The local share market has closed higher, with the technology, financials and consumer discretionary sectors leading the way before the latest United States monthly inflation readout.
The benchmark S&P/ASX200 index finished up 37.5 points, or 0.5 per cent, to 7,506.0 on Thursday while the broader All Ordinaries gained 34.3 points, or 0.45 per cent, to 7,737.0.
Overnight the US Labor Department will release consumer price data for December, figures expected to show annual inflation cooling to 3.8 per cent, from 4.0 per cent in the 12 months to November.
"Traders await tonight's US inflation data for their next cue," wrote Capital.com market analyst Kyle Rodda.
"Given the better-than-even chance of a March rate cut and five total cuts in 2024 baked into the market, any upside surprise could come as a rude shock."
Eight of the ASX's 11 sectors finished higher, with utilities slightly lower and energy and health care basically flat. The tech sector gained the most, rising 1.2 per cent, as Nextdc and Altium added 2.1 per cent.
The consumer discretionary sector added 0.9 per cent as JB Hi-Fi climbed 3.8 per cent to an all-time high of $56.74 following recent signs consumer spending is picking up.
The Australian Bureau of Statistics on Tuesday reported retail trade turnover rose two per cent in November, following a 0.4 per cent fall in October.
Job vacancy figures the ABS released on Wednesday showed the labour market remains relatively tight, potentially supporting more discretionary spending.
Elsewhere in the sector, car dealership chain Eagers Automotive rose 2.0 per cent to $14.51, Kathmandu owner KMD Brands climbed 2.9 per cent to 70c and footwear retailer Accent Group finished up 3.9 per cent to a four-and-a-half month high of $2.14.
The Big Four banks all rose, with NAB climbing 0.8 per cent to $30.97, CBA adding 1.4 per cent to $113.60, Westpac advancing 1.2 per cent to $23.24 and ANZ 0.9 per cent higher at $26.06.
In the mining sector, Fortescue dropped 1.9 per cent to $27.04, Rio Tinto dipped 0.4 per cent to $128.40 and BHP slipped 0.1 per cent to $47.81.
Lithium miners recouped a bit of Wednesday's heavy losses, with Pilbara finishing up 2.4 per cent and Mineral Resources adding 1.0 per cent.
In the energy sector, coalminers were finally in the red after days of gains.
Whitehaven slid 2.1 per cent and Yancoal dropped 1.5 per cent, while oil giant Woodside rose 0.9 per cent.
In small caps, Little Green Pharma was flat at 14.5c after the cannabis company's subsidiary Reset Mind Sciences began screening patients for a clinical trial studying how best to use psilocybin - "magic mushrooms" - to treat treatment-resistant depression.
Compumedics rose 38.9 per cent to 37.5c after the medical device company announced it expects to return to profitability in the first half and declare a record $26 million in revenue.
The Australian dollar was buying 67.22 US cents, from 67.03 US cents at Wednesday's ASX close.
The crypto market was collectively up 4.1 per cent after the United States securities regulator approved the first US spot Bitcoin exchange-traded funds, making it easier for individuals and institutions to gain exposure to the original cryptocurrency.
Bitcoin was trading for $US45,900, or about $A68,500 on domestic exchanges.
ON THE ASX:
* The benchmark S&P/ASX200 index on Thursday gained 37.5 points, or 0.5 per cent, at 7,506.0
* The broader All Ordinaries rose 34.3 points, or 0.45 per cent, to 7,737.0
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 67.22 US cents, from 67.03 US cents at Wednesday's ASX close
* 97.74 Japanese yen, from 97.01 Japanese yen
* 61.18 Euro cents, from 61.31 Euro cents
* 52.63 British pence, from 52.75 pence
* 107.47 NZ cents, from 107.38 NZ cents
