On Friday, Federal Reserve Chair Jerome Powell said "the risks of under- and over-tightening are becoming more balanced," but the U.S. central bank is not thinking about lowering rates right now. Additionally, the U.S. inflation data on Dec. 1 revealed indications of declining demand in the world's biggest economy, adding credence to the belief that the Fed's campaign of interest rate hikes was coming to an end. Heavyweight miners .AXMM added to the gains by rising 2.2%, their highest level since Aug. 4, with sector major BHP Group BHP.AX up 2.2%, while Rio Tinto RIO.AX advanced 1.9%.