Australian equities held steady on Wednesday after early losses were reversed, as softer-than-expected inflation data helped calm investor concerns about an imminent interest-rate hike.

The benchmark XJO remained flat at 8,664.60, recovering after falling as much as 0.4% in early trading.

Investor sentiment improved after fresh data showed Australian consumer inflation rose 0.4% in April, driven partly by a temporary government fuel tax cut. On an annual basis, inflation eased to 4.2% from 4.6%, coming in below expectations.

However, underlying price pressures remained firm. Core inflation, measured by the trimmed mean, rose to 3.4% annually—the highest level since late 2024 and still above the Reserve Bank of Australia’s 2%–3% target band.

Following the data, market pricing shifted significantly. Swaps now imply a 96% probability that the Reserve Bank of Australia will hold its cash rate at 4.35% in June, up from 84% previously. Expectations for a rate hike in August were also scaled back sharply.

In equities, financial stocks weighed on the index, with the banking sector falling as much as 2.5%. By contrast, mining stocks provided support, rising about 1% on stronger commodity prices.

Diversified miner South32 surged 4.5% to a multi-month high, while BHP Group gained 1.3%.

Elsewhere, Endeavour Group dropped sharply after cutting its dividend payout guidance, hitting a record low during the session.

In New Zealand, the benchmark NZ50G rose 0.7% to 13,163.32. The move followed the Reserve Bank of New Zealand’s decision to keep its cash rate unchanged at 2.25%, in line with expectations, though policymakers signaled a more hawkish outlook for future rate increases.

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