RTTNews - The positive close overnight on Wall Street and optimism ahead of the release of some key economic reports lifted stock prices up sharply in the Australian market on Tuesday. Stocks cutting across sectors are moving higher with those from energy, materials and banking space leading the charge.

The benchmark S&P/ASX 200 index is currently trading at 3,950, up by over 63 points, and the broader All Ordinaries index is gaining nearly 60 points to 3,942.3.

On Monday, the S&P/ASX 200 index had ended at 3,887 with a loss of 16.90 points while the All Ordinaries index ended 16.80 points down at 3,883.

Materials stock Rio Tinto is currently trading nearly 4% up and BHP Billiton is trading higher by 1.5%. Orica, Newcrest Mining, Onesteel, Fortescue Metals and Bluescope Steel are all trading firm. In the energy space, Santos, Woodside Petroleum and Origin Energy are gaining ground.

Key bank stocks ANZ Bank, Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corporation are trading with sharp gains. Diversified financials stock Macquarie Group is up by as much as 5.4%.

Hatsie Group has won two contracts in Britain worth around A$38.8 million. The air conditioning and refrigeration firm's rotary building services business will implement the contracts which are for mechanical, electrical and public health services work. While the first order is for work on the new vocational College of Westminster in London, the second contract is for work on an office tower in Media City in Salford, a new home for the British Broadcasting Corporation and other media organizations. The Hatsie Group stock is trading modestly higher this morning.

In economic news Tuesday, the Reserve Bank of Australia releases financial aggregates data for May and the Housing Industry Association will release new home sales data for May.

In the currency market, the Australian dollar opened firm this morning. In early trading, the Australian dollar was trading at US$0.8081/84, up from Monday's close of US$ 0.8007/10. The Australian dollar is currently trading at 0.8107 to the U.S. dollar.

Among other markets in the Asia-Pacific region, Japan and Korea are trading higher, with their key indices gaining 2% and 1.25% respectively. The New Zealand market is trading modestly up.

Shrugging off some choppy movements, stocks ended higher on Wall Street as investors indulged in some bargain hunting despite any prominent triggers. However, volumes were rather thin as some traders chose to stay on the sidelines ahead of the release of key economic data later in the week.

The Dow ended 90.99 points up at 8,529.38, the Nasdaq closed up 5.84 points at 1,844.06 and the S&P 500 edged up 8.33 points to 927.23.

Stock markets across the Asia-Pacific region had ended Monday's session on the downside. Japan's benchmark Nikkei 225 Index closed down 1%, while Hong Kong's Hang Seng Index slid 0.4%.

However, major European markets closed notably higher, with the German DAX Index and French CAC 40 Index rising 2% and 2.3 percent, respectively, while the U.K.'s FTSE 100 Index closed up 1.3%.

Oil prices jumped on tensions in crude-producing Nigeria and on China's reported plans to rapidly increase its strategic crude oil reserves. Reports over the weekend said that China planned to increase strategic crude oil reserves by 60% to 270 million barrels during the next five years. New York's main futures contract, light sweet crude for August, moved up by US$2.33 from its closing price on Friday to end at US$71.49.

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