SYDNEY: Australian shares rose on Wednesday by their most in four weeks, as positive data from the world's two top economies fuelled recovery optimism and eclipsed a worse-than-expected domestic economic contraction.
The S&P/ASX 200 index snapped three straight sessions of losses, settling 1.8% higher at 6,063.20 in its biggest one-day percentage gain since Aug. 4.
Heavyweight miners finished 1.8% higher as iron ore futures climbed on expectations of a further pickup in steel output and demand in China.
Top miners BHP Group and Rio Tino added 2.7% and 1.6%, respectively.
Commonwealth Bank of Australia and Westpac Banking Corp were the biggest gainers among financials. New Zealand's benchmark S&P/NZX 50 index rose 0.9% to finish the session at 11,902.98, bolstered by financial and healthcare stocks.-Reuters
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