Australian shares climbed nearly 1% on Monday, led by miners following fresh stimulus from top metals consumer China, while investors awaited domestic inflation report due this week to assess the central bank’s rate trajectory.

The S&P/ASX 200 index was up 0.9% at 7,994.1 points, as of 0037 GMT, after losing 0.6% last week.

The Aussie dollar was 0.2% weaker against the greenback at A$0.66.

Market participants are awaiting June-quarter consumer price data due on Wednesday, which will be a crucial factor for the Reserve Bank of Australia to weigh in, before it meets on Aug. 6 to announce its interest rate decision.

In Sydney, heavyweight miners climbed 1.1% after iron ore prices rebounded as stimulus package from China appeared bullish for manufacturing activity.

Australian mining giants Rio Tinto and BHP were trading 1.4% and 0.8% higher, respectively.

Also lifting the benchmark index, financials added as much as 1.1%, with the “Big Four” lenders up between 0.8% and 1.2%.

Brent crude futures rose 0.36% to $81.42 a barrel while US West Texas Intermediate (WTI) crude gained 0.22% to $77.33 per barrel.

On Friday, the US Dow Jones Industrial Average rose 654.27 points, or 1.64%, at 40,589.34 points.

The S&P 500 gained 59.88 points, or 1.11% while Nasdaq gained 176.16 points, or 1.03%.

The yield on benchmark 10-year Treasury notes rose to 4.1783%, compared with its US close of 4.2%.

Australian shares hit record high; RBA cautious on inflation

Local gold stocks jumped 2% as bullion prices were higher after US Treasury yields slipped on rate-cut hopes.

Tech stocks climbed 1.5% in anticipation of strong earnings from the so-called Magnificent Seven this week.

In New Zealand, the benchmark S&P/NZX 50 index inched 0.2% lower to 12,324.73 points.

In corporate news, shares of Fletcher Building fell as much as nearly 4% after the construction services provider flagged supply chain disruption at its cements business.