SYDNEY: Australian shares rose on Friday as global trade talks boosted investor sentiment, while Macquarie Group’s better-than-expected profit lifted heavyweight banking stocks.
The S&P/ASX 200 index was up 0.5% at 8,231.2 points. The benchmark fell 0.1% this week, its first weekly loss since early April.
US President Donald Trump announced a trade deal with the UK on Thursday, the first in a month in since Trump started a 90-day pause on tariffs to allow room for negotiations.
This fuelled hopes of progress in tariff talks with other countries, including China, Australia’s biggest trading partner, with negotiations set for Saturday.
“Whether or not the ASX200 can carry Friday’s momentum into next week could well hinge on how productive or otherwise the upcoming trade talks between the US and China will be,” Tim Waterer, chief market analyst at KCM Trade, said.
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