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New Zealand shares snapped a four-session rally on Friday but were set for a weekly gain, while global stocks rose overnight after data showed the US economy grew quicker than expected in the fourth quarter, shrugging off predictions of a recession.

New Zealand’s benchmark S&P/NZX 50 index fell 0.5% to 11,830.16 by 2345 GMT. It was on track to gain nearly 1.4% for the week. Markets in Australia were closed for a public holiday.

The S&P/ASX 200 index ended 0.5% higher on Thursday, and gained 1.8% for the week - its best weekly gain since mid-December.

The S&P 500 closed at an all-time high for a fifth straight session overnight.

US Commerce Department’s advance fourth-quarter gross domestic product data showed strong economic performance, suggesting that March would be too soon for the US central bank to start cutting interest rates.

In New Zealand, data from earlier in the week showed that consumer inflation was in line with expectations in the fourth quarter, continuing to track towards the central bank’s target range.

Analysts as ANZ expect the country’s annual headline inflation to be back within the Reserve Bank of New Zealand’s (RBNZ) 1% to 3% target band by third quarter this year, putting the RBNZ in a position to cut the official cash rate from August.

Australian shares hit 2-week high on banking boost

Renewables developer Manawa Energy fell 2.5% and was the top loser on the benchmark index. Power company Meridian Energy lost 1.3%.

Pharmaceutical distributor EBOS Group fell as much as 2.4%, and Fisher & Paykel Healthcare declined as much as 1.3%. Steel distributor and processor Vulcan Steel, however, rose 3.4% and was the top gainer on the benchmark index. Dairy companies Fonterra and a2 Milk added 0.8% each.

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