SYDNEY, AAP – A record high for the Australian share market soon gave way to timid trading as investors wait for key gauges of inflation in China and the US.

The ASX200 rose to a lofty 7315.6 points in the first hour of trade but was little changed for most of the day.

Investors are looking forward to China’s consumer and producer price indices prior to US inflation data this week.

The figures should show whether inflation is soaring as major economies recover from the coronavirus pandemic.

The benchmark S&P/ASX200 index closed higher by 10.7 points, or 0.15 per cent, to 7292.6 on Tuesday.

This was three points shy of its record closing level.

The All Ordinaries was up by 10.7 points, or 0.14 per cent, to 7542.3.

The Australian dollar was buying 77.46 US cents at 1623 AEST, higher from 77.34 US cents at Monday’s close.