Australian shares end volatile week higher

Australian shares end volatile week higher

Australian shares rose more than 1% on Friday, reversing weekly losses as markets joined a rebound in global equities on easing concerns about overly aggressive interest rate hikes by the U.S. Federal Reserve.

The S&P/ASX 200 index ended 1.1% higher at 7,182.70, with mining and energy stocks leading the gains. For the week, it added 0.5% in its second straight weekly rise.

Deep Data Analytics' chief executive officer and founder, Mathan Somasundaram, attributed the rise in markets to macro global trade and month-end window dressing.

Asian shares extended overnight global gains as investors weighed the possibility of a slowdown in policy tightening by the U.S. Federal Reserve later in the year after aggressive interest rate hikes in the next few months.

Mining stocks rose 1.6% and led gains on the domestic bourse. Heavyweights BHP Group and Rio Tinto rose 2.5% and 2.4%, respectively.

Energy stocks rose 2.3% and recorded their first weekly gain in six on strong crude prices.

Sector leaders Woodside Energy Group and Santos rose 3.6% and 1.1%, respectively, on Friday.

Oil prices hovered around a two-month high, supported by the prospect of an EU ban on Russian oil and the coming summer driving season in the United States.

Financials firmed 1.1%, with the "Big Four"