ASX200 adds 4% in July Financials at record-high; July best...

	  ASX200 adds 4% in July 

	  Financials at record-high; July best month in 2024 

	  Miners recover; down 1.5% for the month 

	  Rio Tinto up 2.5%; first-half profit in-line 

	  NZ50 closes higher; adds about 6% in July 

(Updates to close)

Australian shares ended at their all-time high on Wednesday, boosted by broad-based gains across sectors, after lower-than-expected second-quarter core inflation sharply lowered the odds of a rate hike next week.

The S&P/ASX 200 index (xjo) finished the day 1.8% higher at its record level of 8,092.30 points. The benchmark has added 4.2% in July, logging its third successive month in black and the best so far this year.

Data showed the annual pace of second-quarter core inflation was the slowest since early 2022, prompting investors to revert to pricing in rate cuts, with futures now implying an even chance of a rate cut in November.

"Given the market was worried about risk of a rate rise the fact we saw core inflation falling will provide some relief and nudge investors back towards risk," Andrew Tang, an equity strategy analyst at Morgans, said.

Tony Sycamore, a market analyst at IG, struck a cautious tone saying it may not yet be time for the markets to celebrate as rate cuts were still "probably four months away at the earliest, maybe six".

On the bourse, miners .AXMM recovered from sharp losses in the prior session to end over 2% higher. BHP Group (BHP) added 1.8%, while Fortescue (FMG) jumped about 3%. Miners have lost around 1.5% in July - their second successive month in red.

Rio Tinto (RIO) , the world's largest iron ore producer, added 2.5% after reporting in-line half-year earnings.

The banking index .AXFJ put on 1.7% to finish at its all-time high. Banks, which now hold more weight in the benchmark than the miners, clocked their best month this year with more than 6% gains.

Energy .AXEJ and tech .AXIJ indexes gained more than 2%, while the healthcare index rose modestly.

In New Zealand, the benchmark S&P/NZX 50 index (nz50) inched higher to finish at 12,405.27. It was up around 6% in July.