Market Wrap / three month high

The S&P/ASX 200 rose to a three-month high during Tuesday's trade, driven by gains in the banking sector and increased demand for safe-haven assets, offsetting weak economic data from China.

The local market was 0.6% higher to 8466.70 points, with the banks shining green and all Big Four gaining around 1%. 

Meanwhile, China’s manufacturing PMI contracted against market expectations while new export orders fell at the fastest pace in almost two years.

This weighed on the miners, with Rio Tinto sliding 0.7% on a broker downgrade. However, a flight to safe havens sent the gold players higher. 

And the energy sector bounced back, rising 0.6% after OPEC+ decided not to accelerate plans to hike output. 

Elsewhere; IDP Education was in a freefall, slumping 48.1%. The company says some of its key markets are being negatively affected by global policies, with international student volumes already lower in FY25.

Looking ahead, local GDP data for the last quarter will be released tomorrow, with nominal growth expected.