Australia’s S&P/ASX 200 index outperformed peers, jumping 1.5 per cent to its highest level since late October

Most Asian stock markets rose modestly on Wednesday, with Australian shares leading gains on an earnings-driven rally, while investors assessed soft Chinese inflation figures.

Australia’s S&P/ASX 200 index outperformed peers, jumping 1.5 per cent to its highest level since late October, supported by strong earnings from heavyweight companies.

Shares of Commonwealth Bank of Australia climbed more than 8 per cent after the country’s largest lender reported a better-than-expected half-year profit, buoyed by resilient margins and stable credit quality.

Energy stocks also added to gains, with AGL Energy gaining sharply after posting robust earnings and reaffirming its outlook.

Building materials maker James Hardie Industries added more than 13 per cent following solid quarterly results that underscored continued demand in key overseas markets.

Limiting gains in Australia, CSL Ltd shares plunged over 12 per cent on weak half-yearly earnings and CEO change.

Elsewhere in Asia, Japanese markets were closed for a public holiday. Nikkei 225 ended at a record high on Tuesday on optimism over Prime Minister Sanae Takaichi’s election victory.

South Korea’s KOSPI climbed almost 1 per cent, while Singapore’s Straits Times Index rose 0.2 per cent.

Futures for India’s Nifty 50 edged 0.1 per cent higher.

China’s consumer price index rose at a slower pace than expected in January, while producer prices remained in deflationary territory, underscoring persistent pressure on domestic demand.

The data reinforced concerns that price weakness could continue to weigh on corporate profits, despite recent policy measures aimed at supporting growth.

China’s blue-chip Shanghai Shenzhen CSI 300 index and the Shanghai Composite traded largely flat.