Australian Shares Hit Five-Week High as Rate-Hike Bets Ease
The S&P/ASX 200 was up 1% at 8,809.80 points after rising as much as 1.2% earlier. Softer-than-expected labour market data curbed expectations of a near-term rate hike, while miners led broad-based buying.
Australian equities reached a 5-week high on Friday, with mining stocks leading gains. Softer-than-expected labour market data reduced expectations for a near-term interest rate hike and encouraged broad-based buying. The S&P/ASX 200 index ASX:XJO gained 1% to 8,809.80 points as of 0025 GMT, after advancing as much as 1.2% earlier.