Feb 16 (Reuters) - Australian shares jumped as much as 1% to touch a more than one-week high on Friday, led by mining and banking stocks, while investors assess economic data and comments from the U.S. Federal Reserve for interest rate cut expectations.

The S&P/ASX 200 index was up 0.5% higher, as of 0051 GMT, at 7,641.30, after rising as much as 1% earlier. The benchmark was, however, set to end the week 0.1% lower.

Investors were pouring money across sectors in Australia after global markets traded in the green following a favourable U.S. retail sales print, which fed hopes of an earlier start to Fed's rate cuts.

The heavyweight mining sector gained 1.1%, their biggest intraday jump since Feb. 7. Top miners BHP Group , Rio Tinto, Fortescue gained 0.7%, 1.1% and 0.8%, respectively.

Financials added 0.2%, with the "Big Four" banks rising between 0.2% and 0.8%.

Meanwhile, QBE Insurance fell as much as 4.8%, its biggest intraday loss since mid-November, after the insurer forecast weaker-than-expected premium growth and operating ratio for fiscal 2024.

Insurance Australia Group (IAG) also declined up to 5.7%, its biggest drop since early February 2023, after first-half cash earnings doubled but fell short of consensus estimates.

General insurer IAG also announced an A$200 million ($130.44 million) share buy-back plan.

Energy stocks gained 1.1%, tracking strong oil prices. Woodside Energy and Santos rose 1.6% and 0.9%, respectively.

Gold stocks jumped as much as 2.5% to post their biggest intraday gain since February 2 after bullion prices inched higher following softer U.S. economic data. Northern Star Resources gained 3%.

New Zealand's benchmark S&P/NZX 50 index rose 0.3% to 11,680.59.

The Reserve Bank of New Zealand governor said the central bank's current 2% mid-point inflation target remained appropriate, as it struck a "right balance between the costs and benefits of inflation". (Reporting by Neha Soni in Bengaluru; Editing by Rashmi Aich)