Australia Stocks Rise With Banks Strong

By Michael KitchenMarketWatch Pulse

Australian stocks rebounded in tandem with other major Asia markets in early Tuesday trade. The S&P/ASX 200 was up 1.5%, erasing a 1.1% drop the previous day, with banks providing a source of strength as initial jitters over the Greek crisis eased. Among the major financial names, Australia & New Zealand Banking Group rose 1.5%, Westpac Banking Corp. added 2.1%, and Macquarie Group Ltd. improved by 2%. Those moves came ahead of a Reserve Bank of Australia decision due out later in the day and expected to result in no change to policy. The sharp fall for crude-oil futures overnight sent Beach Energy Ltd. down 1.3%, Santos Ltd. down 2.3% and WorleyParsons Ltd. down 3.2%, though it also helped Qantas Airways Ltd. to rally 4.4%.

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