Australian shares rose 0.2 on Wednesday, boosted by gains in miners on higher metal prices but dragged by losses in top banks on concern funding costs could rise, further pressuring profit margins. Top banks all declined after Moody's cut Portugal's rating and warned on a second debt bailout, with losses led by National Australia Bank which slipped 0.7 percent to A$24.96. NAB, ANZ Banking Group and Westpac were all down for the fourth straight day.
Some other shares recovered some recent losses. Retailer Myer rose 2 percent to A$2.57 after analysts at Bell Potter upgraded their recommendation on the stock to 'buy' from 'hold.' The benchmark S&P/ASX 200 index rose 6.9 points to 4,605.00, according to the latest data. It eased 0.3 percent on Tuesday. New Zealand's benchmark NZX 50 index fell 0.4 percent 3,460.8.
European and US share futures were higher, suggesting European shares were set to rise for an eighth straight session on Wednesday, helped by oil majors after Brent crude rose for the second straight session to above $114 a barrel. Gold producer Newcrest Mining rose 1.8 percent to A$38.15 as spot gold rose after Portugal's credit rating was slashed to junk. Treasury Wine sank 2.5 percent to A$3.50 after China's Bright Food Group said on Tuesday it was not in discussions to buy any Australian wine assets.
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