Miners lift Australian shares ahead of inflation data

Australian shares advanced for a fourth straight session on Wednesday, with the S&P/ASX 200 up 0.9% to 8,823.90 by 0017 GMT, Business Recorder reported. The index was approaching its strongest close since September 7 as large mining stocks gained 1.6%, supported by firmer copper prices and stronger demand in China. Rio Tinto rose 0.4% and BHP added 0.7%.

Investors were awaiting Australia’s third-quarter inflation report, due at 0030 GMT, with core inflation forecast to increase 1.0% and the annual rate expected to remain at 3.6%, above the central bank’s 2% to 3% target. Market swaps indicated nearly a 70% chance of a quarter-point Reserve Bank of Australia rate increase at its November 3 meeting, lifting the cash rate to 4.85%. Energy stocks fell 1.2% alongside lower oil prices, while technology shares climbed 2.5%; New Zealand’s S&P/NZX 50 was flat ahead of its central bank’s rate decision.