The benchmark S&P/ASX200 index on Monday finished up 60.7 points, or 0.79 per cent, to 7,788.3, while the broader All Ordinaries gained 59.4 points, or 0.74 per cent, to 8,058.6.
The gains came after a 0.7 per cent rise for the S&P500 on Friday after a monthly survey by the University of Michigan showed US consumers were expecting just 3.3 per cent inflation for the year ahead, down from 3.5 per cent in preliminary estimates.
"Markets remain highly sensitive to US data, dancing with it like drunken sailors," commented Japanese investment bank Nomura in a client note.
Every sector of the ASX finished higher except for energy, which dipped 0.2 per cent. Property was the biggest gainer, rising 1.6 per cent as it was buoyed by Lendlease.
The property giant jumped 8.0 per cent to a nearly four-week high of $6.36 after announcing it would divest its international operations, return capital to shareholders and concentrate on the Australian market.
Lendlease chairman Michael Ullmer said the company recognised the poor performance of its securities - which have lost value every year since 2019 - and was positioning Lendlease for success by focusing on its core strengths and competitive advantages.
In the heavyweight mining sector, BHP gained 1.1 per cent to $45.15 while Fortescue dropped 1.0 per cent to $26.51 and Rio Tinto slid 0.6 per cent to $131.69.
All of the Big Four banks finished higher, with CBA rising 1.6 per cent to $120.10, ANZ adding 1.1 per cent to $28.43, Westpac advancing 0.7 per cent to $26.75 and NAB climbing 0.8 per cent to $34.23.
In health care, Neuren Pharmaceuticals gained 15.7 per cent to $23.97 after announcing that nine out of 11 children with the neurodevelopmental disorder Pitt Hopkins syndrome had shown signs of improvement after being given Neuren's oral treatment in a phase two clinical trial.
Healius slid 1.5 per cent to $1.30 after the pathology chain announced it was exploring selling its diagnostic imaging division, Lumus Imaging.
Cyclopharm dropped 15.8 per cent to $1.39 after the company completed a $20 million capital raising to fund the rollout of its lung imaging agent Technegas in the US.
Cettire rose 10.1 per cent to $2.62 after the luxury fashion e-retailer issued a fierce statement "categorically" rejecting a critical report in The Australian, which said some customers had purchased fake products from the company's platform.
Cettire said it had handled more than two million individual orders since its launch in 2017 and there had never been a confirmed case of a non-genuine item being sold on its website.
The Australian dollar was buying 66.38 US cents, from 66.00 US cents at Friday's ASX close.
Looking forward, US markets are closed Monday for Memorial Day. On Wednesday, the Australian Bureau of Statistics will release April consumer price index data.
ON THE ASX:
* The benchmark S&P/ASX200 index on Monday gained 56.2 points, or 0.79 per cent, to 7,788.3
* The broader All Ordinaries rose 59.4 points, or 0.74 per cent, to 8,058.6.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 66.38 US cents, from 66.00 US cents at Friday's ASX close
* 104.12 Japanese yen, from 103.66 Japanese yen
* 61.19 Euro cents, from 61.03 euro cents
* 52.09 British pence, from 52.00 pence
* 108.28 NZ cents, from 108.29 NZ cents
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