Australian shares rebounded in broad-based buying on Tuesday, with energy and mining stocks leading the gains on the back of strong underlying commodity prices, while Commonwealth Bank of Australia rose after posting forecast-beating quarterly results.

The S&P/ASX 200 index rose 0.9% to 7,009.3 by 0009 GMT after a two-session slide, and posted its biggest intraday percentage gain since Nov. 3.

Investors across the globe awaited US inflation data due out at 1330 GMT to gauge the monetary policy trajectory of the Federal Reserve.

In Australia, energy stocks rose 2.4% after eight straight sessions of losses, and were set to climb the most since Oct. 18 if gains held.

The sub-index received a boost from an overnight jump in oil prices as worries eased about falling demand in major oil importers like the United States and China.

Beach Energy and Paladin Energy jumped 2.8% and 5.4%, respectively, to lead gains on the sub-index.

Mining stocks rose 1.6%, tracking gains in iron ore prices amid optimism over stimulus measures for China’s steel-heavy property sector.

The sub-index was on course to gain the most in three weeks. Rio Tinto climbed 1.4% and BHP Group rose by 1.3%.

Financials gained 0.2%, with Commonwealth Bank of Australia (CBA) up 0.6% after its first-quarter cash earnings beat market expectations.

Australian shares inch lower on rate concerns; ANZ Group down

The National Australia Bank slumped 3.1% in ex-dividend trading.

Among individual stocks, ALS Ltd jumped 6.8% to become the top gainer in the benchmark index, as the business support firm posted steady half-year revenue and forecast margin improvement for its businesses in the second half of fiscal 2024.

New Zealand’s benchmark S&P/NZX 50 index rose 0.2% to 11,116.27.