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 4.9%.
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)