Bank bounce pushes Australian shares higher

The local bourse outperformed multiple indices globally, beating a lethargic 0.16 per cent rise on Wall Street's S&P500 overnight, and was ahead of Japan's Nikkei index, up 0.13 per cent by 5pm AEDT and Hong Kong's Hang Seng index, which was up 0.28 per cent.

Ten of 11 local sectors were higher, led by a 1.2 per cent gain in financials stocks, which have clawed back some of their downswing since big four earnings disappointed investors in mid-February.

The Australian dollar was slightly higher against the greenback at 63.08 US cents, up from 62.91 cents at 5pm on Tuesday. 

The Aussie made a snap recovery from a short-lived 0.3 per cent dip in the wake of today's narrowing inflation print, which surprised and ultimately punished foreign exchange traders who had expected a flat result and shorted the currency.