.3% at 26,675.46 and S&P 500 E-minis futures EScv1 were up 0.2%. Australian financials .AXFJ added 1.2% and were on track to log their best day in more than a week. The "Big Four" banks were up between 0.9% and 1.9%. The metals and mining index .AXMM climbed 1.6% in their fourth consecutive session of gains. Sector behemoths BHP Group BHP.AX, Rio Tinto RIO.AX and Fortescue Metals Group FMG.AX rose between 0.6% and 1.8%. Gold stocks .AXGD benefited from strong bullion prices as a weaker U.S. dollar lifted the safe-haven metal's appeal. The sub-index jumped 2.7% to touch a two-week high. GOL/ The country's largest gold miner Newcrest Mining NCM.AX gained 2.2%, while St Barbara SBM.AX and Northern Star Resources NST.AX rose 5.3% and 2.8%, respectively. Energy stocks .AXEJ tracked U.S. crude futures CLc1 higher to climb 0.2%. Gas producer Santos STO.AX was up 0.5%, while Woodside Energy Group WDS.AX was flat. O/R Meanwhile, global markets weakened as investors fretted over supply chain disruptions and bearish U.S. economic data that heightened slowdown concerns. Domestic technology stocks .AXIJ tracked a weak overnight Wall Street session and dropped 2.4% as recession worries dampened risk appetite. .N Australian shares of Block SQ2.AX, Computershare CPU.AX, and WiseTech Global WTC.AX retreated between 5.5% and 1.8%. New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.2% to 11,269.32. According to a Reuters poll, the country's central bank will hike its policy interest rate by half-a-percentage point to counter soaring inflation when it meets later in the day. (Reporting by Upasana Singh; Editing by Sherry Jacob-Phillips) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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