Aug 8 (Reuters) - Australian shares rose on Tuesday, led by gains in miners and financials, while James Hardie Industries jumped more than 16% after forecasting second-quarter earnings above estimates.

The S&P/ASX 200 index climbed 0.4% to 7,549.5 by 0017 GMT, with investors awaiting key data from China and the United States that could test the stock market's recovery this year. The benchmark index fell 0.2% on Monday.

Markets are keenly awaiting U.S. consumer price data due on Thursday to gauge the U.S. Federal Reserve's monetary policy path after Friday's employment report re-ignited fears that the central bank could keep rates higher for longer.

Fed Governor Michelle Bowman said on Monday additional rate hikes would likely be needed to lower inflation to the central bank's 2% target.

Meanwhile, China will release its July inflation data on Wednesday, with traders on the lookout for further signs of deflation.

In Sydney, James Hardie emerged as the top gainer on the benchmark, rising 16.4% in its biggest intraday climb in more than three years.

Financials advanced 0.5%, with the "big four" banks gaining between 0.7% and 1%.

Export-reliant miners rose 0.3%, with sector heavyweights BHP Group, Rio Tinto and Fortescue trading in positive territory.

Tech stocks tracked Wall Street higher and were last up 0.7%.

Gold stocks fell 0.3% after bullion prices closed lower overnight. Sector giants Newcrest Mining and Northern Star Resources fell 0.1% and 1.1%, respectively.

New Zealand's benchmark S&P/NZX 50 index inched lower 0.03% to 11,929.55.

(Reporting by Nausheen Thusoo in Bengaluru; Editing by Subhranshu Sahu)