April 12 (Reuters) - Australian shares edged up on Wednesday, aided by miners and technology stocks, ahead of a key U.S. inflation data as traders gauge the Federal Reserve's monetary policy tightening path.
The S&P/ASX 200 index rose 0.7% to 7357.50 by 0040 GMT. The benchmark ended 1.3% higher on Tuesday.
Market participants globally are now focused on the release of U.S. consumer price index (CPI) later in the day, expecting to see a continued cooldown in inflation, with hopes that the Fed would ease up on its policy tightening.
Additionally, markets are expecting a nearly 74% likelihood of another 25 basis point (bp) interest rate hike at the conclusion of Fed's May monetary policy meeting.
In Australia, miners and mining sub-index led gains on the benchmark, jumping more than 1.7% to hit an over one-month high.
Whitehaven Coal Ltd, Australia's largest independent coal miner, slipped up to 6.9% on lowering its 2023 coal production forecast due to labour shortage and additional constraints at its Maules Creek mine.
Other coal miners New Hope Corporation, Coronado Global Resources and Yancoal Australia fell between 1.2% and 3.1%.
Iron ore futures initially wobbled overnight on weak steel demand in China but reversed direction as a tropical storm headed towards the world's biggest export point for iron ore, Port Hedland in Australia.
Sector giants BHP Group, Rio Tinto and Fortescue Metals Group soared between 1.9% and 2.6%.
Technology stocks rose 0.9%, while sentiment for their U.S. peers was mixed ahead of economic data release.
Data center operator NEXTDC Ltd gained up to 9.5% to top the benchmark after new customer contract wins increased contracted utilisation rate.
Gold stocks touched a near one-year high and were set for their fifth straight session of gains after rising as much as 0.4%.
New Zealand's benchmark S&P/NZX 50 index rose 0.3% to 11,903.40. (Reporting by Jaskiran Singh in Bengaluru; Editing by Rashmi Aich)
