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Australian shares continued their upward momentum on Friday, with the energy sector leading the charge for the second consecutive session after the intensifying Russia-Ukraine conflict pushed oil prices higher.

The S&amp;P/ASX 200 rose 70.8 points or 0.9% to fresh all-time highs of 8,393.8.

The index has gained 1.5% this week, reflecting investor optimism despite ongoing geopolitical tensions.

Of the 11 sectors, technology was the only decliner, primarily due to a 12.4% drop in WiseTech, following the company’s downgrade of revenue and earnings forecasts for FY25.

The a2 Milk Company saw significant gains, rising 13.3% after the company raised its revenue guidance and announced it would begin paying dividends. This comes on the back of stronger-than-expected sales and higher global dairy prices.

Large-cap stocks BHP, Rio Tinto, and Fortescue added 0.9%, 0.6% and 1.1%, respectively.



The big four banks also posted gains, with Commonwealth Bank hitting a new high of $158.20 per share.

Rising oil prices, driven by concerns over the Russia-Ukraine conflict, boosted energy stocks. Woodside climbed 2.2%, while Santos gained 1.8%. Whitehaven Coal surged 3.6% as the sector capitalised on the spike in crude prices.

ASX 200 resets record highs as energy stocks rebound

Gold prices continued to rally for a fifth consecutive day on Friday, reaching two-week highs of US$2,691 during the Asian session.



By 3:45 pm AEDT (4:45 am GMT) spot gold was $19.2 or 0.7% to US$2,689.90 per ounce.

The ongoing war in Ukraine has driven investors to seek refuge in gold, which is traditionally viewed as a hedge against economic uncertainty and inflation.



Market sentiment has also been influenced by expectations surrounding U.S. President-elect Donald Trump’s anticipated economic policies, which some fear could reignite inflationary pressures.

Despite the U.S. dollar reaching its highest level since October 2023, gold prices have maintained their momentum.



A stronger dollar and elevated U.S. Treasury bond yields typically weigh on gold, however, markets are speculating that persistent inflation pressures may constrain the Federal Reserve’s ability to ease monetary policy in the short term.

Investors remain focused on the Federal Reserve's upcoming decisions, with traders pricing in a 59.4% likelihood of a 25-basis-point rate cut in December, according to the CME Group’s FedWatch Tool.

Fed policymakers, including Chair Jerome Powell, have recently cautioned about the risks of inflatio

Gold rises for fifth session, secures 4.6% weekly gain

Oil prices edged higher on Friday as intensifying geopolitical tensions surrounding the Ukraine war heightened fears of potential disruptions to global crude supplies.

By 2:05 pm AEDT (3:05 am GMT) Brent crude futures climbed $0.36, or 0.5%, to US$74.37 per barrel, while U.S. West Texas Intermediate (WTI) crude futures also gained $0.17, or 0.2%, reaching $70.27 per barrel.

The rise in oil prices followed Russian President Vladimir Putin's stark warnings of an expanding conflict after the U.S. and U.K. permitted Ukraine to use their missiles in strikes against Russian targets.



Putin stated that Russia had fired a hypersonic medium-range ballistic missile at a Ukrainian military facility in response, cautioning the West about potential retaliatory actions.

Ukraine's recent use of U.S.-supplied ATACMS and British Storm Shadow missiles has escalated hostilities. Ukraine has also targeted Russian oil infrastructure with drone strikes, including attacks on four Russian refineries in June.

Russia, one of the world's largest crude producers, continues to pump around nine million barrels daily despite sanctions and OPEC+ production cuts.

On the data front, swelling U.S. crude and gasoline inventories limited gains, a

Oil prices hit 2wk highs amid Russia-Ukraine conflict

Asia-Pacific markets surged on Friday, mirroring Wall Street's rally overnight as investors evaluated Japan's latest inflation data.



By 11:50 am AEDT (12:50 am GMT) The S&amp;P/ASX 200 rose 0.8%, The Kospi 200 gained 1%, and the Nikkei 225 climbed 0.7%.

Japan’s October core consumer price index (CPI), which excludes volatile fresh food prices, increased by 2.3% year-on-year, slightly above the anticipated 2.2% but cooling for a second consecutive month on slower growth in energy prices.



In the U.S., the Dow Jones Industrial Average advanced 462 points, or 1.1%, to 43,270.35. The S&amp;P 500 gained 0.53% to close at 5,948.71, while the Nasdaq Composite edged up 0.03% to 18,972.42.

Top gainers included Super Micro Computer Inc, up 15.1%, Amentum Holdings Inc, lifting 10.7%, and Deere &amp; Co, adding 8.1%.



Alphabet Inc led decliners, falling 4.7% and 4.6% across its share classes, followed by TransDigm Group Inc, which fell 4.1%.

Chinese stocks ended modestly higher, with the Shanghai Composite and the CSI 300 both adding 0.1%.



However, Hong Kong's Hang Seng Index fell 0.5%.

Crude oil prices surged after Vladimir Putin confirmed the launch of a hypersonic missile into Ukraine. Brent crude rose

APAC markets gain; cooling Japan CPI boosts risk

U.S. stock futures traded slightly lower on Thursday evening (Friday AEDT), with major indices on track for a positive week.

By 10:20 am AEDT (11:20 pm GMT) Dow Jones Industrial Average futures and S&amp;P 500 futures fell by less than 0.1%, while Nasdaq 100 futures fell 0.2%.



In after-hours trade, 

Gap Inc. surged 15.3% after the company raised its full-year outlook.

Intuit eased 0.3% despite beating first-quarter earnings expectations, following weaker-than-anticipated guidance.

NetApp rose 4.6% after reporting strong second-quarter results, with a 6% year-over-year revenue increase to US$1.66 billion (A$2.5 billion).

Ross Stores climbed 7.5% as third-quarter earnings exceeded expectations, with a 1% rise in comparable store sales.





During regular trade, the Dow rose by 462 points, or 1%, on Thursday, marking a strong performance. The S&amp;P 500 added 0.5%, while the Nasdaq Composite ended almost flat.



Shares of Nvidia gained 0.5% following a better-than-expected earnings report, demonstrating resilience during earnings season.

Meanwhile, Bitcoin continued its historic surge, trading just shy of the US$100,000 milestone.

Ahead in Friday's session, key economic data, including prelimi

US futures slip; Gap surges 15.3% after earnings

Microsoft has reportedly reached an agreement with HarperCollins, a subsidiary of News Corp., to utilise select nonfiction titles for training its artificial intelligence models.



In a statement to Bloomberg News, HarperCollins confirmed it reached an agreement that would “allow limited use of select nonfiction backlist titles for training AI models to improve model quality and performance”.

The deal includes strict limitations and safeguards to protect author rights and royalty streams.

The agreement, yet to be publicly detailed, enables Microsoft to access HarperCollins' nonfiction backlist titles to improve AI model quality and performance.

HarperCollins noted that authors could opt out of the initiative, ensuring their rights are respected.

"Part of our role is to present authors with opportunities while protecting the underlying value of their works and shared revenue streams," HarperCollins said in a statement. The publisher emphasised that the deal includes "clear guardrails" around the use of AI outputs.

Technology firms, including Microsoft, are increasingly seeking high-quality text for AI training to enhance model accuracy and expertise.



Publishers like HarperCollins are becoming pivotal part

Microsoft strikes AI training deal With HarperCollins

Russian President Vladimir Putin announced on Thursday that an experimental ballistic missile had been fired at a military site in the Ukrainian city of Dnipro.



In a televised address, Putin framed the attack as a response to Ukraine's recent strikes on Russian targets using Western-supplied missiles, escalating tensions in the nearly three-year-long war.

“We believe that we have the right to use our weapons against military facilities of the countries that allow to use their weapons against our facilities,” Putin said.

The missile, named Oreshnik ("the hazel"), reportedly targeted the Yuzhmash military facility and was described as nuclear-capable. Putin warned Western nations, particularly the U.S. and U.K., that Russia reserves the right to retaliate against countries providing Ukraine with weaponry.

U.S. and U.K. officials believe the missile fired was an intermediate-range ballistic missile (IRBM), capable of reaching Europe but not the U.S.



Ukraine initially claimed the missile was intercontinental but later revised the statement, citing its flight characteristics as indicative of an ICBM.

"Putin is using Ukraine as a testing ground," said Ukrainian President Volodymyr Zelenskyy, criticising the att

Putin confirms ballistic missile strike on Ukraine

Major U.S stock indices finished higher on Thursday (Friday AEDT) as investors shifted focus from technology stocks to cyclicals that stand to benefit from economic acceleration.



The Dow Jones Industrial Average surged 461.9 points or 1.1% to 43,870.4, the S&amp;P 500 advanced 31.6 points or 0.5% to 5,948.7, while the Nasdaq Composite closed flat at 18,972.4, reflecting mixed sentiment within the tech sector.

Financials and industrials led the charge, with notable gains in Goldman Sachs, Caterpillar, and Home Depot. The Russell 2000 Index, seen as a barometer for small-cap stocks likely to benefit from President-elect Donald Trump's economic policies, also gained 1.7%.

Nvidia, the AI chip leader, remained in focus after reporting stronger-than-expected earnings and issuing robust guidance. However, shares seesawed throughout the session, reflecting concerns over slowing revenue growth compared to earlier quarters. Nvidia shares finished 0.5% higher.

Other tech names experienced mixed outcomes. Amazon slid nearly 3%, Meta Platforms dipped 1%, and Alphabet dropped 6% as antitrust pressures mounted.



Snowflake defied the broader trend, surging 30% after exceeding Wall Street expectations and raising its revenue

US stocks close higher; investors rotate into cyclicals

The Australian share market closed flat on Thursday, as mixed global earnings and local corporate developments weighed on investor sentiment.



The S&amp;P/ASX 200 closed just 3.3 points lower at 8,323.

Nine of 11 sectors fell, with consumer discretionary leading the losses as Wesfarmers shed 1.4%, after Jarden downgraded the retail conglomerate to a sell rating.



GQG Partners experienced a sharp 19.3% decline after announcing a review of its substantial Adani Group holdings. This came in the wake of U.S. federal charges against Adani Chairman Gautam Adani, accusing him of facilitating a US$250 million bribery scheme.

Overnight, U.S. markets presented a mixed picture. The Dow Jones Industrial Average rose 0.3%, the S&amp;P 500 remained flat after recovering early losses, and the Nasdaq slipped 0.1%.



Nvidia, despite surpassing earnings forecasts, saw its stock dip in after-hours trading as investors appeared disappointed by results that didn’t match the explosive growth seen in previous quarters.

Meanwhile, Bitcoin continued to surge past US$97,000, marking a significant milestone amid optimism about potential cryptocurrency-friendly policies following Donald Trump’s re-election.

On the bond markets, 1

ASX 200 ends flat; GQG tanks 19.3% on Adani charges

Gold prices lifted during Thursday's Asian trade, marking a fourth consecutive day of gains driven primarily by escalating geopolitical tensions amid the ongoing Russia-Ukraine conflict.



By 3:15 pm AEDT (4:15 am GMT) spot gold added $6.7 or 0.3% to US$2,657.17 per ounce.

Investors have turned to gold, a traditional safe-haven asset, amid heightened uncertainty, further bolstering its appeal following a recent two-month low.

Geopolitical tensions continued to simmer following Russian President Vladimir Putin move to lower the threshold for nuclear strikes.

Meanwhile, elevated U.S. Treasury bond yields have supported the U.S. dollar, which remains near yearly highs. This strength in the dollar, along with positive sentiment in equity markets, could limit further gains in gold prices in the short term.

Comments from several Fed officials, including Lisa Cook, Michelle Bowman, and Susan Collins, suggest caution in further easing monetary policy due to stagnant progress on inflation reduction.

These remarks have contributed to maintaining high bond yields, which exert pressure on the non-yielding gold market.

Markets are currently pricing in a 52% chance of a 25 basis-point cut from U.S. Federal Reserve officia

Gold gains for fourth day; Russia-Ukraine in spotlight

Oliver is an experienced finance journalist specialising in financial markets and business news. | Azzet™