Miners, Energy Stocks Drive ASX Higher Despite Middle East Tensions

The ASX 200 rose 30 points, or 0.3%, to close at 8,823, lifted by gains in miners, energy names and consumer stocks.Traders sought to reverse recent weakness, as sentiment steadied despite weaker U.S. stock futures amid heightened Middle East tensions, with President Donald Trump downplaying prospe…

The ASX 200 rose 30 points, or 0.3%, to close at 8,823, lifted by gains in miners, energy names and consumer stocks.

Traders sought to reverse recent weakness, as sentiment steadied despite weaker U.S. stock futures amid heightened Middle East tensions, with President Donald Trump downplaying prospects for near-term talks as U.S. forces marked an 11th night of strikes on Iran Tuesday.

Locally, focus turned to Australia's labor data and July flash PMIs, respectively due on Thursday and Friday.

Miners advanced 2.5% on firmer copper, supported by strong Chinese demand and falling inventories.

BHP rose 2.3%, and Rio Tinto gained 2.5%.

Meanwhile, energy stocks climbed 1.7%, led by Woodside (1.3%) and Santos (1.0%).

Also, Evolution Mining surged 4.3%, and Northern Star added 3.5%.

In contrast, Lynas Rare Earths slid 3.6% to a five-month low after flagging cost overruns at its Malaysian expansion project and posting weaker-than-expected quarterly revenue.