FROM MORRISON SECURITIES PTY LTD:

U.S. STOCK MARKETS

Energy stocks led the U.S. market rally as rising optimism that the world's central bankers are primed to stabilize financial markets boosted stocks for a second day. The Dow Jones Industrial Average advanced 115.26 points, or 0.9%, to 12767.17 to close near Friday's session highs. Blue chips posted their first back-to-back triple-digit gains since November, on the heels of Thursday's 155-point advance.

The two-session jump caps a turbulent week for stocks, which three times finished sharply higher, twice strongly lower. Through the turmoil, the Dow's managed a 1.7% weekly rise to net consecutive weekly gains for the first time since April.

Concerns about rising borrowing costs in Spain and Italy have stoked volatile trading in recent weeks, as investors looked ahead to elections in Greece that could determine the country's future in the euro zone.

The Standard & Poor's 500-stock index advanced 13.74 points, or 1%, to 1342.84, as energy and technology stocks led all 10 of the benchmark's sectors higher. The Nasdaq composite added 36.47 points, or 1.3%, to 2872.80.

Bank of America jumped 3.1% to notch the biggest gains on the Dow. Chevron added 2.4%, while Microsoft advanced 1.8%. Facebook rose 6.1%, the biggest single-session gain for the social network since the company's public offering last month.

Investors will watch closely the Federal Reserve's policy-setting committee in the coming week for hints that additional stimulus measures could be on the way.

Stocks rallied on Friday even as data showed consumers felt less upbeat about the economy at the start of this month than in May. Elsewhere, manufacturing activity in the New York area slowed sharply in June, while a separate report showed U.S. industrial production fell in May.

IntercontinentalExchange jumped 4.7% and led the S&P 500's gains after Hong Kong Exchanges and Clearing won the bidding process to buy the London Metal Exchange. Navistar jumped 7.6% after MHR Fund Management acquired a 13.6% stake in the company.

EUROPEAN STOCK MARKETS

European stocks jumped Friday, as investors cheered reports that central bankers stand ready to soothe financial markets if weekend elections in Greece trigger further turmoil and credit freezes.

The Stoxx Europe 600 index rose 1% to 244.21, closing the week with a 0.9% gain. London's FTSE 100 index gained 0.2% to 5478.81, ending 0.8% higher for the week.

The CAC-40 index closed 1.8% higher at 3087.62, 1.2% higher for the week. Frankfurt's DAX 30 index rose 1.5% to 6229.41, gaining 1.6% for the week. Spain's IBEX-35 index added 0.3% and 2.6% for the week to 6719.00.

In Greece, the Athens General Index jumped 1.9% to 560.26, after having soared 10.1% on Thursday following unofficial polls pointing to a victory for the pro-austerity New Democracy party.

Among other major market action, Spanish bond yields eased. Yields on 10-year Spanish government bonds fell to 6.87%, according to Tradeweb, after inching closer to the closely watched 7% level Thursday.

Banks gained broadly on hopes that central bankers will react if Greek election Sunday create further financial instability or a credit crunch.

European Central Bank President Mario Draghi said in prepared statements Friday that the Eurosystem will continue to supply liquidity to solvent banks where needed.

Commerzbank added 5.7%, Deutsche Bank traded up 2.4%, Societe Generale rose 5% and Credit Agricole gained 6.3%. In the U.K., banks benefited as Chancellor of the Exchequer George Osborne said late Thursday the Bank of England will activate an emerging lending program under which auctions of short-term sterling liquidity can be held at any time.

He also said the Treasury will provide inexpensive funding if banks boost lending to U.K. households and companies. Shares of Royal Bank of Scotland jumped 7.9%, while Lloyds rose 5.2% and Barclays added 4.2%.

ASIA-PACIFIC STOCK MARKETS

Hong Kong stocks lead most Asian markets higher Friday amid hopes that global central banks may join to coordinate a policy response after the weekend's crucial election in Greece.

South Korean shares diverged, finishing lower as investors nervous about upcoming European events took profits, while Japanese stocks ended flat as exporters were hit by the yen's gains after the Bank of Japan left its monetary policy stance unchanged.

Japan's Nikkei was flat at 8569.32, South Korea's Kospi was down 0.7% at 1858.16, China's Shanghai Composite edged up 0.5% to 2306.85 and Hong Kong's Hang Seng Index accelerated its gains after a positive opening in Europe, climbing 2.3% to 19233.94.

Japanese, Korean and Hong Kong stocks all climbed over the week, with Hong Kong's Hang Seng Index the best performer, rising 4% over five sessions, the benchmark's best week since January.

Several financial stocks in the region rallied. Mitsubishi UFJ Financial Group Inc. climbed 1.7% in Tokyo, KB Financial Group Inc. added 1.2% in Seoul, while in Hong Kong, BOC Hong Kong Holdings Ltd. jumped 5% and heavyweight HSBC Holdings PLC added 2.4%.

A rally in commodity prices, aided by the dollar's weakness, spurred several commodity stocks. Shares of Cnooc Ltd. jumped 3.8% in Hong Kong, while PetroChina Co. rose 2.3% in Hong Kong and 0.3% in Shanghai.

Korea Zinc Co. rose 1.8% in Seoul. Shares of Esprit Holdings Ltd. soared 9.9% in Hong Kong after two days of hefty losses on worries about senior executives leaving the company.

But the rebound Friday came after its departing chief executive said his resignation didn't indicate a crisis at the company. The shares were still down 19.7% for the week.

Shares of Chinese dairy producers declined on news Inner Mongolia Yili Industrial Group Co. has recalled some milk powder products, after a government inspection found unusual levels of mercury in them. Shares of the company tumbled by the day's 10% limit in Shanghai, while China Mengniu Dairy Co. lost 3.2% in Hong Kong.

COMMODITIES

Base metals closed mostly higher Friday on the London Metal Exchange, finding some support from hopes for further economic stimulus and some short-covering ahead of the weekend.

At the close, LME three-month copper was 1.2% higher at $7,510 a metric ton. Aluminum lagged the complex, closing 1.1% lower at $1,933/ton. U.S. crude futures ended nearly flat Friday, as hopes of further central bank stimulus couldn't excite traders ahead of a pivotal election in Greece over the weekend.

Light, sweet crude for July delivery settled 12 cents higher at $84.03 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange for August delivery traded 27 cents lower at $97.61 a barrel.

Gold futures ticked higher alongside broader markets as expectations of a global liquidity injection from coordinated central bank action bolstered investor risk appetite.

The most actively traded contract, for August delivery, gained $8.50, or 0.5%, to settle at $1,628.10 per troy ounce on the Comex division of the New York Mercantile Exchange. The contract has rallied 2.2% since on the week. The June-delivery contract finished up $8.60, or 0.5%, at $1,627 per troy ounce.