Global markets | Australian shares rise modestly as sticky core inflation keeps rate hike bets alive

Australian shares rose modestly by 0.2% as sticky core inflation, which rose 0.4% month-on-month in May to an annual 3.6% (well above the 2-3% target band), kept rate hike expectations alive despite headline inflation cooling to 4%. Technology stocks led gains with WiseTech Global jumping up to 18.6% and Xero adding 8.2%, while mining and gold sub-indices fell 0.7% and 2.7% respectively on weaker commodity prices. New Zealand's S&P/NZX 50 index declined 0.3% to 13,400.66 points.