News: XMM Australian shares close higher on China data-induced commodities surge

	  ASX200 benchmark up 1.3% 

	  Miners up 2.9%, Energy stocks 1.7% 

	  Commodities up on Chinese economic data 

(Updates to close)

Australian shares ended more than 1% higher on Friday, led by a surge in commodity stocks on better-than-expected Chinese economic data.

The S&P/ASX 200 index (xjo) closed 1.3% higher at 7,279.0 points, marking its best day since July 13. The benchmark index gained 0.5% on Thursday.

Data from the company's top trade partner China for retail sales and industrial output for August handily topped economists' forecasts, adding to the positive sentiment from expectations that monetary tightening campaigns by the world's biggest central banks were close to over.

"We all have knowledge that China has an issue to deal with, but I think they're in a good position to deal with that and there is no way China is going to jeopardise the supply (from Australia)" said Brad Smoling, managing director at Smoling Stockbroking.

Smoling expects the market to rally on any signal of the central banks pausing their tightening cycle.

"Inflation is under control and probably going to continue to come downward, which takes the pressure off the expectations of further rate rises by the Federal Reserve and the Reserve Bank of Australia," Smoling added.

Local miners .AXMM led the gains on the benchmark, jumping 2.9%, with sector majors BHP Group (BHP) and Rio Tinto (RIO) advancing 3.5% and 3%, respectively.

Gold stocks .AXGD advanced 1.2%. Top gold miners Newcrest Mining (NCM) and Northern Star Resources (NST) rose 0.2% and 1.6% respectively.

Energy stocks .AXEJ advanced 1.7% with heavyweights Woodside Energy (WDS) and Santos (STO) up 1.4% and 2.1%, respectively.

Financial stocks .AXFJ climbed 1%, while technology stocks .AXIJ added 1.9%.

New Zealand's benchmark S&P/NZX 50 index (nz50) finished 0.3% higher to end the day at 11,347.73 points.