The Australian stock market saw a modest uptick, with the S&P/ASX 200 index rising slightly by 0.1% to 7690.9, primarily driven by gains in the financial sector. This subdued growth follows stronger-than-anticipated inflation data from the Australian Bureau of Statistics, which showed a quarterly rise of 1% in the consumer price index, surpassing expectations of 0.8%. Yearly, inflation eased to 3.6% from 4.1%, reinforcing expectations that the Reserve Bank of Australia may delay any interest rate cuts.

The Australian dollar appreciated to US65.21¢, a 0.5% increase, rebounding from recent lows amid geopolitical tensions in the Middle East.

In other market news, Perpetual’s shares fell 3.1% after reporting significant net outflows, while Cleanaway Waste Management’s stock dropped over 11% amid takeover speculation denials. Meanwhile, furniture retailer Nick Scali is set to acquire UK-based Anglia Home Furnishings, enhancing its international presence.