Australia shares end up 2.4 per cent

Australian stocks broke a three-day losing streak to close 2.4 per cent firmer,heartened by encouraging U.S. economic data and bargain hunting in beaten-down banks and resource stocks.

Investors temporarily put aside negative sentiment over domestic problems,including the ongoing squabbles over a mining tax and concerns over company profits. However,Xstrata stirred up debate around the tax after threatening to scrap 5.4 billion in coal and copper projects in Australia.

The major banks and resource majors BHP Billiton and Rio Tinto led gains.

The benchmark Samp;P/ASX 200 rose 104.97 points to 4,486.0,according to latest data,its first gains in three sessions.

New Zealand8217;s benchmark NZX 50 index rose 5.21 points to 3,024.1.