Australian shares set for weekly gain on commodities boost; Fed meeting on tap
Sept 13 (Reuters) -Australian shares rose on Friday and were set for a weekly gain, as commodity stocks advanced on strong prices for gold, oil and iron ore, while investors globally looked forward to the U.S. Federal Reserve policy meeting scheduled next week.
The S&P/ASX 200 index .AXJO rose 0.8% to 8,134.5 by 1230 GMT to linger near a record high, and was set for a 1.5% weekly gain.
Miners .AXMM led the gains, rising 2% for the day as iron ore prices soared on expectations of stronger seasonal demand in China. Top miners BHP Group BHP.AX and Rio Tinto RIO.AX rose 1% and 1.2%, respectively. IRONORE/
The sub-index has risen 4.3% so far this week and is set for its best week since September 2023.
Gold stocks .AXGD rose more than 4% and were poised for their best day since early March and best week since mid-July, with expectations of a Fed rate cut next week bolstering bullion prices. GOL/
Markets are pricing in a 25 basis point rate cut by the Fed next week, according to the CME FedWatch tool, after recent economic data pointed towards a slowing economy.
Among other sub-indexes in Sydney, energy .AXEJ rose 1.9% on strong oil prices as producers evaluated how Hurricane Francine might affect output in the U.S. Gulf of Mexico. O/R
Sector major Woodside Energy WDS.AX was up 2.6%, while smaller rival Santos STO.AX jumped 1.2%.
Brent crude LCOc1 futures rose 0.49% to $72.32 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 gained 0.59% to $69.38 per barrel.
Technology stocks .AXIJ climbed about 0.3%, tracking overnight gains in Wall Street peers. .N
Overnight, the U.S. Dow Jones Industrial Average .DJI rose 0.58%. The S&P 500 .SPX gained 0.75%, while the Nasdaq .IXIC climbed 1%.
New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.2% to 12,795.66.
Reporting by Adwitiya Srivastava in Bengaluru; Editing by Subhranshu Sahu
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