Stock market today: Asian shares mixed despite Wall Street rally

Asian shares are mixed despite a rally on Wall Street driven by optimism over reports suggesting the American economy is in better shape than feared. Australia’s consumer price index data showed the monthly CPI indicator rose 5.6% in the twelve months to May. The most significant price rises included housing and food. The Reserve Bank of Australia made a surprise move of raising interest rate earlier this month. Wall Street rallied on Tuesday, with the S&P 500 gaining 1.1% and resuming an upward climb that had carried it earlier this month to its highest level in more than a year. The Dow Jones Industrial Average rose 0.6%, while the Nasdaq composite gained 1.6%.