Australian markets edge up modestly

Australian stocks eked out modest gains, with rate-sensitive banks and real estate stocks leading the surge despite RBA Governor Michele Bullock advising against expecting near-term rate cuts.

The benchmark S&P/ASX 200 rose 0.40 percent to 7,982.40 after two days of declines. The broader All Ordinaries index inched up 0.38 percent to 8,187.70.

Australia posted a merchandise trade surplus of A$6.009 billion in July, the Australian Bureau of Statistics said on Thursday.

That was up from the downwardly revised A$5.425 billion surplus in June (originally A$5.589 billion).

Exports were up 0.7 percent following the downwardly revised 1.4 percent increase in the previous month (originally 1.7 percent).

Imports fell 0.8 percent on month after adding a downwardly revised 0.4 percent a month earlier (originally 0.5 percent).

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