Australian shares edged higher on Wednesday after a sharp drop in the previous session, as traders awaited quarterly economic growth data due later in the day for further direction.

The S&P/ASX 200 index rose 0.3% to 7,129.6 by 0040 GMT, with miners leading the gains.

On Tuesday, the benchmark index dropped 1.2% after the country’s central bank raised rates for the 12th time and warned more tightening might be needed.

Reserve Bank of Australia Governor Philip Lowe on Wednesday cited upside inflation risks to an already drawn-out return of inflation to target for tightening the monetary policy.

Analysts have forecast Australia’s gross domestic product to rise 0.3% in the first quarter from the previous quarter, and up 2.4% for the year. Globally, stock markets were slightly higher as investors mulled whether a recent rally has legs to run further.

In Sydney, heavyweight miners advanced about 1% after iron ore prices stretched gains on Tuesday on hopes of more stimulus measures in top steel producer China.

Sector majors BHP Group and Rio Tinto rose as much as 1.4% and 1%, respectively. Gold stocks climbed 0.8%, with the country’s largest gold miner Newcrest Mining gaining about 0.6%.

Tech stocks rose 1.3% after the tech-heavy Nasdaq closed higher overnight. Accounting software company Xero Ltd firmed 1.8%.

Australian shares snap 3-day rally after surprise rate hike

Meanwhile, energy stocks fell 0.8% after oil prices eased overnight with economic fears overshadowing Saudi Arabia’s pledge to cut output.

Index heavyweights Santos and Woodside Energy declined 1.1% and 0.9%, respectively.

Among individual stocks, Viva Energy slid 3.6% and was one of the top losers on the benchmark index, after the company reported a failure of contractor crane at its flagship Geelong refinery in Victoria.

In New Zealand, the benchmark S&P/NZX 50 index fell 0.7% to 11,864.12.