Australian shares closed the week higher, tracking Asian markets, despite Wall Street's concerns about high interest rates.

The S&P/ASX 200 Index rose 0.6% or 49.3 points to close at 8,250.5.

Anticipated fewer rate cuts from the US Federal Reserves, coupled with potential inflationary policies from President-elect Trump hit shares while sending bond yields higher and making the dollar stronger, Reuters reported.

In company news, the Australian Securities Exchange (ASX:ASX) is looking to clamp down on listed companies allegedly providing misleading or evasive information in their market disclosures, according to a report by The Australian.

Imugene (ASX:IMU) dosed the first Australian patient for its phase 1b clinical trial of its CAR T-cell therapy azer-cel at the Royal Prince Alfred Hospital in Sydney.