Australian shares rebound from 3-week low on mining boost; banks drag

Australian shares rebounded 0.2% from a three-week low, driven by a 1.2% rise in mining stocks, while financials fell to a four-week low due to persistent inflation concerns. The S&P/ASX 200 closed at 8,695.60. Lynas Rare Earths surged 14.5% following China's export ban on rare-earths to Japan. The market anticipates a potential interest rate hike, with a 35% chance indicated by swaps, as inflation remains above the Reserve Bank of Australia's target range. New Zealand's S&P/NZX 50 also reached a record close of 13,715.02.