Global Market: Australian shares log best week in 3 as Fed-hike bets cool; banks, miners lead

Australian S&P/ASX 200 rose 1.4 percent to 8,844.40, its highest close since June 18 and best day since June 12, logging a 0.9 percent weekly gain, its best in three weeks. The rally was driven by cooling Fed rate hike bets, with traders now pricing in about a 17.6 percent chance of a July Fed hike, down from nearly 30 percent on Thursday. Miners jumped 2.6 percent led by BHP and Mineral Resources, gold stocks surged 8.3 percent, and Big Four banks gained between 0.4 and 2.4 percent.