Australian shares snapped their two-day losing streak on Wednesday, aided by soaring mining and energy stocks, while economic data and hawkish comments from a US Federal Reserve official kept sentiment in check.

The S&P/ASX 200 index ended 0.5% higher at 6,998.1 points at the close of trade, after shedding around 2% over the previous two sessions.

Global investor sentiment remained subdued on indications of a slowdown after economic data showed contraction of private sector business activity in US and hawkish comments by a Federal Reserve official.

“Given we are approaching the Jackson Hole Symposium, I’d expect traders to be less willing to take a directional punt on the markets. So we could be in for a couple of days of choppy trade until we see just how hot (or not) inflation is,” said Matthew Simpson, senior market analyst at StoneX Financial.

Export-centric miners jumped 1.3% after China’s iron ore prices rose on prospects of strong demand ahead of peak construction season.

Financial, healthcare stocks drag Australian shares to near three-week low

Sector giants BHP Group and Fortescue Metals Group added 1.1% and 0.4%, respectively. Financials too joined the broader rally, rising 0.4% with all of the so-called “Big Four” banks trading in positive territory.

Energy stocks emerged as the top gainer on the benchmark with a 2.8% jump through the session, with Santos Ltd and Woodside Energy Group gaining 2.1% and 3.4%, respectively. Domestic technology stocks jumped over 2%, even as their overseas peers slipped overnight, largely boosted by sector major WiseTech Global’s full-year results.

The software solutions provider soared over 12% after posting a 72% jump in its underlying net profit after tax to A$181.8 mln ($125.48 mln). New Zealand’s benchmark S&P/NZX 50 index ended 0.1% higher at 11,655.3.