Australian shares have edged higher as the October's consumer price index (CPI) shows inflation is easing.
According to new monthly Australian Bureau of Statistics (ABS) figures, the annual inflation rate was down a little, to 6.9 per cent, in October, from 7.3 per cent in September.
After the data release, the ASX 200 had reversed early losses and closed up 30.9 points, or 0.4 per cent, to 7,284.
The broader All Ordinaries gained half a per cent, to end the day at 7,480
At 4:30pm AEDT, the Australian dollar was 0.2 per cent higher, at 66.99 US cents.
Five out of the 11-sectors were closed in the green, with energy, materials and real estate leading the gains.
Mining stocks were up 1.2 per cent, as iron ore prices climbed on China's moves to support struggling property developers.
Whitehaven Coal gained 8.5 per cent, Sayona Mining was up 8.5 per cent, New Hope firmed 7.2 per cent, Kardon Energy added 4 per cent and Mineral Resources was up 3.9 per cent.
Utilities, consumer staples and health care were the biggest drags on the main index.
Among the worst performers were Collins Foods (-4.3 per cent), St Barbara (-3.8 pr cent), Nanosonics (-2.6 per cent), Pinnacle Investment (-2.6 per cent) and Adbri Limited (2.6 per cent).
Meanwhile, money-laundering regulator AUSTRAC has commenced civil penalty proceedings in the Federal Court against The Star Pty Limited and The Star Entertainment QLD Limited (the Star Entities) for alleged serious and systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing laws.
Shares of Star was down 0.3 per cent, to $2.71.
Star said it takes its anti-money laundering obligations seriously and has co-operated with AUSTRAC.
Black Friday and Cyber Monday sales top $7 billion
New data from NAB shows Australians spent more than an estimated $7.1 billion across the four-day Black Friday and Cyber Monday shopping event, much higher than the retail peak body expected.
Australian Retailers Association (ARA) previously predicted $6.2 billion worth of sales from Black Friday to Cyber Monday.
Last year, Australians spent $6 billion in the same period.
This year's spending was up 20 per cent, compared with the week prior, with the strongest performer being shoe stores, up 146 per cent.
Camera stores were also up 116 per cent, with electronic and clothing stores close behind — both up 65 per cent and 64 per cent, respectively.
Broken down by state, the biggest increases in spending were seen in Victoria and Tasmania, up 20 per cent, followed by the Australian Capital Territory and Western Australia, up 17 per cent and 12 per cent, respectively.
"We're navigating a different economic environment, but our data highlights the resilience of the Australian economy," NAB Executive for Small Business Ana Marinkovic said.
"[More than] 40 per cent of Australians are now creating and following a budget, with people planning out their shopping more thoroughly while hunting down the best sales."
US stocks sink
Wall Street lost ground on Tuesday, with falls for Apple and Amazon ahead of an upcoming speech by US Federal Reserve Chair Jerome Powell that could provide hints about the magnitude of future interest rate hikes.
Investors also focused on recent protests against COVID-19 curbs in China, including at the world's largest iPhone factory.
Apple's stock dropped 2.1 per cent, down for a fourth straight session.
Mr Powell is due to speak at a Brookings Institution event on Wednesday, about the outlook for the US economy and the labour market.
Investors will be looking for clues about when the Fed will slow the pace of its aggressive interest rate hikes.
"No one is willing to buy ahead of tomorrow with Powell speaking. Everyone is nervous about what he is going to say," said Ron Saba, senior portfolio manager at Horizon Investments in Charlotte, North Carolina.
Shares of Amazon and Tesla each lost more than 1 per cent, while Alphabet dropped 0.9 per cent.
The benchmark S&P 500 index is headed for its second straight month of gains in November amid bets that recent inflation readings showing a slight cooling in prices will lead the Fed to scale back the scale of its interest rate hikes.
So far, the Fed has delivered four straight 75-basis-point rate hikes, and it is expected to shift down the pace to a 50-basis-point move in December.
The S&P 500 declined 0.16 per cent, to end the session at 3,957.60 points, while the Nasdaq declined 0.59 per cent, to 10,983.78 points, and the Dow Jones Industrial Average rose 0.01 per cent, to 33,852.13 points.
Meanwhile, the pan-European STOXX 600 index lost 0.1 per cent and MSCI's gauge of stocks across the globe shed 0.1 per cent.
Oil prices climbed on hopes for a relaxation of China's strict COVID-19 controls, which had fuelled demand concerns.
Brent crude oil was up 1 per cent to $US83.90 a barrel.
Gold prices rose with help from the dollar's retreat and hopes for less-aggressive US rate hikes going forward.
Spot gold added 0.3 per cent, to $US1,753.50 an ounce.
ABC/Reuters
