Australian shares struggled for momentum on Wednesday as gains in miners countered losses in financial and energy stocks, while investors globally awaited US inflation data for hints on the depth of a rate cut expected from the Federal Reserve next week.

The S&P/ASX 200 index was flat at 8,017.9 as of 1237 GMT.

Investors are closely looking at the US Consumer Price Index (CPI) report, due later in day, along with the Producer Price Index reading and initial jobless claims data on Thursday.

In Sydney, miners gained 2.4% and were on track for their best day since Aug. 16.

BHP Group, Rio Tinto and Fortescue rose between 0.9% and 1.7%.

Lithium miners Liontown Resources and Pilbara Resources rose 16.4% and 14.8%, respectively, and were among the top gainers. Gold stocks rose 2.2%, with Northern Star Resources and Evolution Mining gaining 2.1% and 1.8%, respectively.

Financials fell 0.7%, with three of the “Big Four” banks down between 0.4% and 0.7%, while National Australia Bank was up 0.1%.

Energy stocks declined as much as 1.2% after oil prices settled lower overnight.

Sector majors Woodside Energy and Santos fell 1.5% and 1%, respectively.

Financials push Australian shares higher; CBA hits record high

Overnight, the US Dow Jones Industrial Average fell 0.23%.

The S&P 500 gained 0.45%, while the Nasdaq rose 0.84%.

Among individual stocks, Mineral Resources rose as much as 22.1% and was the top gainer on the benchmark, after it received an approval from the Foreign Investment Review Board to sell a 49% stake in its Onslow Iron Project’s haul road.

REA Group fell as much as 2.1% after Britain’s Rightmove rejected its 5.6 billion pounds ($7.32 billion) buyout proposal.

In New Zealand, the benchmark S&P/NZX 50 index rose 0.1% to 12,644.39.

Manawa Energy rose 35.2% and was on track for its best day ever, after it received a NZ$1.86 billion.