*
ASX 200 posts third consecutive weekly gain
*
Banking stocks jump for third week in a row
*
Gold stocks end at highest since Jan 5, 2021
(Updates to close)
By Echha Jain
April 14 (Reuters) - Australian shares closed higher on
Friday and posted their third straight weekly gain, as latest
U.S. data fuelled hopes that the Federal Reserve could be
nearing the end of its rate-hike cycle.
The S&P/ASX 200 index ended 0.5% higher at 7,361.60.
The benchmark advanced 2% for the week.
U.S. data released overnight showed a steeper-than-expected
cooldown in March producer prices and new claims for jobless
benefits last week coming in above consensus, both signalling
that the Fed's monetary tightening is working as intended. "These data have also come at the perfect time when the
recent banking turmoil has driven deposits into defensive
assets, favouring the odds for a pause," said Glenn Yin, head of
research and analysis at AETOS Capital Group.
Next week, market focus will be on the minutes of the
Reserve Bank of Australia's April meeting, where it paused its
rate-hike cycle. Analysts were split almost halfway between the
RBA hiking rates by 25 bps and pausing.
"I think investors will be looking for signs of business
stress levels and credit availability in the Australian
economy," said Yin.
Financials ended 0.8% higher, posting their third
consecutive weekly gain. All the so-called "big four" banks
closed in positive territory.
Bank of Queensland dipped as much as 3.9% after it said it would undertake a A$60 million ($40.72 million) integrated risk programme and write down A$200 million of goodwill.
Miners tracked copper prices to advance 1%. Rio Tinto , BHP Group and Fortescue Metals Group gained between 0.1% and 1.3%.
Gold stocks tracked bullion prices higher, rising 2.9% in their seventh consecutive session of gain and closing at their highest since Jan. 5, 2021. The sub-index jumped 7.1% for the week, posting its fifth consecutive weekly gain. New Zealand's benchmark S&P/NZX 50 index fell 0.4% to 11,880.56. For the week, it added 0.1%. ($1 = 1.4736 Australian dollars) (Reporting by Echha Jain in Bengaluru; Editing by Subhranshu Sahu)
U.S. earnings diary Wall Street Week Ahead Global Economy Week Ahead ................................................................ For latest top breaking news across all markets ))
