Updates to close
ASX 200 benchmark logs best week since mid-Dec 2023
Bank stocks rise 1.3%, miners gain 0.9%
Big Four banks set to report HY results next week
Australia goes to polls this weekend
By Sneha Kumar
May 2 (Reuters) - Australian shares tracked global markets to end higher on Friday, with all sectors in green, as signs of possible easing in trade tensions between the U.S. and China buoyed risk sentiment.
The S&P/ASX 200 benchmark index .AXJO rose 1.1% to close at 8,238, gaining for a seventh straight session. It advanced 3.4% for the week - its best weekly performance since mid-December 2023.
Global markets rejoiced after China said the U.S. has repeatedly signalled a willingness to negotiate on tariffs, and that Beijing remains open to talks. MKTS/GLOB
Possible U.S.-China trade talks drove gains on the local benchmark, IG analyst Tony Sycamore said.
"While it would be positive to see the U.S. tariff rate on Chinese imports fall... this still leaves them at a growth-stifling high rate, which suggests the ASX200's exuberance this week may be somewhat premature."
China is Australia's largest trading partner.
Sentiment was also supported by heightened prospects of an interest rate cut by the Reserve Bank of Australia, after data showed that the country's first-quarter core inflation slowed.
Rate-sensitive banks .AXFJ jumped 1.3%, closing at a near 2-1/2-month high. The "Big Four" banks rose between 1.4% and 2.1%, respectively.
With the exception of top lender Commonwealth Bank of Australia CBA.AX, three of the top four are scheduled to report their half-year results next week amid looming rate cuts, persistent inflation concerns and rising mortgage stress.
Miners .AXMM climbed 0.9%, with BHP BHP.AX, Rio Tinto RIO.AX and Fortescue FMG.AX gaining between 0.7% and 1.1%.
Healthcare stocks .AXHJ rose 1.9%, while energy .AXEJ and gold stocks .AXGD added 2% and 0.9%, respectively, on strong underlying prices. O/RGOL/
Australia goes to the polls this weekend in a tight race between the incumbent Labor government and the Liberal National opposition, which could result in a hung parliament.
Meanwhile, New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 1.5% to end at 12,327.89.
(Reporting by Sneha Kumar in Bengaluru; Editing by Rashmi Aich)
((sneha.kumar@thomsonreuters.com))
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