Australia: Shares set for third weekly gain on tech, miners boost

AUSTRALIAN shares rose on Friday, in line with global equity markets, after key economic data raised hopes that the US Federal Reserve might scale down its hawkish stance on interest rates even as it looks to tame inflationary pressures. The S&P/ASX 200 index was up 1.1 per cent at 7,253.4 points, as of 0036 GMT, on track to clock gains for a third consecutive week. The benchmark closed 0.8 per cent lower on Thursday. Investor sentiment across global markets turned bullish after weaker US private payroll data suggested slowdown in labour demand, potentially nudging US Fed to taper rate-hike prospects, with other central banks expected to follow suit. In other key markets, Japan’s Nikkei edged up 1 per cent at 27,685.92 and S&P 500 E-minis futures rose 0.2 per cent. Domestic technology stocks climbed 2.5 per cent and are on track to snap a three-day losing streak. ASX-listed shares of sector heavyweights Block Inc and Xero added 4.3 per cent and 3.9 per cent, respectively. The miners and mining sub-index climbed more than 2 per cent, with global miners BHP Group, Rio Tinto and Fortescue Metals Group gaining as much as 2.5 per cent. Miners gained 3.5 per cent so far this week and are poised for a third weekly climb, if gains hold. Financials held steady with the “Big Four” banks trading in green. Still, the sub-index lost about 1 per cent so far this week and is on track to snap a two-week winning streak. Gold stocks soared 3.2 per cent, emerging as top gainers in the benchmark index, on sharper bullion prices. Shares of Newcrest Mining, the country’s largest gold miner, rose 2.5 per cent. New Zealand’s benchmark S&P/NZX 50 index was down 0.6 per cent at 11,414.37. REUTERS