Australian shares rise 0.4% in early trade; week on track

Australian shares rose 32 points or 0.4% to 9,070 in early Friday trade, snapping two sessions of losses and tracking Wall Street’s overnight gains ahead of Fed Chair Kevin Warsh’s debut Jackson Hole speech, where investors await signals on the rate path.

Locally, household spending climbed more than expected in July, marking a third monthly rise.

However, gains were limited by caution before July PMI releases in Australia and top trading partner China next week alongside domestic Q2 GDP and July trade data.

Tech, commercial services, and healthcare led advances, offset by weakness in industries and retail trade.

The four big banks added 0.4% to 1.0%, while standout movers included Xero Ltd. (8.1%), Pro Medicus (3.8%), and REA Group (2.6%).

For the week, the market is on track for a modest 0.2% gain, reversing declines in the prior two periods.