Australian equities edged up 25 points, or 0.3%, to 8,682 in Monday morning trade, marking a third straight gain as U.S. equity futures rose sharply on signals that a deal to reopen the Strait of Hormuz may be close, though President Donald Trump stressed he would not “rush” into an agreement. Gains remained modest, however, with investors cautious ahead of April CPI data later this week, after March inflation in Australia accelerated to 4.6%, the fastest since September 2023, driven in part by fuel costs. Traders also kept a close watch on U.S. PCE data for signals on inflation and the path of interest rates. Non-energy minerals, producer manufacturing, and process industries advanced, while energy minerals and consumer services lagged. Three of the four major banks posted small rises. Other standout movers included Qantas Airways (5.1%), Northern Star Resources (4.7%), Evolution Mining (4.0%), and Lynas Rare Earths (1.9%).

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