Aug 30 (Reuters) - Australian shares opened higher on Wednesday, as weaker economic data from the U.S. sparked a global equity rally amid expectations of the Federal Reserve taking a pause from interest rate hikes.

The S&P/ASX 200 index climbed 0.9% to 7272.2 by 0116GMT. The benchmark ended 0.7% higher on Tuesday.

Globally, investors bet on a substantial softening of the Fed's near-term interest rate outlook after crucial U.S. data showed dampening consumer sentiment and a drop in monthly job openings.

Market participants now await the U.S. personal consumption expenditures price index due on Thursday and nonfarm payrolls data on Friday for further clues on the Fed's rate hike trajectory.

However, former central bankers said the Fed was unlikely to provide clear signals.

In Sydney, gold stocks rallied 1.3% as bullion prices climbed a three-week peak on Tuesday. Sector majors Newcrest Mining and Northern Star Resources jumped 1.2% and 0.5%, respectively.

Miners gained 1.2% as China's move to boost affordable housing strengthened copper prices.

Sector majors Rio Tinto and BHP jumped 1.7% and 1.4%, respectively.

Healthcare index also joined the rally, rising 1.3% while technology stocks fell 0.3%.

The energy sub-index rose 0.9% as oil prices rallied, while investors debated the potential impact to energy supply and demand from Hurricane Idalia.

Australia's corporate regulator and the central bank on Wednesday jointly voiced their expectations from the ASX's interactions with the advisory group that will guide the bourse operator around its trading software replacement.

ASX shares were last trading up nearly 1%.

Across the Tasman Sea, New Zealand's Sbenchmark S&P/NZX 50 index rose 0.2% to 11,500.22. (Reporting by Aishwarya Nair in Bengaluru; Editing by Rashmi Aich)