Australia Shares Edge Up Amid Rate Hike Expectations

Australian shares experienced a mixed start to the week, with gains in some sectors offset by losses in others.

The S&P/ASX200 edged up 14.7 points to 8,679.7, or 0.17%, as the broader All Ordinaries gained 5.1 points to 8,850.7, or 0.06%.

The financial sector saw significant growth, driven by dip-buyers fueling a rebound in bank stocks, while utilities and healthcare stocks outperformed ahead of the Reserve Bank's likely cash rate hike on Tuesday.

However, basic materials stocks were negatively impacted by rising bond yields, which weakened precious metals prices, and copper futures retreated as resurgent crude prices constrained global growth hopes following the US rejection of an Iranian plan to reopen the Strait of Hormuz.