The local share market has closed marginally higher, stabilising after Monday's big 1.8 per cent plunge as traders await another inflation readout from the United States that could determine the path of interest rate cuts.
The benchmark S&P/ASX200 index on Tuesday finished up 8.3 points, or 0.11 per cent, to 7,712.5, while the broader All Ordinaries gained 9.4 points, or 0.12 per cent, to 7,973.0.
The US Labor Department overnight will release consumer price index data showing whether inflation continued to cool in February after an unexpected jump in January that may have been driven by seasonality and weather.
"The data is one of the final pieces of the puzzle the markets will receive before next week's Fed meeting," wrote Capital.com analyst Kyle Rodda.
The futures markets implies three cuts from the US central bank this year, with no move at the upcoming meeting - but if core CPI deviates much from forecasts of 3.7 per cent inflation in the year to February, those expectations could change.
Closer to home, NAB reported on Tuesday its monthly survey of 500 firms showed business conditions rose last month, with trading conditions and profitability lifting, although confidence and forward orders remain at low levels.
"It is really too early to say if this is just a temporary lift or the beginning of a more meaningful turnaround," wrote NAB chief economist Alan Oster.
Four of the ASX's 11 sectors finished lower and six ended higher, with the heavyweight mining sector basically flat.
BHP dropped 0.7 per cent to $42.52, Fortescue fell 1.2 per cent to $24.75 and Rio Tinto dipped 0.2 per cent to $115.35.
Alumina climbed 8.1 per cent to a six-month high of $1.27 after signing a binding deal to be acquired by Alcoa, the US aluminium giant and its joint venture partner, in an all-scrip transaction.
Alcoa's New York Stock Exchange-listed shares would become listed on the ASX via CHESS Depository Interests under the deal.
Bellevue Gold rose 10.3 per cent to $1.605 after the mid-tier goldminer announced production continued to ramp up at its namesake gold project in WA.
The Big Four banks were mixed, with CBA dipping 0.3 per cent to $117.74 and NAB dropping 0.4 per cent to $33.88, while ANZ added 0.2 per cent to $29.30 and Westpac climbed 0.7 per cent to $27.01.
In the tech sector, Appen shares were put in a trading halt after they soared 29.5 per cent to a six-month high of $1.075 - up fourfold from a nadir hit at the start of February, when delisting seemed a real possibility.
Appen requested the trading halt to reply to an ASX price query letter, without disclosing further details.
In health care, Mesoblast had soared 23.4 per cent to 39.5c following Monday's announcement of an accelerated pathway to US approval of its potential heart failure treatment.
Gold was trading near its all-time high and cryptocurrencies were also surging, with Bitcoin smashing through $US72,000 ($A108,000) for the first time overnight and still trading close to that level through by late Tuesday afternoon.
"Institutional interest has come to the table, but it is just starting up," eToro market analyst Josh Gilbert said.
"This is a new era for Bitcoin and it is very possible that we could see the peak of the bull market somewhere in the six figures."
The Australian dollar was buying 66.13 US cents, from 66.15 US cents at Monday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Tuesday up 8.3 points, or 0.11 per cent, to 7,712.5
* The broader All Ordinaries rose 9.4 points, or 0.12 per cent, to 7,973.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 66.13 US cents, from 66.15 US cents at Monday's ASX close
* 97.53 Japanese yen, from 97.22 yen
* 60.45 Euro cents, from 60.46 Euro cents
* 51.58 British pence, from 51.46 pence
* 107.16 NZ cents, from 107.11 NZ cents
