Australian shares climbed more than 1% on Friday but were set for their fourth straight weekly drop as high inflation, rising interest rates and energy supply fears in Europe kept investors worried about a global economic slowdown.

The S&P/ASX 200 index jumped 1.1% to 7,018.50 by 0032 GMT, with all sectors except gold trading in positive territory.

The benchmark had lost 3.7% this week, as of Thursday’s close.

The flagship MSCI global index is down about 20% in the worst start to a year in recent memory, as rising inflation, the war in Ukraine and China’s COVID-19 woes have kept investors on edge.

Japan’s Nikkei was up 1.74% on Friday and S&P 500 E-minis futures were up 0.59%. In Australia, energy stocks gained 1.9% but were on track for a fourth straight weekly loss.

Sector heavyweights Woodside Petroleum and Santos rose 2.5% and 1.9%, respectively, on Friday.

Oil prices firmed in early trade but were headed for their first weekly drop in three as worries about inflation and China’s COVID lockdowns outweighed concerns about dwindling fuel supply from Russia. Miners rose 1% but were set for their fourth consecutive weekly drop after losing 6.1% in the last four sessions.

Australia shares fall on gloomy US inflation data; CBA rises on earnings beat

Sector heavyweights BHP Group and Rio Tinto advanced 1.3% and 1.9%, respectively.

Technology stocks tracked the tech-heavy Nasdaq higher and were up 4%.

The sub-index was the top percentage gainer on the benchmark but looked set to mark its worst weekly performance in a year.

Financials rose 0.6% after a six-session losing streak, while gold stocks fell 0.7% on weak bullion prices. New Zealand’s benchmark S&P/NZX 50 index fell 0.5% to 11,116.03.