Miners drive Australian shares higher; inflation comes under forecasts
Australian shares rose on Wednesday, with miners leading gains on strong commodity prices, while consumer prices increased by less than forecast in November in a sign that inflation may be cooling enough to prevent a rate hike as soon as next month.
The S&P/ASX 200 index rose 0.3% to 8 708.30 by 0101 GMT. The benchmark fell 0.5% on Tuesday.
Overnight, the S&P 500 climbed 0.62%, the Nasdaq gained 0.65%, while the Dow Jones Industrial Average rose 0.99%.
Data from the Australian Bureau of Statistics showed that its monthly consumer price index (CPI) was unchanged in November from the previous month, while the annual pace slowed to 3.4% from 3.8%. Median forecasts had been for rises of 0.3% and 3.7%, respectively.
The trimmed mean measure of core inflation increased by 0.3% in the month, taking that annual rate to 3.2% - also below the 3.3% forecast.
On the bourse, miners rose 0.6% to a record high.
Resilient demand in top consumer China bolstered iron ore prices, while copper notched another peak after a strike at Capstone Copper’s Chilean mine renewed supply disruption concerns.
Mining behemoths Rio Tinto and BHP gained 0.5% and 0.6%, respectively.
Gold stocks extended gains to climb 0.8%, as safe-haven flows continued after the US military action against Venezuela.
Healthcare stocks advanced 1%, while technology stocks added 1.8%.
Meanwhile, energy stocks slumped 2%, following an overnight dip in oil prices as investors weighed plentiful global supply against uncertainty around Venezuelan crude output after the United States ousted the OPEC member's president.
Financials slid for a third straight day, losing 0.3%. Top lender Commonwealth Bank of Australia slipped 0.2%, while the remaining three "big four" banks fell between 0.8% and 1.2%.
New Zealand's benchmark S&P/NZX 50 index inched up 0.3% to 13 700.47.
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