Australian stocks scale peak for second straight session; miners, real estate firms rise
ASX 200 hits record high again
Miners log second session of gains
Real estate firms extend rally
RBA rate decision awaited next week
Updates to close
By Shivangi Lahiri and Sameer Manekar
Aug 1 (Reuters) -Australian shares ended at an all-time high for a second consecutive session on Thursday, as investor confidence remained strong after a measure of inflation ruled out chances of a potential rate hike next week.
The S&P/ASX 200 index .AXJO gained 0.3% to finish at an all-time high of 8,114.70 points. The benchmark went up as much as 0.7% earlier in the day to 8,148.70 points.
Markets abandoned the possibility of a rate hike from the Reserve Bank of Australia (RBA) next week after core inflationsurprised traders on the downside.
This sent equities rallying on optimism that the RBA's next move would be a rate cut, although not before November.
Markets now imply a 44% chance of a rate cut in November, with odds of a quarter-point easing at 76% for December. The central bank meeting is widely expected to deliver a pause on August 6. 0#RBAWATCH
"Investor optimism is absolutely on the right track ... because Australia was in danger of decoupling from the rest of the world and this [inflation data] certainly put it back on the right path," said Jun Bei Liu, portfolio manager at Tribeca Investment Partners.
On the bourse, most sectors closed higher, with miners .AXMM driving gains, up 0.8% as commodities prices rose on mining giant Rio Tinto's RIO.AX optimistic outlook for China. IRONORE/
Rio Tinto's rivals BHP Group BHP.AX and Fortescue FMG.AX closed 0.6% and 2.6% higher respectively.
Real estate sector .AXRE, sensitive to shifts in interest rates, has rallied sharply over the past two sessions, advancing more than 3% after the inflation data brought policy easing back into sight.
"Lower CPI than expected leads a potential inflection point for Australian real estate," analysts at Citi wrote in a client note on Wednesday.
Technology .AXIJ and energy .AXEJ stocks added between 1.5% and 2%, while banking shares .AXFJ ended modestly lower.
Meanwhile, New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.7% to finish the day at 12,488 points, crawling towards its 30-month high.
Reporting by Shivangi Lahiri and Sameer Manekar in Bengaluru; Editing by Janane Venkatraman
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