End-of-day summary:
A decline in inflation and a new high for Commonwealth Bank helped keep the Australian share market in positive territory despite weakness in miners.
The ASX 200 edged up four points or 0.04% to a second straight gain.
The odds on a July rate cut climbed to 94% after May figures showed a larger-than-expected contraction in inflationary pressures. Headline annual inflation eased to 2.1% last month from 2.4% in April. The annual trimmed mean dropped from 2.8% to 2.4%, the lowest reading since 2021. Core annual inflation eased from 2.8% to 2.7%.
CBA's run of records continued with a rise of 1.74%. Gains in the major banks provided much of the momentum as BHP, Rio Tinto and leading gold miners declined.
US stocks advanced overnight as a fragile ceasefire between Israel and Iran mostly held, sending oil prices sharply lower for a second night. The S&P 500 firmed 1.11%.
