Australian shares climbed on Friday after a three-session slide, as easing COVID-19 restrictions in top trading partner China boosted hopes for export demand revival.
The S&P/ASX 200 index rose 0.4% by 2331 GMT, but was on track for its worst week since Sept. 30. S&P 500 E-minis futures were down 0.06%.
China on Wednesday announced the most sweeping changes to its resolute anti-COVID regime since the pandemic began three years ago, loosening rules that curbed the spread of the virus but sparked protests and hobbled the world’s second-largest economy.
In Australia, miners led the advance with a gain of 1.2%. The sub-index was on track for a sixth straight weekly gain.
Iron ore behemoths BHP and Rio Tinto climbed more than 1% each on Friday.
Financials edged higher, with the so called ‘big four’ up between 0.1% and 0.8%.
Tech stocks climbed 0.9%, tracking gains in their Wall Street peers as market participants saw a rise in weekly jobless claims as a signal that the pace of interest rate hikes could soon slow.
ASX-listed shares of Block Inc rose nearly 3%, while network-as-a-service provider Megaport climbed 4% and led gains on the sub-index.
Separately, Nitro Software gained nearly 2% after it got a higher A$2 per-share offer with a scrip alternative from private equity firm Potentia Capital, matching a rival bid from KKR Inc’s Alludo.
Australian shares fall for third day as miners, recession fears weigh
Gold and energy stocks slipped 0.3% and 0.4%, respectively. Newcrest Mining, the country’s largest gold miner, lost 0.8%, while oil and gas major Woodside Energy slid 0.1%.
New Zealand’s benchmark S&P/NZX 50 index rose 0.1% to 11,631.89.
The country’s manufacturing sales volumes rose 3.1% in the third quarter.
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