FX.co ★ Australian Shares Rise for 4th Session Despite Persistent Inflation

Australian equities climbed 39 points, or 0.4%, to 8,889 around midday on Wednesday, extending their advance for a fourth consecutive session and marking a seven-week high. Sentiment was boosted by overnight gains on Wall Street, led by the Nasdaq and semiconductor stocks, as traders looked ahead to the Federal Reserve’s policy decision later in the day. However, upside was tempered by stubborn inflation pressures. Headline inflation in Australia accelerated to a six-month high of 4.3% in September, pushing further above the RBA’s 2–3% target band. RBA Governor Michele Bullock also adopted a hawkish tone in testimony to lawmakers, cautioning that inflation is likely to remain elevated for longer than projected in August. Tech, manufacturing, consumer durables, and non-energy minerals outperformed, more than offsetting weakness in logistics, energy minerals, and utilities. Perseus Mining surged 9.5%, while Lynas Rare Earths and PLS Group each gained 7.3%. Other notable movers included Sandfire Resources (up 5.5%), Genesis Minerals (3.7%), and South32 (2.2%). The four major banks advanced between 0.5% and 1.3%.