* RBA cuts cash rate to 0.1%, announces A$100 bln QE
* Energy stocks gain on stronger oil prices
* Gold stocks, bullion prices gain on U.S. election
Nov 3 (Reuters) - Australian shares on Tuesday closed 2%
higher to notch their best session in nearly a month, buoyed by
the central bank's decision to trim interest rates and launch
The S&P/ASX 200 index finished 1.9% higher at
6,066.40 after marking its strongest intraday session since Oct.
5. The benchmark gained 0.4% in the previous session.
The Reserve Bank of Australia trimmed interest rates to near
zero on Tuesday and expanded its bond-buying programme, as
widely expected, a much-needed salve to aid economic recovery
from the country's worst recession in a generation.
"QE is different and they are talking about 100 billion, so
that will be well-received. It is not a solution, it just keeps
things going in the short term," Brad Smoling, managing director
at Smoling Stockbroking.
While Australia has controlled the spread of the virulent
disease and opened its economy earlier than expected, domestic
and international borders remain closed, business investment is
weak and consumer spending is still tepid.
Australia shares also tracked major indices on Wall Street
higher on the eve of the U.S. Presidential election, with
investors bracing for short-term trading turmoil and major
long-term policy shifts.
Biden leads in national opinion polls, but races are tight
in battleground states that could tip the election to Trump.
Analysts said if there is no clear winner, the outcome most
likely to shake equity markets in the near term.
Domestic energy stocks were the top performers after
closing 5.3% higher, buoyed by a rebound in oil prices.
The Australian gold index rallied as their
safe-haven appeal brightened on uncertainty surrounding the
outcome of the U.S. election and a spike in global coronavirus
Financials added more than 1%, with the so-called
"Big Four" banks, except Westpac Banking Corp, closing
New Zealand's benchmark S&P/NZX 50 index ended 0.5%
higher at 12,130.31, with Pushpay gaining 4.6% and
Fletcher Building adding 3.3%.
(Reporting by Nikhil Subba in Bengaluru, Editing by Sherry