Australian shares climb as banks, gold stocks shine

Australia's S&P/ASX 200 rose 0.5% to 8,699.80 points at 2340 GMT on Friday, recovering part of the previous session's 0.8% loss, according to Business Recorder. Buyers were encouraged by President Donald Trump's pledge to stop strikes on Iran before the November midterm polls, along with his claim that US-Iran discussions had been constructive. Hopes of easing Middle East tensions helped sentiment.

Financials advanced more than 1%, with the four major banks each up over 1% and the sub-index on pace for its strongest session in three weeks. Gold producers gained 1% as bullion prices strengthened. Gains were tempered by caution over high oil costs and rising local bond yields near multi-year peaks amid a worldwide debt sell-off.

Miners slipped nearly 1%, with BHP Group losing 1%, leaving the sub-index on track for a sixth straight weekly drop. Technology shares rose more than 1% but remain over 3% lower this week, heading for a seventh weekly loss in eight. Separately, data centre firm Firmus, which counts Nvidia among its backers, has put off its $5 billion IPO, citing volatile market conditions. Had it gone ahead, it would have been the country's biggest new share offering in almost three decades, with only Telstra's 1997 float of roughly $10 billion larger.