Australian shares hit 5-week high as rate-hike bets ease

Business Recorder reported that Australian shares touched a five-week high on Friday, with miners leading the advance after weaker-than-expected labour figures reduced bets on a near-term interest rate increase. The S&P/ASX 200 rose 1% to 8,809.80 points in early trade, after an earlier session peak of 1.2%, its highest since September 10.

Employment fell by its sharpest margin in more than a year, according to figures published Thursday, which led traders to scale back expectations of a rate increase. Pricing showed the chance of a November hike dropping to about 9% from 32%, while a December move slipped to 28% from 56%.

Miners climbed nearly 3%, with BHP Group and Rio Tinto each adding more than 2%, while gold stocks jumped 3% on higher bullion prices. Technology shares rose over 4% after Wall Street's overnight gains, healthcare added 1%, and financials ended flat. The index has gained 1% this week, putting it on track for its strongest weekly run since mid-August.