Australia: Shares mark 5th weekly gain amid rapid recovery hopes

Australian shares eased 1.6 per cent on Friday, though gained for the fifth straight week as hopes of a faster-than-expected economic recovery Down Under from coronavirus-induced disruptions outweighed worries of a deepened Sino-US rift.[SYDNEY] Australian shares eased 1.6 per cent on Friday, though gained for the fifth straight week as hopes of a faster-than-expected economic recovery Down Under from coronavirus-induced disruptions outweighed worries of a deepened Sino-US rift.

The S&P/ASX 200 closed at 5,755.7 and endured its worst day in two weeks, as markets nervously awaited a response from the United States after China pushed ahead with a new national security law on Hong Kong. Profit-taking also pulled stocks lower, according to Oanda analyst Jeffrey Halley, as dealers cashed in on solid gains booked earlier in the week.

That was still a minor blip for the index in an otherwise fruitful week during which it advanced 4.7 per cent, its best performance since the week ended April 10, and hit a two-and-a-half-month high. Australian equities were given a shot in the arm on Thursday by the central bank's estimate that the economic downturn from the pandemic will likely be less severe than initially feared, with restrictions being lifted.

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