May 27 (Reuters) - Australian shares edged up on Thursday,
with local blue-chip miners and energy stocks leading the gains,
as they tracked Wall Street's higher close overnight after
concerns over runaway inflation in the United States subsided.
The S&P/ASX 200 index rose 0.2% to 7,103.5 by 0030
GMT. The benchmark had snapped a four-day winning streak to
close 0.1% lower on Wednesday.
U.S. stocks posted modest gains as recent comments from
Federal Reserve officials helped tamp down concerns about
runaway inflation and kept bond yields in check.
Investors also consolidated positions ahead of the closely
watched monthly U.S. personal consumption report, the Fed's
favorite inflation gauge, due later in the week.
Major miners in Australia jumped 0.8% even as iron
ore prices tumbled after the Shanghai Futures Exchange vowed to
look into "abnormal transactions".
Iron ore miner Champion Iron Ltd led the gains,
advancing 6.2% after it posted record fourth-quarter net income,
while BHP Group firmed 0.8%.
Energy stocks rose 0.4% as oil settled higher
overnight on a stronger demand outlook.
Sector heavyweight Whitehaven Coal Ltd advanced
1.2%, followed by Ampol Ltd.
In contrast, gold stocks skidded 1.2% as a
rebounding dollar dimmed the precious metal's appeal.
Gold miner Ora Banda Mining Ltd led the losses,
dropping 6.8%, followed by Dacian Gold Ltd, losing
Across the Tasman sea, New Zealand's benchmark S&P/NZX 50
index fell 1.4% to 12,175.1.
Fisher & Paykel Healthcare Corporation Ltd was the
top drag after the medical devices maker did not provide
guidance for fiscal 2022 in its annual earnings update.
In other markets, Japan's Nikkei was down 0.51% at
28,496.27, and the S&P 500 E-minis futures were down
0.75 points, or 0.02%.
(Reporting by Riya Sharma in Bengaluru; editing by Uttaresh.V)