Australian shares snap 4-week winning streak

SYDNEY: Australian shares firmed on Friday, tracking Wall Street’s record high, as bets on a US rate cut this month rose, although the benchmark posted its first weekly decline after rising for four consecutive weeks.

The S&P/ASX 200 index closed 0.5 percent higher at 8,871.2 on the day. The benchmark fell 1.1 percent for the week, having logged its sharpest drop in nearly five months on Wednesday, after investors pared bets on Reserve Bank of Australia rate cuts following stronger-than-expected economic growth data.

Last month, the benchmark index had posted its strongest monthly performance since 2009, fuelled by corporate earnings and easing borrowing costs.