The Australian share market has closed higher after weak overnight economic data in the United States again raised hopes for an end to the interest rate hiking cycle.
The benchmark S&P/ASX200 index on Wednesday finished up 39.9 points, or 0.55 per cent, at 7,323.7.
The broader All Ordinaries gained 41.5 points, or 0.55 per cent, at 7,538.2.
In the US, retail trade figures for June came in softer than expected with a 0.2 per cent rise, while industrial production fell for the second straight month.
"The mixed picture may secure the last 25 basis point rate hike by the Fed in July before ending its hiking campaign, fundamentally supporting the prevailing bullish sentiment on Wall Street," said CMC Markets APAC market analyst Tina Teng.
Better-than-expected earnings from US banking giants Bank of America and Morgan Stanley also helped the Dow Jones gain ground for a seventh straight session, its longest winning streak since March 2021.
Across the Ditch, New Zealand inflation came in slightly hotter than expected, at 6.0 per cent for the second quarter, while the United Kingdom consumer prices rose by a less-than-expected 7.9 per cent.
Nine of the ASX's 11 sectors finished higher on Wednesday, with mining and telecommunications the only outliers.
Energy was the biggest gainer, climbing 1.7 per cent on production updates from two large players.
Woodside gained 1.4 per cent to $36.05 as the oil and gas giant reaffirmed full-year production guidance despite a five per cent drop in June quarter production.
Ampol added 4.4 per cent to $31.14 after the refiner and petrol station owner reported Australian fuel sales grew 13 per cent in the first half.
All four big banks were higher, with CBA and ANZ both up 2.0 per cent to five-month highs, of $104.65 and $25.46, respectively.
Westpac grew 2.1 per cent to $22.06 and NAB added 1.1 per cent to $27.98.
In the mining sector, Northern Star dropped 5.8 per cent to a 10-day low of $12.59 after the goldminer reported it had achieved its 2022/23 sales and production targets but only forecast modest growth for fiscal 2024.
"Soft FY24 guidance was the key result takeaway," RBC Capital Markets analyst Alex Barkley wrote in a note.
Elsewhere in the sector, BHP dropped 0.3 per cent at $44.67, Fortescue fell 1.9 per cent to $22.29 and Rio Tinto dipped 0.7 per cent to $116.01 despite announcing full-year iron ore shipments would be at the top end of guidance.
Mt Gibson Iron rose 9.0 per cent to 48.5 after the iron ore miner said its full-year sales had exceeded guidance.
Artificial intelligence chip company Brainchip and biotech Imugene both had a solid day after receiving US patents on their technology, climbing 7.8 per cent and 12.9 per cent respectively.
Peninsula Energy plunged 28.8 per cent to 13c after the emerging uranium producer said a key supplier had cancelled a contract to treat loaded resin and produce finished yellowcake at its Lance uranium project in Wyoming.
The Australian dollar was buying 67.92 US cents, down from 68.21 US cents at Tuesday's ASX close.
ON THE ASX:
* The S&P/ASX200 index finished Wednesday down 39.9 points, or 0.55 per cent, at 7,323.7.
* The All Ordinaries dropped 41.5 points, or 0.55 per cent, to 7,538.2.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 67.92 US cents, from 68.21 US cents at Tuesday's ASX close
* 94.58 Japanese yen, from 94.46 Japanese yen
* 60.52 Euro cents, from 60.63 Euro cents
* 52.39 British pence, from 52.12 pence
* 108.59 NZ cents, from 108.01 NZ cents.
