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Australian shares ended higher on Monday, led by miners and financials, amid fading worries over escalating tensions in the Middle East, while investors braced for a domestic inflation print.

The S&P/ASX 200 benchmark index closed 1.1% higher at 7,649.2 points, its best day since March 21. The benchmark fell 1% on Friday after reports of escalating Middle East tensions triggered a sell-off in global markets.

A lack of escalation over the weekend, however, has made investors hopeful that a wider conflict can be averted, said Damian Rooney, director of equity sales at Argonaut.

Meanwhile, Australia’s inflation print is due on Wednesday, with markets expecting March inflation to be around 3.4% on a year-on-year basis, in line with February.

The data could encourage monetary easing expectations at a time when U.S. rate cut bets are being scaled back, ING analysts said in a note.

Mining stocks led gains on the bourse on Monday, rising 1.1%. Nickel and copper prices touched multi-months highs during the day on robust Chinese demand outlook. BHP Group, Rio Tinto and Fortescue added 2%, 0.3% and 0.4%, respectively.

Australian shares fall after Iran’s attack on Israel; banks top drag

Miner South32 logged its best day in over a year, rising nearly 6%. The company said it expects Australia manganese exports to restart in a year after a tropical cyclone destroyed infrastructure, while reporting mixed quarterly production results.

Heavyweight financials climbed 1% in their best session in a month, with three of the “Big Four” banks adding between 0.6% and 1.3%, respectively.

Energy and gold stocks retreated 1.5% each.

Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index rose 0.5% to 11,852.8 points.

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