Australian shares rise as BHP Group, Woodside Energy shine on upbeat earnings
Aug 27 (Reuters) -Australian shares advanced on Tuesday, led by mining and energy stocks after sector majors BHP Group and Woodside Energy posted strong earnings, while investors remained focused on a key local inflation data for monetary policy direction.
The S&P/ASX 200 index .AXJO rose 0.2% to 8,097.8, as of 0034 GMT. The benchmark index is now around 50 points shy of its all-time high of 8,148.7 hit on Aug. 1.
BHP Group BHP.AX rose as much as 2.7% to hit its highest level since early August, after the miner posted a better-than-expected annual profit.
Mining stocks .AXMM jumped 1.3%, supported by iron ore prices trading at a near two-week high. IRONORE/
Energy stocks .AXEJ climbed 2.4% to hit their highest level since Aug. 5, following a better-than-expected results from top energy company Woodside Energy WDS.AX.
Shares of Woodside were up as much as 4.1% to hit their highest level since Aug. 2.
Brent crude LCOc1 futures fell 0.25% to $81.23 a barrel while U.S. West Texas Intermediate (WTI) crude CLc1 lost 0.34% to $77.16 per barrel.
Coles COL.AX rose as much as 3.2% to hit a two-year high, after Australia's second-largest grocer reported an annual profit above analysts' estimates, fuelled by strong sales at its supermarkets and improved inventory management.
Meanwhile, local investors are awaiting a crucial inflation data, due on Wednesday, which will set the tone for the central bank's policy direction ahead, with interest rates remaining at a 12-year high in the country.
U.S. inflation data due on Friday is also on investors' radar for further clues on the Federal Reserve's rate-cut trajectory.
Overnight, the U.S. Dow Jones Industrial Average .DJI rose 0.16% to 41,240.52 points. The S&P 500 .SPX lost 0.32% while Nasdaq .IXIC was down 0.85%. .N
In New Zealand, the benchmark S&P/NZX 50 index .NZ50 retreated 0.1% to 12,574.41.
Reporting by John Biju in Bengaluru; Editing by Rashmi Aich
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