Australian markets gain on soft inflation data

Australian markets posted strong gains as a soft inflation report eased pressure on the Reserve Bank of Australia to raise interest rates again.

The benchmark S&P ASX 200 jumped 1.75 percent to 8,092.30, marking another record high.

The broader All Ordinaries index gained 1.76 percent to finish at 8,320.40, with buying seen across the board.

Consumer prices in Australia were up 1.0 percent on quarter in the second quarter of 2024, the Australian Bureau of Statistics said on Wednesday - unchanged and in line with expectations. On a yearly basis, inflation rose 3.8 percent.

The value of retail sales in Australia was up a seasonally adjusted 0.5 percent on month in June, the Australian Bureau of Statistics said on Wednesday - coming in at A$36.204 billion. On a yearly basis, sales rose 2.2 percent.

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