Australian shares hit record high on firming bets of September Fed rate-cut
July 12 (Reuters) -Australian shares climbed record highs on Friday, boosted by gains in heavyweights miners and banks after an unexpectedly soft U.S. inflation reading strengthened bets for a September interest rate cut by the Federal Reserve.
The S&P/ASX 200 index .AXJO rose 0.8% to 7,952.900, its all-time high level by 0049 GMT. The benchmark ended 0.9% higher on Thursday. It is eyeing its best week in more than a month.
Globally, investors were relieved after the U.S. consumer price index dipped in June, as opposed to a slight rise predicted by the market.
The CPI report as well as last week's jobs data, which showed signs of an easing U.S. labour market, showed signs that the world's most influential central bank might start cutting rates soon.
A move by the Fed would have an impact on the Reserve Bank of Australia's rate-cut stance.
Rate-sensitive financials .AXFJ hit a record high, rising 0.7% and were on track for their fourth consecutive session of gains.
All "Big Four" banks rose between 0.5% and 1.6%.
Heavyweight miners .AXMM advanced 0.6%, after iron ore prices rose on hopes that top buyer China will announce more stimulus at its upcoming key meeting. IRONORE/
BHP Group BHP.AX lost 0.4% after the mining giant said it would suspend its Western Australia nickel operations.
Energy stocks .AXEJ also traded in green, gaining 0.6% on a rise in global oil prices. O/R
The healthcare sub-index .AXHJ added 1.2% to touch its highest level since June, 2023.
In New Zealand, the benchmark S&P/NZX 50 index .NZ50 rose 0.5% to 12,110.8000 by 0049 GMT, its highest level since February, 2023.
The benchmark has gained 2.7% so far this week and is on track for its best week since week-ending Nov. 3, 2023.
Reporting by Rajasik Mukherjee in Bengaluru; Editing by Rashmi Aich
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