The Australian share market has edged higher despite red-hot US inflation figures increasing the likelihood of supersized rate hikes in the world’s largest economy.
The benchmark S&P/ASX200 index was up 19.7 points to 6,641.3 at noon on Thursday, a rise of 0.3 per cent.
The broader All Ordinaries was up 26.8 points to 6,834.6, a 0.39 per cent rise.
Global markets have been digesting Wednesday night’s higher-than-expected US consumer price index, which showed headline inflation rising 9.1 per cent in the year to June, the biggest increase in four decades.
The report increased expectations the Federal Reserve will hike interest rates by an ultra-aggressive 100 basis points at its July 26-27 meeting.
The Bank of Canada surprised markets with a 100 basis point rise overnight, the central bank’s biggest one-time increase since 1998.
A bigger-than-expected drop in Australia’s unemployment rate on Thursday, which fell from 3.9 per cent in May to 3.5 per cent in June, is likely to increase pressure on the Reserve Bank to increase rates aggressively next month.
The energy and mining sectors were the best performers on Thursday, up 1.5 per cent and 1.8 per cent.
BHP was up 2.0 per cent to $37.64, Rio Tinto was up 2.1 per cent to $96.05 and Woodside Energy rose 1.6 per cent to $30.57.
Coalminers New Hope and Whitehaven rose slightly more than 6.0 per cent as coal prices remain strong.
Data#3 increased 7.9 per cent after the Brisbane business technology company said it expected a full-year net profit of $44 million, up 19 per cent from last year.
The property sector was down 1.7 per cent. Mirvac fell 2.9 per cent and Charter Hall was down 3.2 per cent.
The big banks were lower, with ANZ the worst performer, falling 1.6 per cent to $22.07.
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