* ASX 200 reverses earlier losses to rise 0.1 percent
* Upbeat PMI surveys from China buoy sentiment
* Miners lift market ahead of RBA decision later on Tuesday
(Adds analysis, quotes, stocks on the move)
By Thuy Ong and Naomi Tajitsu
SYDNEY/WELLINGTON, July 1 Sydney stocks turned
higher after an early slide on Tuesday, as resources shares
rose after upbeat manufacturing surveys from China suggested
that Australia's largest export market is regaining its footing
after a loss of momentum at the start of the year.
China's official Purchasing Managers' Index rose to 51 in
June from May's 50.8, the National Bureau of Statistics said. A
separate private survey by HSBC also PMI showed expansion for
the first time in six months, signs of an improving outlook for
Asia's economic powerhouse. [ID:nS7N0MG04E ]
BHP Billiton Ltd gained 0.8 percent and Rio Tinto
Ltd climbed 1.8 percent. Among bullion producers,
Newcrest Mining Ltd added 2.5 percent, and Northern
Star Resources Ltd jumped 3.6 percent. Copper and gold
both rose overnight.
The S&P/ASX 200 index, which slipped 0.2 percent in
early trade, bounced back to add 7.2 points, or 0.1 percent, at
5,403.4 by 0220 GMT. The benchmark dropped 0.9 percent on Monday
to 1-1/2 week lows and lost 1.8 percent for June.
Investors are also eyeing the Reserve Bank of Australia's
policy-setting meeting later on Tuesday. All 24 economists
polled by Reuters expect to see the cash rate unchanged at a
record low of 2.5 percent.
"The key takeaway phrase from the last statement was the
'period of stability in interest rates', so the market will
scrutinise the wording for any change in this position," said
William Leys, a sales trader at CMC Markets in a note.
Among the 'Big Four' banks, Westpac Banking Corp
slipped 0.1 percent, and National Australia Bank was
down 0.2 percent. NAB said it is currently exploring possible
strategic partnering for custody services.
TFS Corporation Ltd soared 5.8 to two-week highs of
A$1.75 after saying it will acquire 364 hectares of Indian
sandalwood plantations and estimating its net profit in fiscal
2014 will be at least A$70 million.
On the downside, Australia's Ansell Ltd fell 2.8
percent to near two-week lows of A$19.28 on Tuesday after the
world's biggest maker of condoms and gloves announced a
restructuring that will cost $124.7 million and 250 jobs.
New Zealand's benchmark NZX-50 index inched up a
point to 5,142.38, supported by a 2.5 percent rise in New
Zealand Oil and Gas after the company said that an
agreement on royalty payments from the Kupe oil and gas field
would lift profits.
Gold explorer OceanaGold rose 1.7 percent, boosted
by higher gold prices, while the company's announcement on
Monday that it had secured credit refinancing also supported
(Reporting by Thuy Ong; Editing by Shri Navaratnam)