AU Evening Wrap: Australia Shares Rise 1.1% to Fresh Record Close

Australia's $S&P/ASX 200 (.XJO.AU)$ rose 1.1% to 7847.0, closing at a record for the second straight day amid hopes that central banks will soon start cutting interest rates. The benchmark index traded in positive territory through the session after Fed Chair Powell said the U.S. bank was close to being able to cut rates. The ASX 200 put on 1.3% across the week and is up 3.4% so far this year.

Ten of the ASX 200's 11 sectors finished higher, with the heavyweight financials leading the way with a 2.0% jump. Large lenders $ANZ Group Holdings Ltd (ANZ.AU)$, $CommBank (CBA.AU)$, $National Australia Bank Ltd (NAB.AU)$ and $Westpac Banking Corp (WBC.AU)$--all of which can typically expand margins when rates are falling--put on between 1.7% and 2.6%.