Miners push Australian shares higher after upbeat China data
March 2 (Reuters) -Australian shares climbed on Thursday, led by mining and gold stocks on higher commodity prices, as better-than-expected manufacturing activity data in China spurred hopes of a rebound in demand, improving risk appetite.
The S&P/ASX 200 index .AXJO was up 0.4% at 7,280.70 points by 2351 GMT. The benchmark closed steady on Wednesday.
Data released on Wednesday showed manufacturing activity in China, the world's top steel consumer, expanded at the fastest pace in more than a decade in February, exceeding analysts' forecast, helped by the removal of its stringent COVID-19 curbs.
Investors will be awaiting the Reserve Bank of Australia's meeting next week, where markets 0#YIB: are wagering that rates will keep climbing to peak around 4.35% in the middle of the year from current 3.35%. nL1N35902A
Australian miners, which rely heavily on exports to China, rose as much as 2.2% to a one-week high and were set for third session of gains.
Mining giants BHP Group BHP.AX, Rio Tinto RIO.AX, and Fortescue Metals Group FMG.AX gained between 2.3% and 2.8%.
Gold stocks .AXGD climbed 1.6% on stronger bullion prices, with Newcrest Mining NCM.AX and Northern Star Resources NST.AX adding 2.5% and 3.3%, respectively.
Energy stocks .AXEJ advanced 1.4%, with sector majors Santos STO.AX and Woodside Energy WDS.AX gaining 0.6% and 1.6%, respectively.
Among the laggards, financial stocks .AXFJ retreated 0.4%, although top lenders Commonwealth Bank of Australia CBA.AX and National Australia Bank NAB.AX gained 0.4% each.
Technology stocks .AXEJ tracked their Wall Street peers lower, falling 0.7%, with Xero Ltd XRO.AX declining up to 1.7%.
Healthcare stocks .AXHJ also traded in red, losing 0.5% to fall to their lowest levels since Jan. 18.
Separately, Australia's competition regulator said it would probe a number of businesses for potential exaggeration of claims of environment-friendly investment and products, called greenwashing, after a review of 247 businesses found a concerning trend.
New Zealand's benchmark S&P/NZX 50 index .NZ50 retreated as much as 0.4% to 11,830.24 points.
Reporting by John Biju in Bengaluru; Editing by Sherry Jacob-Phillips
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