In contrast, the ASX 200 Index fell 0.45% on Tuesday morning. Banks, gold and mining contributed to the losses.
Mining giants BHP Group Ltd. (BHP) and Rio Tinto Ltd. (RIO) fell by 2.42% and 2.60% respectively. Investors are likely to have locked in their gains as iron ore prices continued to rise on Tuesday, boosted by Chinese policy measures.
Easing expectations for a 50 basis point Fed rate cut impacted demand for Australian banks. Commonwealth Bank of Australia (CBA) and Westpac Banking Corp. (WBC) posted losses of 0.89% and 1.02%, respectively.
Powell also affected spot gold prices, sending Northern Star Resources (NST) down 0.72%.
As the focus remains on central banks, investors must remain alert. Traders should closely monitor news reports, real-time data and expert commentary to adjust trading strategies accordingly. Stay up to date with our latest news and analysis to manage positions in the Asian stock markets.
The Hang Seng Index and mainland Chinese markets are closed
There was no trading on the Hang Seng Index or stock markets in mainland China on Tuesday. The markets in mainland Hong Kong and China are closed for public holidays.