April 12 (Reuters) - Australian shares edged up on
Wednesday, aided by miners and technology stocks, ahead of a key
U.S. inflation data as traders gauge the Federal Reserve's
monetary policy tightening path.
The S&P/ASX 200 index rose 0.7% to 7357.50 by 0040
GMT. The benchmark ended 1.3% higher on Tuesday.
Market participants globally are now focused on the release
of U.S. consumer price index (CPI) later in the day, expecting
to see a continued cooldown in inflation, with hopes that the
Fed would ease up on its policy tightening. Additionally, markets are expecting a nearly 74% likelihood
of another 25 basis point (bp) interest rate hike at the
conclusion of Fed's May monetary policy meeting. In Australia, miners and mining sub-index led gains
on the benchmark, jumping more than 1.7% to hit an over
one-month high.
Whitehaven Coal Ltd , Australia's largest
independent coal miner, slipped up to 6.9% on lowering its 2023
coal production forecast due to labour shortage and additional
constraints at its Maules Creek mine.
Other coal miners New Hope Corporation , Coronado
Global Resources and Yancoal Australia fell
between 1.2% and 3.1%.
Iron ore futures initially wobbled overnight on weak steel
demand in China but reversed direction as a tropical storm
headed towards the world's biggest export point for iron ore,
Port Hedland in Australia.
Sector giants BHP Group , Rio Tinto and
Fortescue Metals Group soared between 1.9% and 2.6%.
Technology stocks rose 0.9%, while sentiment for
their U.S. peers was mixed ahead of economic data release.
Data center operator NEXTDC Ltd gained up to 9.5%
to top the benchmark after new customer contract wins increased
contracted utilisation rate.
Gold stocks touched a near one-year high and were
set for their fifth straight session of gains after rising as
much as 0.4%.
New Zealand's benchmark S&P/NZX 50 index rose 0.3%
to 11,903.40.
(Reporting by Jaskiran Singh in Bengaluru; Editing by Rashmi
Aich)
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