MELBOURNE Nov 29 Australian shares rose 0.7
percent to a three-week high on Thursday, supported by banks and
gains in global miner Rio Tinto after it gave an upbeat
outlook on China and cost-cutting pledges.
Rio rose 0.9 percent after it said it was cautiously
optimistic about a pick-up in growth in China, its biggest
customer. Rio said it was aiming to cut more than $5 billion of
operating and support costs by the end of 2014.
The benchmark S&P/ASX 200 index rose 30 points to
4,477.7, according to the latest data, the highest close since
Nov 8. The index slipped 0.2 percent on Wednesday, but is up
from a mid-November low of 4,334.3.
New Zealand's benchmark NZX 50 index rose 0.1
percent to 4,016.8 points.
(Reporting by Miranda Maxwell; Editing by Kim Coghill)