AU Evening Wrap: Australia Shares Gain 0.4% After Hawkish RBA Curbs Momentum

$S&P/ASX 200 (.XJO.AU)$ closed 0.4% higher at 7056.1, paring gains after the country's central bank warned that it is ready to resume raising interest rates on any sign that inflation isn't cooling quickly enough. The benchmark index was still climbing and more than 1% higher before minutes from the Reserve Bank of Australia's most recent board meeting checked its momentum. The RBA said it will have a low tolerance for stubbornly high inflation.

Tech shone among the ASX 200's 11 sectors, mirroring the Nasdaq Composite's outperformance in the U.S. on Monday. $Rio Tinto Ltd (RIO.AU)$ rose 1.2% after its 3Q update as commodity stocks gained again. Banks $CommBank (CBA.AU)$, $National Australia Bank Ltd (NAB.AU)$, $ANZ Group Holdings Ltd (ANZ.AU)$ and $Westpac Banking Corp (WBC.AU)$ added between 0.5% and 0.8%.