The Australian sharemarket opened higher on Tuesday, November 3, 2026, ahead of the Reserve Bank’s interest rate decision. The S&P/ASX 200 rose 29.2 points, or 0.3 per cent, to 8885.70 by 11am AEDT, with eight of its 11 industry sectors gaining ground. Gold miners and airlines surged, while energy stocks tumbled following a significant drop in oil prices. The ASX had fallen 0.6 per cent the previous day.
Brent crude plummeted 7.6 per cent to below $US105 a barrel, marking its biggest drop in three months. The decline came amid renewed hopes for diplomatic efforts to end the war in Iran, with both the US and Iran signaling a willingness to pursue peace talks. Energy stocks were hit hard, with Woodside and Santos each sliding 3.8 per cent, and Ampol down 3.5 per cent. In contrast, airlines like Qantas Airways and Virgin Australia soared, rallying 6.5 per cent and 8.7 per cent respectively, on expectations of lower jet fuel costs.
The RBA is expected to deliver its fifth rate hike this year at 2.30pm AEDT, as persistent inflation continues to be a concern. Meanwhile, Wall Street saw mixed performance overnight, with the S&P 500 sinking 0.5 per cent after an early rally, while the Dow Jones Industrial Average rose 0.4 per cent. The tech sector remained shaky, with AI and cloud computing-related stocks experiencing volatility following recent sell-offs.
Locally, mining and banking giants led the gains, with BHP rising 0.4 per cent and gold miners like Northern Star and Evolution Mining jumping 3.1 per cent each. The tech sector also showed resilience, with WiseTech Global up 1.2 per cent and NextDC gaining 2.3 per cent. The Australian dollar was trading at US69.96¢.