Australian shares rose on Friday and were poised for a second weekly climb amid broad-based gains across sectors following the US Federal Reserve’s monetary policy meeting that eased investor worries about overly aggressive rate hikes.

The S&P/ASX 200 index was up 1% at 7,176.00 points, as of 0052 GMT, its highest since May 13. The benchmark gained 0.4% so far this week.

Markets worldwide rose after minutes from the Fed meeting indicated the US central bank would remain flexible to address inflation and might pause rate hikes later in the year.

Among other key markets, Japan’s Nikkei rose 1.1% at 26,885.71 and S&P 500 E-minis futures were down 0.3%. Despite the slump in iron ore prices, Australia’s metals and mining index jumped 1.2% and was on track for a 1.7% weekly gain.

BHP Group and Rio Tinto rose 1.8% each, while rival Fortescue Metals Group shed 0.3%.

Australian shares end lower as Fed minutes signal near-term rate hikes

Financials advanced 1% and were set to scale a three-week high, with the country’s four largest lenders adding between 0.8% and 1.4%.

Energy stocks gained 1.7% and were set to snap a five-week losing streak on firm crude oil prices.

Sector leaders Woodside Energy Group and Santos rose 1.2% and 0.4%, respectively. Technology stocks, which tracked an overnight strong finish by their US peers, jumped 1.3%.

However, the sub-index was set to decline 2.9% for the week.

Automotive software firm Infomedia climbed 5.3% after it received a A$657.6 million ($467.09 million) preliminary buyout offer from US private-equity firm Battery Ventures.

New Zealand’s benchmark S&P/NZX 50 index rose 0.7% to 11,189.10.

A Reuters poll found that the country’s house prices are forecast to sink 9% this year.