Market Wrap / bulls in charge

The local market neared fresh records on Wednesday as expectations the RBA will cut rates next month buoyed investor sentiment.

Inflation grew at the slowest pace in over four years in the June quarter, with money markets now almost fully pricing in a 25 basis point rate cut in August.

The S&P/ ASX 200 Index rose 0.6% to close at 8756.40 points.

Interest rate sensitive stocks soared, with the A-REIT sector up 1.3%. Index leader CBA gained 1.5%.Rio Tinto shares fell 0.8% ahead of the miner's earnings release in London, which showed a 16% drop in first-half underlying earnings, its smallest profit in five years.

A raft of quarterly updates were released, Mineral Resources shares rose 2.3% after reporting record quarterly volumes. And PLS gained 3% following its update.

Elsewhere Appen plunged 12.8% after warning its revenue is tracking towards the lower end of guidance.

And the bidding for Pointsbet continues with Betr upping its previous offer, stating it's a superior offer to MIXI’s all-cash bid. Pointsbet shares rose 4.2%. 

Ahead tonight - the US central bank hands down its rate decision, while US GDP is also due. Tech heavyweights Meta and Microsoft issue earnings.