News: XEJ Miners, banks boost Australian shares; key economic data in focus

	  Miners and energy stocks pull ASX200 up 

	  Australian retail sales, monthly inflation data awaited 

	  NZ50 logs fourth consecutive week of gains 

	  RBNZ to hold cash rate next week - Reuters poll 

Australian shares clocked modest gains on Friday, pushed up by heavyweight mining, banking and energy stocks, while investors awaited key domestic data due next week for insights on the central bank's monetary policy path.

The benchmark index S&P/ASX 200 (xjo) closed 0.2% higher at 7,040.8 points. It ended the week marginally lower.

Investors await retail sales and monthly inflation data next week which would provide insights into the Reserve Bank of Australia's (RBA) monetary policy decision on Dec. 5.

The RBA over the past few days has been ringing warning bells over inflation being driven by domestic demand, which would require a more "substantial" monetary response, lending more importance to the upcoming data.

Analysts at Westpac in a note said they "anticipate a deceleration in inflation and the labour market in Q4 and beyond, and so continue to expect the cash rate will remain at its current level until Q3 2024".

Westpac predicts the rate cutting cycle will begin after the third quarter of fiscal 2024.

In Sydney, energy stocks .AXEJ were the top percentage gainers in the benchmark, advancing 1.3% on investor speculation over whether OPEC+ would agree to further production cuts.

Sector majors Woodside Energy (WDS) and Santos (STO) both advanced 1.0% and 1.4% respectively.

Heavyweight miners .AXMM advanced 0.1%, with mining behemoths BHP Group (BHP) , Rio Tinto (RIO) , and Fortescue (FMG) adding between 0.1% and 0.3%.

The financial index .AXFJ rose 0.4% to its highest close since Nov. 9, with top lenders Commonwealth Bank of Australia (CBA) gaining 0.7% and Westpac (WBC) ending 0.1% higher.

Across the Tasman Sea, the New Zealand benchmark S&P/NZX 50 index (nz50) rose 0.2% to 11,211.22. It ended the week 0.3% higher, its fourth consecutive week of gains.

Investors also await the Reserve Bank of New Zealand's (RBNZ) monetary policy decision on Nov. 29.

The RBNZ is expected to hold its overnight cash rate at its prevailing near 15-year high for a fourth straight meeting, and at least through mid-2024, according to a Reuters poll.