Australia's S&P/ASX200 closed 0.85% higher

Australia's S&P/ASX200 closed trading at 8,393.80, gaining 70 points or 0.85 percent from the previous close of 8,323.00 The day's trading range was between 8,323.00 and 8,416.40.

The manufacturing sector in Australia continued to contract in November, albeit at a slower pace, the latest survey from Judo Bank revealed on Friday with a manufacturing PMI score of 49.4.

That's up from 47.3 in October, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

The survey also showed that the services PMI fell to 49.6 from 51.0 in the previous month.

The composite PMI fell to 49.4 in November from 50.2 on October.

The renewed fall in business activity reflected a first reduction in services activity for ten months and a sustained contraction in manufacturing. Survey data revealed that services new business growth slowed after having been solid at the start of the fourth quarter, thereby leading to the drop in services activity.

Manufacturing output meanwhile completed two years of continuous monthly declines, albeit with the latest reduction the softest in six months.

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