Miners lift Australian shares higher; inflation data in focus
Aug 26 (Reuters) -Australian shares edged higher on Monday led by miners amid broad-based gains, as positive comments from the U.S. Federal Reserve Chair cementing hopes of an interest rate cut in September buoyed sentiment.
The S&P/ASX 200 index .AXJO rose 0.4% to 8,054.6 as of 0026 GMT. The benchmark index ended flat in the previous session.
Fed's Powell said on Friday that the "time has come for policy to adjust", sending strong signals of a policy easing starting from September.
The U.S. S&P 500 index .SPX closed up 1.15% at 5,634.61 on Friday, while Nasdaq .IXIC gained 258.44 points, or 1.47%. S&P 500 E-minis futures EScv1 were down 7.75 points, or 0.14%. .N
In Australia, investors will be looking forward to inflation data, due on Wednesday, amid a corporate earnings heavy week.
The Aussie dollar AUD= was last up 0.15% against the U.S. dollar to A$0.68 on Monday.
Rate-sensitive financials .AXFJ were up as much as 0.3%, with the 'Big Four' banks advancing between 0.5% and 0.8%.
Local miners .AXMM rose 0.4%, buoyed by gains in underlying commodity prices last week. IRONORE/ MET/L
Chinese iron ore futures DCIOcv1 on the Dalian Commodity Exchange rose 0.3% on Friday.
Mining giants BHP Group BHP.AX and Fortescue FMG.AX were up 0.3% and 0.9% respectively, while Rio Tinto RIO.AX was down 0.4%.
Energy stocks .AXEJ also advanced 1.1%, boosted by rising oil prices. O/R
Brent crude LCOc1 futures rose 0.68% to $79.56 a barrel while U.S. West Texas Intermediate (WTI) crude CLc1 gained 0.67% to $75.33 per barrel.
Energy giant Woodside Energy WDS.AX rose 0.9%, while smaller rival Santos STO.AX fell 1.2%.
Rate-sensitive technology stocks .AXIJ also moved up 1%, with tech giant Xero XRO.AX rising around 0.3%.
Real estate stocks .AXRE were up 1.6%, led by sector major Lendlease Group LLC.AX rising 1.3%.
Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.3% to 12,561.91.
Reporting by Shivangi Lahiri in Bengaluru; Editing by Rashmi Aich
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