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The local share market has rallied more than two per cent in early trading and is on pace for its best day since January 28.
At 10.30am AEDT on Tuesday, the benchmark S&P/ASX200 index was up 133.6 points, or 2.07 per cent, to 6590.5, while the broader All Ordinaries was ahead 134.7 points, or 2.02 per cent, to 6791.1.
The gains came after a positive lead from Wall Street, where the S&P500 climbed 2.6 per cent in a broad relief rally.
Every sector was up at least one per cent, with mining the biggest gainer, rising 2.5 per cent.
Both BHP and Rio Tinto had climbed 2.1 per cent, to $39.39 and $95.06, respectively. Goldminer Northern Star had risen 5.5 per cent and Newcrest was up by four per cent.
All the big retail banks were up, by between 2.2 and 2.9 per cent, as was Macquarie.
The Reserve Bank of Australia will hand down its latest rate hike decision at 2.30pm AEDT.Â
Most economists are predicting the central bank will hand down another 50 basis point hike, although a minority have forecast a 25 basis point one.
Australian Associated Press
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