ASX benchmark logs best day since mid-Sept Mining index soars...

	  ASX benchmark logs best day since mid-Sept 

	  Mining index soars on surging iron ore prices 

	  Tech, real estate, and banking stocks add to gains 

	  NZX 50 closes at over 7-week high 

Australian shares surged to a two-month high on Wednesday as softer-than-expected U.S. inflation and positive economic data from China pulled investors back into riskier assets.

The benchmark index S&P/ASX 200 (xjo) closed 1.4% higher at 7,105.900, its highest closing level since Sept. 20 and best day since Sept. 15.

U.S. consumer prices were unchanged in October and the annual rise in underlying inflation was the smallest in two years, bolstering the view that the Federal Reserve was probably done raising interest rates.

"The Reserve Bank of Australia (RBA) is a little further behind on the interest rate curve as well as in terms of where the inflation rate currently stands with regards to the Federal Open Market Committee," said Tim Waterer, chief market analyst at KCM Trade.

"So, while its encouraging to see that the Fed are slowly getting a handle on inflation, the RBA still has further to go with respect to getting CPI back to the 2% target," Waterer added.

Investor confidence was further boosted by strong economic data from China, Australia's top trading partner, as well as a persistent dovish central bank.

Australian wages posted the largest increase on record last quarter on a sharp rise in minimum wages. However, analysts at ANZ Group (ANZ) do not expect this to change the central bank's thinking ahead of its December meeting.

ANZ analysts expect the RBA to hold the key cash rate at 4.35% on Dec. 5.

The heavyweight mining index .AXMM surged 2.4% to clock its best day in two months. BHP Group (BHP) , Rio Tinto (RIO) , and Fortescue (FMG) rose between 1.8% and 3.5% on boosts to iron ore prices from the China data.

Among other sectors, banks .AXFJ gained 0.5%, tech stocks .AXIJ advanced 3.4%, while real estate stocks .AXRE jumped 4.6%.

The New Zealand benchmark S&P/NZX 50 index (nz50) rose 1.6% to 11,352.84, highest closing level since Sept. 25.