Australian Shares Rise for 4th Session Despite Persistent Inflation

Australian equities rose 39 points, or 0.4%, to 8,889 around noon on Wednesday, extending gains for a fourth straight session and reaching a seven-week high. Overnight gains on Wall Street supported sentiment, led by the Nasdaq and chipmakers, as investors awaited the Fed’s rate decision. However, persistent inflation capped gains. Headline inflation in Australia climbed to a six-month high of 4.3% in September, moving further above the RBA’s 2—3% target range. RBA Governor Michele Bullock also struck a hawkish tone before lawmakers, warning that inflation would likely remain elevated longer than projected in August. Technology, manufacturing, consumer durables, and non-energy minerals led gains, offsetting losses in logistics, energy minerals, and utilities. Perseus Mining surged 9.5%, while Lynas Rare Earths and PLS Group each jumped 7.3%. Sandfire Resources rose 5.5%, Genesis Minerals gained 3.7%, and South32 added 2.2%. The four major banks advanced between 0.5% and 1.3%.