Australian shares rose on Wednesday as gains in financial and technology stocks outweighed losses in energy and gold stocks, while investors globally awaited updated economic and interest rate projections from US Federal Reserve officials.
The S&P/ASX 200 index rose 0.2% to 7,247.30 by 2340 GMT, in line with gains in US stocks after a stronger-than-expected US inflation report did little to alter views for the timing of a rate cut.
With the US central bank widely expected to keep rates on hold at the end of its monetary policy meeting later in the day, investors will focus on how Fed officials see the economy holding up and where they see interest rates over the coming quarters.
In Australia, investors awaited November employment data due out on Thursday to better gauge risks of further interest rate hikes.
Rate-sensitive financials drove gains on the benchmark stock index, rising 0.5% in what could be their fourth consecutive session of gains.
The ‘Big Four’ banks were up between 0.5% and 0.8%.
Technology stocks climbed as much as 0.9% to hit their highest level since Oct. 13.
Gold stocks slid more than 2.2% and were set for their worst session since Dec. 5 if current losses held.
Australia shares edge higher ahead of crucial economic data
Northern Star Resources fell 1.3%, while Evolution Mining was down 2.2%. Energy stocks fell 1%, as crude oil prices struggled against a backdrop of softening demand.
Sector heavyweights Woodside Energy and Santos declined 0.8% and 0.6%, respectively.
Among individual stocks, Sigma Healthcare surged more than 76% in record intraday jump, after the company said on Monday it would merge with Chemist Warehouse Group to form a A$8.8 billion ($5.77 billion) entity.
In New Zealand, the benchmark S&P/NZX 50 index rose 0.4% to 11,427.36.
Official data showed the country’s current deficit widened in the third quarter. Investors now await the country’s third-quarter GDP data due on Dec. 14.
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