The Australian stock market hit an all-time high as inflation cooled

Sina Financial News Australia's Benchmark stock index climbed above its all-time closing high, as the country's previously released inflation data boosted expectations of monetary policy easing. Australia's S&P/ASX 200 index rose 1% on Wednesday, surpassing its highest closing level set in August 2021. Earlier, Australia's headline inflation cooled further in the final three months of 2023, cementing the case for the Central Bank to keep Intrerest Rate unchanged next week. The data underpinned expectations of a mid-year rate cut, with money market pricing now signaling a 70% chance of a rate cut by the Central Bank in June, up from around 50% on Tuesday. Expectations of a rate cut in August have been fully priced in, with traders also pricing in a second rate cut before the end of the year. Mining stocks were among the top gainers in the index on Wednesday, with Nickel Industries Ltd., Tabcorp Holdings Ltd. and Champion Iron Ltd. among the top performers on Wednesday. IG Markets analyst Hebe Chen said: "Today's cooling of CPI effectively closes the door for further rate hikes by the Central Bank of Australia, which informally announces the end of our years-long tightening journey. "Whether the ASX can maintain this momentum will largely depend on external factors, including the Fed's easing outlook." ”