Australia shares end at new 5-year high; China data, U.S. deal help

PHOTO: Australia shares end at new 5-year high; China data, U.S. deal help

SYDNEY - Australian shares rose 0.7 per cent on Friday, extending gains as China's economic data showed a pick-up in growth momentum, just a day after the US

pulled off an 11th-hour deal preventing a potentially catastrophic US debt default.

Investors were relieved after data showed China's economy grew 7.8 per cent in the third quarter, its fastest pace this year and in line with expectations, as firmer foreign and domestic demand lifted factory production and retail sales.

The S&P/ASX 200 index added 38.4 points to 5,321.5, the highest closing level since June 2008. The benchmark ended the week 1.7 per cent higher, the biggest weekly gain in three months.

New Zealand's benchmark NZX 50 index pulled back 0.4 per cent to 4,758.6.

(Reporting By Maggie Lu Yueyang; Editing by Jacqueline Wong)