Australian shares on Monday rose to their highest in six weeks, amid broad-based gains, after U.S inflation data last week fanned hopes of slower rate hikes by the Federal Reserve.

The S&P/ASX 200 index rose 0.5% to 7,365 by 2347 GMT.

The benchmark on Friday had posted its best week in nine.

U.S consumer prices fell unexpectedly for the first time in more than 2-1/2 years last month, data showed last week, signalling a downward trend in inflation.

Investors are now eyeing the December unemployment report in Australia, due on Thursday, which will likely give direction to the country’s central bank for its rate-hike path.

Miners jumped 0.3%, with iron ore behemoths BHP Group and Rio Tinto gaining 0.1% each.

Energy added 0.5%, tracking overnight gains in oil prices. Sector Majors Woodside Petroleum and Santos added 0.5% and 0.4%, respectively. Gold and technology stocks rose over 1% and were among the top gainers on the index.

Australia’s largest gold miner Newcrest Mining added 1.8%, while ASX-listed shares of Block Inc added 0.9%. Financials jumped 0.6%.

Australian shares upbeat as US data signals inflation slowdown

The “Big Four” banks rose between 0.1% and 0.9%. Super Retail Group advanced as much as 7.6% and payment terminals firm Tyro Payments lifted 5.8%, with both stocks being among top gainers on the ASX.

Baby goods retailer Baby Bunting lost nearly 12% on weak profit. In New Zealand, the benchmark S&P/NZX 50 index rose 0.3% to 11787.09.