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By Anjali Singh

Dec 12 (Reuters) - Australian shares closed higher on Friday to log their third consecutive weekly gain, led by index heavyweights financials and miners, as U.S. Federal Reserve's rate cut and less-hawkish-than-anticipated outlook improved sentiment.

The S&P/ASX 200 index .AXJO closed 1.2% higher at nearly one-month's high of 8,697.3 points. The benchmark added 0.7% in its third consecutive weekly rise, its longest winning streak since late-August.

Fed's commentary was mostly friendly for risk assets and the positive global lead has offset the negative impact from the Reserve Bank of Australia's hawkish guidance, Shane Oliver, chief economist and head of investment strategy at AMP, said in a note.

Earlier this week, the RBA ruled out further policy easing and signalled the possibility of a rate hike if inflation persists. Swaps now imply a 23% chance of a 25-basis-point rate hike at the central bank's next meeting in February.

Meanwhile, its U.S. counterpart cut key rates by a quarter-basis point, fuelling a global rally that carried over to the Australian market.

The rising trend in shares remains in place as supported by global growth, the Fed keeping the door open for further cuts, and improving Australian earnings, AMP's Oliver said, adding that the "Santa rally in shares normally kicks in from around now."

Financials .AXFJ rose 1.6% in the session and gained 1.7% for the week, their best performance since late September. The sub-index had dropped 7.4% last month amid a sell-off driven by valuation concerns and margin pressures.

Miners .AXMM advanced 2.2% to a record close on strong copper prices, marking their third consecutive weekly gain and lifting year-to-date gains to nearly 38%. Heavyweight BHP BHP.AX rose 1.1%.

Gold miners .AXGD jumped 4.5% on bullion held near a seven-week high. Northern Star Resources NST.AX and Evolution Mining EVN.AX added 2.9% and 4.2%, respectively.

Real estate .AXRE and healthcare .AXHJ stocks rose 0.9% and 1.5%, respectively.

New Zealand's benchmark S&P/NZX 50 index .NZ50 edged 0.1% higher to 13,406.91 points.

(Reporting by Anjali Singh in Bengaluru; Editing by Sherry Jacob-Phillips)

((anjali.singh2@thomsonreuters.com))