Australian annual inflation increased to 3.8% in the June quarter, aligning with market expectations. While quarterly inflation remained steady at 1%, core inflation eased slightly. This data will significantly influence the Reserve Bank of Australia's interest rate decision next week, with markets anticipating a potential rate hike despite global central banks adopting a more cautious stance.
At 11:30am, the S&P/ASX 200 is 1.1 per cent higher at 8040.40.
The SPI futures are pointing to a rise of 58 points.
Best and worst performers
The best-performing sector is Energy, up 1.55 per cent. The worst-performing sector is Utilities, up 0.03 per cent.
The best-performing large cap is Technology One (ASX:TNE), trading 4.34 per cent higher at $20.42. It is followed by shares in Medibank Private (ASX:MPL) and Fortescue (ASX:FMG).
The worst-performing large cap is Telix Pharmaceuticals (ASX:TLX), trading 3.83 per cent lower at $18.58. It is followed by shares in Origin Energy (ASX:ORG) and Evolution Mining (ASX:EVN).
Commodities and the dollar
Gold is trading at US$2451.10 an ounce.
Iron ore is 2.4 per cent lower at US$99.00 a tonne.
Iron ore futures are pointing to a 0.4 per cent fall.
One Australian dollar is buying 64.96 US cents.
