Miners help share market dig in after three-day decline

The local bourse has finished the week higher and ended a three-day losing streak, propped up by mining and utilities.

The benchmark S&P/ASX200 was up 40.6 points, or 0.52 per cent, to 7789.7 at the closing bell on Friday, while the broader All Ordinaries was up 46.7 points, or 0.59 per cent, to 8013.3.

Australian shares did not follow Wall Street lower on threats of 200 per cent US tariffs on European alcohol imports, further unsettling investors already struggling to digest the Trump administration's see-sawing trade policies.

AMP chief economist Shane Oliver said the risk of recession was increasing in the world's biggest economy.

"Trump's erratic tariff announcements combined with DOGE's manic cuts to the federal workforce and service delivery at a time when the US labour market has cooled down and households have run down their pandemic savings buffers are increasing the risk of a US recession," he said.

Threat of a partial US government shutdown has been adding to uncertainty, yet that risk appears to be receding.

Australian energy and bank stocks were the outliers in an otherwise positive session, with miners up a solid 1.7 per cent.

Fortescue shares gained 2.7 per cent to $16.27, BHP rose 1.1 per cent to $38.65, and Rio Tinto lifted 1 per cent to $117.10.

Goldminers shifted higher as investors flocked to safe-haven assets, with Newmont Corporation gaining 5.7 per cent and Evolution Mining up 4.6 per cent.

Lithium miner Liontown rose 4.9 per cent after reporting narrowed first-half losses after the first shipment departed in September from its new Kathleen Valley mine in Western Australia.

Banks were mixed with CBA down 1.1 per cent to $142.36, Westpac ticked down a minor 0.1 per cent to $29.61, and NAB picked up 0.3 per cent to $33.30.

ANZ was down a modest 0.2 per cent, to $28.29, with the bank striking a deal with the federal government to guarantee financial services in the Pacific as part of Australia's efforts to stop commercial banks vacating the region.

Infant milk formula supplier a2 Milk jumped 8.8 per cent as northern Chinese city Hohhot announced subsidies for couples having children to help boost the birth rate.

The Australian dollar was buying 62.95 US cents, down from 63.06 US cents at the close on Thursday.

ON THE ASX:

* The benchmark S&P/ASX200 index rose 40.6 points, or 0.52 per cent, to 7789.7 on Friday.

* The broader All Ordinaries was up 46.7 points, or 0.59 per cent, to 8013.3.

CURRENCY SNAPSHOT:

One Australian dollar buys:

* 62.95 US cents, from 63.06 US cents at the close on Thursday

* 93.52 Japanese yen, from 93.15 Japanese yen.

* 58.05 euro cents, from 57.93 euro cents.

* 48.63 British pence, from 48.65 British pence.

* 110.23 NZ cents, from 110.18 NZ cents.