New Zealand shares snap 4-day rally but set for weekly gain; Australia closed – Markets

New Zealand shares snapped a four-session rally on Friday but were set for a weekly gain, while global stocks rose overnight after data showed the US economy grew quicker than expected in the fourth quarter, shrugging off predictions of a recession.

New Zealand’s benchmark S&P/NZX 50 index fell 0.5% to 11,830.16 by 2345 GMT. It was on track to gain nearly 1.4% for the week. Markets in…