AUS
NZ
UK
CA
USA
IND
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Australian shares surged for a third consecutive session on Friday, propelling the market toward its best week in four, bolstered by notable gains in commodity-related stocks. As investors awaited the U.S. jobs data later in the day for further guidance, the S&P/ASX 200 index climbed 0.46% to reach 7,857.30, marking a gain of over 2% for the week thus far.
The European Central Bank's decision to cut interest rates for the first time in nearly five years, coupled with the recent interest rate cut by the Bank of Canada, contributed to the positive sentiment in the market. With all eyes on the crucial U.S. non-farm payrolls report, investors eagerly awaited insights into the labor market and the potential timing of Federal Reserve interest rate adjustments.
In Sydney, heavyweight miners experienced a notable uptick of 1.11%, marking their most significant intraday percentage gain since May 20. Despite this positive movement, the sub-index was poised to record its third consecutive weekly loss. Leading mining giants BHP (ASX: BHP) and Rio Tinto (ASX: RIO) also saw modest gains on Friday, supported by a rebound in iron ore futures after a five-session decline. Fortescue (ASX: FMG) surged 1.39% amidst ongoing legal action against former employees over alleged misuse of confidential information related to its green iron ore technology.
Meanwhile, gold stocks soared 1.61%, reaching a 10-day peak following a surge in bullion prices, while energy firms also experienced a modest uptick of 0.6% due to stronger crude oil prices. Financial stocks followed the trend, jumping 0.24%.
Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index .NZ50 dipped 0.1% to 11,961.07 but remained on track for a third consecutive weekly gain, reflecting the broader positive sentiment observed in the region.
