Australia shares end flat as inflation data ends rate-cut hopes
CPI data higher than expected
Energy stocks snap 6-day losing streak
Cleanaway Waste logs worst day in 4-yrs
.NZ50 sees best day since Nov. 15
By Sneha Kumar
April 24 (Reuters) -Australian shares ended flat on Wednesday, as gains in financials and gold stocks were offset by losses in the mining and technology companies, and as higher-than-expected inflation all but killed hopes for interest rate cuts this year.
The S&P/ASX 200 benchmark index .AXJO closed flat at 7,683 points. The benchmark rose 0.5% on Tuesday.
The Australian Bureau of Statistics released data that the consumer price index rose 1% in the first quarter, above market forecasts of 0.8%, a disappointing result for policymakers that led markets to abandon hopes for any rate cuts this year.
The Reserve Bank of Australia (RBA) is now "boxed in" and there are no cuts in the foreseeable future, said Henry Jennings, senior market analyst at Marcus Today. The RBA's next monetary policy meeting is on May 7.
Financials .AXFJ rose 0.4%, climbing for the third straight day, with the "Big Four" banks adding between 0.3% and 0.9%.
Gold stocks .AXGD advanced 1.1% as bullion prices stabilised. GOL/
Energy stocks .AXEJ snapped a six-day losing streak to gain 0.2%, lifted by oil prices ticking higher as a fall in U.S. crude inventories was seen as a positive demand indicator. O/R
Miners .AXMM slipped 0.1%, with BHP Group BHP.AX and Rio Tinto RIO.AX declining 0.4% and 0.1%, respectively.
Fortescue FMG.AX, on the other hand, climbed 1%, even after the world's fourth-largest iron ore miner said it has shipped lower-than-expected iron ore in the third quarter.
Tech stocks .AXIJ retreated 0.4%, with top firm Xero XRO.AX losing 1.5%.
Cleanaway Waste CWY.AX dropped 10%, the most in four years and the most on the benchmark index, after it denied media speculations of a takeover offer from local industrial conglomerate Seven Group SVW.AX.
New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 1.2% to 11,946.43 points, in its best session since Nov. 15.
Reporting by Sneha Kumar in Bengaluru; Editing by Savio D'Souza
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