Australian shares rose for an eighth session on Wednesday led by financial stocks, while the domestic consumer price inflation fell more than expected to a two-year low in the December quarter.

The S&P/ASX 200 index recouped early losses and rose 0.3% to 7,620 by 0043 GMT. The benchmark ended at a four-week high on Tuesday.

Data from the Australian Bureau of Statistics showed the consumer price index (CPI) rose 0.6% in the fourth quarter, under market forecasts of 0.8%.

On Tuesday, data showed Australian retail sales flipped into reverse in December, reinforcing views that the central bank would not hike its key interest rate in its meeting next week.

Data overnight showed that US job openings unexpectedly increased in December, suggesting that the labor market likely remains too strong for the Federal Reserve to start cutting interest rates in the first quarter.

The Fed is expected to leave rates unchanged at the conclusion of its two-day policy meeting later in the day.

In Sydney, financials rose 0.3%. The “Big Four” banks were volatile.

Australian shares rise for sixth day as banks gain; Fed in focus

Energy stocks rose as much as 1.2% to their highest level since early November on soaring oil prices.

Heavyweight mining stocks, however, fell as much as 1% as iron ore futures dropped on China property sector concerns. Gold stocks also dropped 0.9%.

Nickel miner IGO said it had decided to put its Cosmos nickel mine on care and maintenance.

The stock was up 2% after falling as much as 9.1% earlier.

Origin Energy reported a slump in second-quarter revenue from its stake in the Australia Pacific LNG (APLNG) project on easing oil and natural gas prices while highlighting fresh investments it had made in battery projects.

It was up 1.2%.

The New Zealand benchmark S&P/NZX 50 index fell 0.6% to 11,846.10.