Australian shares closed the week higher, tracking Asian markets, after President Trump said in an interview that he would prefer not to hit China with tariffs.
The S&P/ASX 200 Index rose 0.4% or 29.5 points to close at 8,408.2.
There's now hope that Trump's administration could introduce measures to boost growth and stocks, and keep inflation in check, allowing the Federal Reserve to cut rates this year, Bloomberg reported.
However, Trump is mercurial and it is difficult to see him backing away from his threats, the report added.
In domestic news, Business activity in Australia's private sector rose in January, with manufacturers seeing stability for the first time after two consecutive years of decline, S&P Global said in a report.
Business turnover across Australia's 13 industries rose 2% month on month in November 2024 following a 0.6% decline in October, data from the Australian Bureau of Statistics showed.
In company news, IGO (ASX:IGO) and China's Tianqi Lithium agreed to cease all works and activities on lithium hydroxide plant 2 at the Kwinana lithium hydroxide refinery in Western Australia.
Kogan.com (ASX:KGN) reported Friday revenue of AU$272.7 million for the first half of fiscal 2025, a 10% rise from a year earlier. Shares of the company fell past 15% at market close.
Lastly, Rio Tinto Group (ASX:RIO) temporarily shuttered its railcar dumper at the East Intercourse Island in Western Australia following flooding caused by tropical cyclone Sean last Jan. 20.
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