Aust stocks lift at noon

Local market gains ahead of RBA board meeting.

The Australian stock market has continued to rally in midday trade ahead of the Reserve Bank of Australia (RBA) board meeting this afternoon and a busy week of economic indicators.

At 1205 AEDT, the benchmark S&P/ASX200 index increased 0.81 per cent to 5,434 points, while the broader All Ordinaries index added 0.79 per cent to 5,426.6.

The first reading on US third-quarter gross domestic product is due out on Thursday, monthly US jobs report for October on Friday and US factory orders figures on Monday.

Locally, in economic news on Tuesday, the RBA holds its November board meeting and decides on its cash rate position.

The Australian Bureau of Statistics (ABS) releases overseas arrivals and departure figures for September, while the Australian Industry Group/Commonwealth Bank Australian Performance of Services Index (PSI) for October showed a slight lift though the sector still remained in contraction.

No major equities news is expected.