Australian shares rose on Friday's close after two straight sessions of losses on China's willingness to conduct active talks with the US.

The S&P/ASX 200 Index rose 0.9% or 70.8 points to close at 8,401.50.

China's Vice Commerce Minister Wang Shouwen said the country would be willing to "expand areas of cooperation and manage differences," with the US, Reuters reported.

On the domestic front, business activity in Australia declined in November as the services sector fell into contraction, according to a monthly survey by S&P Global. The Flash PMI Composite Output Index dropped to 49.4 in November from 50.2 in October, marking its lowest level in 10 months.

In corporate news, WiseTech Global (ASX:WTC) cleared founder and former Chief Executive Richard White of misconduct allegations following an internal review.

It also downgraded its fiscal 2025 revenue guidance due to the delayed launch of its Container Transport Optimization amid controversies hounding White. WiseTech's shares fell 12% at market close.

The a2 Milk Company (ASX:A2M) upgraded its fiscal 2025 year-on-year revenue growth guidance to "mid to high single-digit revenue growth" from "mid-single-digit growth,". The company attributed the revised outlook to a significant increase in Mataura Valley Milk external ingredient sales. The dairy company's shares rallied 13% at market close.

GQG Partners (ASX:GQG) will buy back up to AU$100 million of CHESS Depositary Instruments on common stock (CDIs). The global investment boutique said its current CDI price "significantly undervalues the company,". Its shares were up 4% at market close.