The Australian share market has bounced back from four straight days of losses, as investors await a crucial inflation readout.
The benchmark S&P/ASX200 index on Tuesday finished up 39.5 points, or 0.56 per cent, to 7,084.2, while the broader All Ordinaries rose 35.9 points, or 0.49 per cent, to 7,300.
The local bourse shrugged off a poor lead from Wall Street overnight, with the tech-heavy Nasdaq slumping 1.4 per cent.
But a stronger Chinese outlook helped the big-cap miners lift the market out of its recent downturn, Pepperstone chief market strategist Chris Weston said.
Material stocks were boosted as the iron price continued its upward march, adding 0.88 per cent to extend gains over the last month to 16 per cent.
Mr Weston speculated more equity gains could lie ahead, with the month of July proving the ASX's strongest over the past 15 years.
The month has experienced an average rise of 2.63 per cent since 2008.
Real estate companies led the way on Tuesday, building 2 per cent after NSW Premier Chris Minns dissolved the state's primary planning agency, the Greater Cities Commission, in a bid to empower developers to increase housing supply quicker.
Developer Mirvac grew 1.3 per cent while Westfield owner Scentre Group climbed 4.0 per cent higher.
The financial and materials sectors drove the market higher, up 0.7 and 1.2 per cent respectively, while the remaining sectors were mixed.
The big four banks all rose with CBA up 0.5 per cent to $98.43 while Westpac jumped 1.6 per cent, ANZ climbed 1.5 per cent and NAB finished 0.7 per cent higher.
Heavyweight miners BHP, Rio Tinto and Fortescue Metals also gained, up 1.5, 1.7 and 2.9 per cent respectively.
Cobalt Blue surged 8.5 per cent higher after the battery mineral company announced a co-operation agreement with Canadian mining giant Hudbay Minerals.
Tech stocks performed the worst, down 0.6 per cent with semiconductor company Weebit Nano plummeting 17.9 per cent to $5.70, as independent director Fred Bart announced his resignation from the role.
Meanwhile, Collins Foods soared 17.7 per cent to $9.25 after its KFC Australia brand exceeded $1 billion in full-year sales for the first time.
Managing director and CEO Drew O'Malley told analysts it made sense for the company's long-term brand health not to completely pass on cost hikes to customers, as some other quick-serve restaurants had.
"No one takes margin more seriously than we do, but KFC's a value brand, and we're managing this brand for the long term," he said.
Medibank slumped 3.91 per cent to $3.44 after banking regulator APRA slapped it with fresh sanctions following a data breach in October 2022.
The health insurer will be required to carry $250 million in capital adequacy and will be subject to a technology review as part of measures aimed at preventing future cyber attacks.
Gas producer Tamboran Resources plunged 9.8 per cent to 18.5c after finalising a $71 million capital raise to support drilling in the Beetaloo Basin.
Market watchers will be eagerly anticipating Wednesday's consumer price index data release, which could influence which way the Reserve bank decides to move on interest rates at its next board meeting on July 4.
Analysts are struggling to arrive at a consensus for how high inflation is likely to come in at, with some predicting as much as 6.9 per cent per annum and others as low as 5.6 per cent, potentially contributing to greater market volatility.
"The distribution on the forecasts is the widest I've ever seen," Mr Weston told AAP.
He suggested a CPI figure above 6.5 per cent would make it more likely than not the RBA would lift interest rates once again.
The Australian dollar clawed back recent losses against its US counterpart, buying 67.11 US cents, up from 66.73 at Monday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Tuesday up 39.5 points, or 0.56 per cent, at 7,084.2.
* The broader All Ordinaries rose 35.9 points, or 0.49 per cent, to 7,300.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 67.11 US cents, from 66.73 US cents at Monday's ASX close
* 96.36 Japanese yen, from 95.64 Japanese yen
* 61.47 Euro cents, from 61.24 Euro cents
* 52.72 British pence, from 52.44 pence
* 108.51 NZ cents, from 108.55 NZ cents.
