Aust stocks rally to five-month high

The gains came after a big day on Wall Street, where the S&P500 jumped 5.5 per cent in its biggest rally in two years after US consumer price index figures showed that inflation had slowed to 7.7 per cent in the 12 months to October.

"Last night's weaker-than-expected US CPI outcome is rightfully good news for markets and helps re-widen somewhat the 'narrow path' ahead for the US to avoid recession," Betashares chief economist David Bassanese said in a note.

He said the numbers cemented the case for the US Federal Reserve to moderate its campaign of rate hikes, which have pushed US interest rates to their highest levels since 2008, making equities less attractive.

All the ASX's sectors were deep in the green, with tech up 5.0 per cent and property close behind with a 4.7 per cent rise.

BHP had risen 3.7 per cent to $42.11, Fortescue Metals was up 4.5 per cent to $17.53 and Rio Tinto was up 4.0 per cent to $102.23.

The big banks were all up sharply, led by Westpac and its 2.2 per cent gain to $24.12. CBA had climbed 1.3 per cent to $105.39 while ANZ and NAB had both gained 1.7 per cent, to $31.51 and $24.68, respectively.

Ramsay Health Care had risen 5.7 per cent to $62.295 after the global hospital network said that activity levels improved across all regions in the first quarter as COVID-19 cases declined.

Ramsay estimated that COVID cost it $5.9 million in September, down from $44m in July.

Accent Group was up 12 per cent to $1.685 as Platypus, Hype DC and Skechers brand owner announced at its annual general meeting that sales were up 52 per cent in the first quarter compared with a year ago, with higher gross margins as well.

"We are very pleased to trade to date, which has been above expectations," chief executive Daniel Agostinelli said. 

The ASX200's gains put it on pace for its best day since October 4, when the market rallied 3.75 per cent.