The local share market has again closed above a key resistance level, as traders await important inflation data out of the United States along with domestic wage price data.
The benchmark S&P/ASX200 index finished above 7,000 on Tuesday, rising 57.9 points, or 0.83 per cent, to 7,006.7.
The broader All Ordinaries gained 62.1 points, or 0.87 per cent, to 7,207.1.
Overnight the US Labor Department will report October consumer price index data that will likely be influential in deciding whether the Federal Reserve is done with its rate-hiking cycle.
Domestically, the Australian Bureau of Statistics will release September quarterly wage price index data on Wednesday that will indicate how the minium wage reviews from June affected the country's labour market.
On Tuesday, NAB's monthly business survey of 400 Australian firms found operating conditions remained strong last month, but confidence edged lower and remained well below average.
"Businesses clearly remain cautious about the outlook for the economy despite the resilience we are seeing," NAB chief economist Alan Oster said.
The Westpac-Melbourne Institute consumer confidence index found the Reserve Bank's rate hike last week had unwound a small boost in confidence the month before, with consumers back to feeling deeply pessimistic.
"The weak November sentiment print is an ominous sign heading into the Christmas high season," Westpac senior economist Matthew Hassan said.
"Pessimism is having a major bearing on spending attitudes," Mr Hassan said, with 40 per cent of consumers expecting to spend less on gifts this year.
Nine of the ASX's 11 sectors finished higher on Tuesday, with telecommunications and utilities lower.
Energy was the biggest gainer, up 2.5 per cent as Brent crude prices ticked up to a one-week high of $US82 a barrel.
Woodside rose 2.6 per cent, Santos added 2.5 per cent and Beach Energy climbed 5.7 per cent as the oil and gas producer held its annual general meeting in Adelaide.
"From an industry competitor perspective, we are peerless," interim chief executive officer Bruce Clement told shareholders.
"I can't think of another company in Australia which has the near-term growth profile that we do."
In the financial sector, CBA finished 1.0 per cent higher at $102.28 as Australia's biggest bank reported it made a $2.5 billion profit in the first quarter.
NAB fell 3.2 per cent to $27.97 as it traded ex-dividend, while ANZ gained 0.2 per cent to $24.76 and Westpac rose 1.0 per cent to $21.01.
In the mining sector, BHP rose 1.4 per cent to $46.02, Fortescue Metals gained 2.7 per cent to $24.34 and Rio Tinto rose 2.0 per cent to $122.49.
Elsewhere, Telstra dropped 2.0 per cent to $3.87 as the telecommunications company held its 2023 Investor Day and announced five new routes to connect capital cities for its intercity fibre project.
ALS added 8.5 per cent to a two-month high of $11.59 as the global testing, inspection and certification company beat guidance with a $158 million first-half profit.
"This was a good performance by our global business given the very challenging market backdrop of uncertainty in the geopolitical and economic environment," chairman Bruce Phillips said.
The Australian dollar was buying 63.64 US cents, from 63.60 US cents at Thursday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index on Tuesday finished 57.9 points higher at 7,006.7, a gain of 0.83 per cent.
* The broader All Ordinaries rose 62.1 points, or 0.87 per cent, at 7,207.1.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 63.64 US cents, from 63.60 US cents at Monday's ASX close
* 96.61 Japanese yen, from 96.59 Japanese yen
* 59.55 Euro cents, from 59.56 Euro cents
* 51.89 British pence, from 52.04 pence
* 108.46 NZ cents, from 107.98 NZ cents.
