Australian shares rose for a fifth straight session on Friday, as investors cheered US economic data that fuelled bets that the Federal Reserve is nearing the end of its aggressive rate-hike campaign.
The S&P/ASX 200 index had advanced 0.4% to 7,203.9 by 0039 GMT in broad-based buying.
The index has gained 1.2% so far this week, heading for its best week since mid-April.
US retail sales unexpectedly rose last month as consumers stepped up purchases of motor vehicles and building materials, which could help to stave off a dreaded recession in the near term.
Higher jobless claims helped fuel bets that the Fed would not follow through with more rate hikes.
Meanwhile, hopes grew that China would unveil more measures to shore up its shaky post-pandemic recovery after new home prices rose at a slower pace in May and property investment slumped at the steepest pace in more than two decades.
In Australia, employment blew past expectations last month, while the jobless rate edged lower, possibly adding pressure on the local central bank to raise interest rates further.
Energy stocks climbed 1.6%, with sector giants Woodside Energy and Santos advancing between 1.3% and 1.7%.
Technology stocks chased Wall street higher and were last up 1.6%.
Gold stocks climbed 1.1% after bullion prices closed higher overnight.
Export-reliant miners gained 0.5%, with BHP Group, Rio Tinto and Fortescue Metals trading in positive territory.
Australian shares end higher on Wall St strength, rate-hike pause bets
Financials also traded in positive territory.
The index has gained 2.6% so far this week, set for its best week since March 31.
Among individual stocks, AGL Energy jumped as much as 15.3% to become the top gainer on the benchmark index after announcing a bumper 2024 guidance.
New Zealand’s benchmark S&P/NZX 50 index rose 0.1% to 11,692.56.
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