FX.co ★ Australian Shares Rally to Near 3-Month High

The S&P/ASX 200 Index rose by 1% on Friday, surpassing the 8,380 mark, achieving its eighth consecutive session of gains and hitting its highest point in almost three months. This upturn aligned with Wall Street's performance, fueled by optimism concerning a US-China trade agreement and indications of easing inflation in the US. On the domestic front, stronger-than-expected employment figures released earlier in the week led investors to scale back expectations of aggressive interest rate cuts by the Reserve Bank of Australia. The charge was spearheaded by mining and gold stocks, buoyed by an increase in metals prices, with BHP Group rising 1.5%, Fortescue Metals Group advancing 1.1%, and Northern Star Resources surging 3.3%. Financial stocks also recorded robust gains, with Commonwealth Bank increasing by 1.1%, National Australia Bank climbing 1.7%, and Westpac Banking Corp adding 1.1%. The benchmark index is poised for nearly a 2% rise for the week, reflecting widespread strength across various sectors.