Australian stocks extend gains to two-week highs ahead of inflation
Australian equities added 22 points, or 0.2%, to 9,186 in early deals, extending a third-session rise as markets hit a two-week high before domestic inflation data.
Australian stocks added 22 points or 0.2% to 9,186 in early deals on Wednesday, extending gains for the third session following an overnight gains on Wall Street due to a rebound in technology stocks and a fall in oil prices and Treasury yields.
Markets reached their highest level in two weeks, amid buying pressure in non-energy minerals and retail trade.
However, gains were capped by caution ahead of domestic data later today, including July inflation, July leading index and Q2 construction output.
Meanwhile, the Reserve Bank's meeting minutes for July indicated that inflation would only gradually return to target by late 2027 even as figures has eased from its March peak.
Market heavyweight BHP Group climbed 1.4% while Woolworths Group (4.2%), Evolution Mining (1.6%), and Qantas Airways (1.0%) were also among top performers.
In contrast, energy stocks declined, dragged by Woodside Energy (-4.3%) and Santos (-3.0%).