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Australian shares ended flat on Wednesday, as gains in financials and gold stocks were offset by losses in the mining and technology companies, and as higher-than-expected inflation all but killed hopes for interest rate cuts this year.

The S&P/ASX 200 benchmark index closed flat at 7,683 points. The benchmark rose 0.5% on Tuesday.

The Australian Bureau of Statistics released data that the consumer price index rose 1% in the first quarter, above market forecasts of 0.8%, a disappointing result for policymakers that led markets to abandon hopes for any rate cuts this year.

The Reserve Bank of Australia (RBA) is now “boxed in” and there are no cuts in the foreseeable future, said Henry Jennings, senior market analyst at Marcus Today. The RBA’s next monetary policy meeting is on May 7.

Australian shares lifted by financials, easing Middle East conflict fears

Financials rose 0.4%, climbing for the third straight day, with the “Big Four” banks adding between 0.3% and 0.9%.

Gold stocks advanced 1.1% as bullion prices stabilised.

Energy stocks snapped a six-day losing streak to gain 0.2%, lifted by oil prices ticking higher as a fall in U.S. crude inventories was seen as a positive demand indicator.

Miners slipped 0.1%, with BHP Group and Rio Tinto declining 0.4% and 0.1%, respectively.

Fortescue, on the other hand, climbed 1%, even after the world’s fourth-largest iron ore miner said it has shipped lower-than-expected iron ore in the third quarter.

Tech stocks retreated 0.4%, with top firm Xero losing 1.5%.

Cleanaway Waste dropped 10%, the most in four years and the most on the benchmark index, after it denied media speculations of a takeover offer from local industrial conglomerate Seven Group.

New Zealand’s benchmark S&P/NZX 50 index rose 1.2% to 11,946.43 points, in its best session since Nov. 15.

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