Australian shares are heading into their fourth consecutive session of gains on Wednesday, as heavyweight miners rose on stronger copper prices, while investors await the key inflation print due shortly.
The S&P/ASX 200 index rose 0.9% to 8,823.90 by 0017 GMT, set for its highest closing level since September 7.
Investors’ attention shifts to the release of third-quarter consumer price figures at 0030 GMT, with the core inflation rate forecast to rise a steep 1.0% and the annual pace to stay at 3.6%, well above the central bank’s target range of 2% to 3%.
Sticky inflation could force the central bank to hike for a fifth time this year to curb price pressures. Swaps imply nearly a 70% chance the Reserve Bank of Australia will tighten policy by a quarter point, taking the cash rate to 4.85% at its November 3 meeting.
Heavyweight miners advanced 1.6% as copper prices rose after demand strengthened in top consumer China.
Rio Tinto and BHP edged 0.4% and 0.7% higher.
Rate-sensitive financials gained 0.3% with Commonwealth Bank of Australia and Macquarie Group adding 0.4% and 0.2%, respectively.
Shares of Woolworths rose as much as 1.4% after Australia’s largest supermarket chain said first-quarter sales grew as budget-conscious shoppers looked for discounts.
Capping gains, energy stocks slid 1.2%, tracking a fall in oil prices.
Both Woodside Energy and Santos dropped more than 1.4%.
Technology stocks rose 2.5%, shadowing their Wall Street peers on an AI-fuelled tech rally. Further south, New Zealand’s benchmark S&P/NZX 50 index was flat at 13,681.16.
The focus will be on the Reserve Bank of New Zealand’s key cash rate decision at 0100 GMT, where it is widely expected to raise the official cash rate by a quarter point to 3.0%.