Australia’s annual pay growth inched up to 4.2%, marking the fastest annual pace in 15 years, according to the Australian Bureau of Statistics Wage Price Index.

On a quarterly basis, Australian wages jumped 0.9% in 2023’s December quarter, largely driven by the education and training sector, as well as the healthcare and social assistance industry, government data showed. The figure matched expectations of analysts polled by Reuters.

“This quarter saw a significantly higher contribution to growth from the public sector,” the report stated.

—Lee Ying Shan

Dividend stocks often appeal to investors who want steady income and long-term growth.

Wall Street and other pros share their tips on how to pick good dividend stocks and what names will generate sustainable income.

Some of these names are projected to have higher yields than cash, according to BofA.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Business sentiment at large Japanese firms soured in February, according to the monthly Reuters Tankan survey. The data fuels fears of further economic weakness in Japan, after data last week showed the economy slipped into a technical recession.

The sentiment index for manufacturers stood at -1, compared to +6 in January. Separately, the poll also showed the service sector index at +26, down from +29 in January. A negative figure indicates pessimists outnumber optimists in the sector, and vice versa.

“The loss of business confidence raises worries Japanese firms may become reluctant to boost wages enough to achieve stable and sustainable inflation in a country that has been mired in a deflationary mindset for more than a decade,” Reuters reported.

The Reuters monthly poll is considered to be a leading indicator of the Bank of Japan’s official survey.

—Lee Ying Shan

Mounting inflation and interest rates have put significant pressure on several sectors — especially real estate. But some market watchers think things could be about to turn around.

“I think it would be an opportune time to invest in real estate especially given that we are forecasting interest rates to decline over the next 12 months,” says Kevin Brown, senior equities analyst at financial services firm Morningstar.

Brown, along with PGIM Real Estate’s Rick Romano, reveal their top REITs to buy right now.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

Here’s how the major indexes closed:

— Pia Singh

U.S. crude oil futures pulled back Tuesday after hitting a three-month high last week as the conflict in the Middle East raged on.

The West Texas Intermediate contract for March fell $1.01, or 1.28%, to settle at $78.18 a barrel. The Brent contract for April dropped $1.22, or 1.46%, to $82.34 a barrel. There was no WTI settlement on Monday due to the President’s Day holiday.

U.S. crude gained 3% last week to settle Friday at its highest price, $79.19 a barrel, since Nov. 6. The global benchmark rose 1.5% for the week to settle at its highest price since Jan. 26.

Robert Thummel, senior portfolio manager with Tortoise Capital, said prices likely pulled back Tuesday due in part to traders taking profits after WTI booked a solid run so far this month.

Crude futures gained last week on the conflict in the Middle East after Israel launched strikes in Lebanon and vowed to press on with its offensive in Gaza to the southern city of Rafah.

Houthi militants on Monday attacked another cargo ship in the Bab el-Mandeb strait, forcing the crew to abandon the vessel. The Iran-allied militants claimed they caused “catastrophic damage” to the ship.

— Spencer Kimball