Australian shares hit a two-week high on Monday, driven by gains in miners and banks, while a positive start to the US quarterly earnings boosted investor sentiment.

The S&P/ASX 200 index rose 0.5% to close at 8,252.8 points.

The benchmark hit 8,271.8 points earlier in the session, its highest since Sept. 30.

Miners gained 1.3% due to rising iron ore prices, with BHP Group and Rio Tinto advancing 0.9% and 1.9%, respectively.

“Mining stocks seemed unfazed by the lack of details in the China stimulus plans, with investors focused more on the intent of China’s finance ministry to up the ante in coming months with fiscal stimulus,” said Tim Waterer, chief market analyst, KCM Trade.

Interest-rate sensitive financials ended 0.8% higher, with the “Big Four” banks rising between 0.2% and 0.9%.

The sub-index earlier hit its highest level since Sept. 26. Strong earnings reports from some big US banks last week boosted investor confidence amid growing hopes that the Federal Reserve will start cutting rates again in November.

“US equities ended last week on a strong note, which gave the ASX a positive offshore lead …. US Q3 earnings got off to a solid start which helped broader equity market performance,” said Waterer.

Miners, real estate stocks pull Australian shares lower

Among corporate news, TPG Telecom fell 3.9% on plans to sell its fibre and fixed network infrastructure assets to Macquarie and pension fund Aware Super-owned telecoms group Vocus for A$5.25 billion ($3.54 billion).

Analysts at Morningstar said the sale price sounded “like a price discount” considering that the amount would bear further reductions in contingent payment and transaction/separation costs, among others.

Energy stocks lost 1.3% after two straight sessions of gains, tracking global oil prices lower.

Woodside Energy dropped 1.1%, while its smaller peer Santos shed 0.8%.

New Zealand’s benchmark S&P/NZX 50 index fell 0.6% to 12,766.75.