Australian shares rebounded on Wednesday, driven by gains in banks and consumer stocks, as softer economic data eased rate hike expectations. The S&P/ASX 200 index rose 0.6%, with markets now pricing in earlier rate cuts. Miners and gold stocks, however, faced declines.

The Australian sharemarket is higher despite a new escalation in the Middle East after US forces struck Iran and a sell-down on Wall Street.

Australian shares rebounded on Wednesday, driven by gains in banks and consumer stocks, as softer economic data eased rate hike expectations. The S&P/ASX 200 index rose 0.6%, with…

The S&P/ASX 200 Benchmark Index is up 178.88 points or 2.07% this week to 8804.00