Australian shares rose on Tuesday as investors weighed in on the potential impact of the upcoming US elections.

The S&P/ASX 200 rose 0.3% or 27.70 points to close at 8,249.20.

Results from the tightly locked elections, coupled with economic data, are expected to inform the US Federal Reserve's next likely interest rate decision, Bloomberg reported.

It is expected that a Trump win will benefit stocks and bitcoin while a Harris win will help ease housing costs, according to a Bloomberg survey.

In local economic news, the ANZ-Roy Morgan Consumer Confidence fell 1.1 points to 86.4 in the week of Oct. 21 to 27, following an uptick in the prior week. However, the four-week moving average managed to rise 1.1 points to 85.2 points, a 20-month high.

In corporate news, Cettire's (ASX:CTT) shares fell 17% at market close after the luxury goods retailer posted AU$2 million in adjusted EBITDA in the fiscal first quarter ended September, compared with AU$8.7 million in the year-ago period. Sales revenue climbed 22% to AU$155 million year on year.

Meanwhile, Rio Tinto Group (ASX:RIO) paused operations at the SimFer

port within the Simandou project in Guinea after an employee of a contracting company died, following an incident at the site on Saturday. The miner's shares closed up almost 1%.

Finally, Myer (ASX:MYR) entered into a share sale and implementation agreement with Premier Investments (ASX:PMV) to combine the Myer and Apparel Brands. As per the deal, Premier will receive 890.5 million new Myer shares upon completion in consideration for the Just Group and the contribution of AU$82 million of cash.

Myer's shares slid 2% and Premier Investments' shares climbed 10% at market close.