Australia shares bounce from lows after offshore gains

* Worst week in 2 years

* U.S. stocks higher

* Iron ore stocks hit by China slump (Adds analysis, quotes, stocks on the move)

SYDNEY/WELLINGTON, May 8 (Reuters) - Australian shares bounced from three-month lows on Friday as investors took a positive lead from offshore markets and bought back into stocks that were heavily sold in recent sessions.

Global investment bank Macquarie Group led financials and the broader market higher after beating analyst forecasts with a 27 percent jump in full year profit. Its shares rose 5 percent.

Commonwealth Bank of Australia (Other OTC: CBAUF - news) and Westpac Banking Corp, which both showed signs of slowing growth in earnings reports this week, gained about 1.5 percent after notes from a central bank meeting, released on Friday, suggested more rate cuts were possible.

After dropping over 4 percent in three sessions, the S&P/ASX 200 index had recovered 37.2 points or 0.7 percent to 5682.9 by 0236 GMT.

That followed overnight gains in U.S. stocks, which were helped by a jump in tech stocks and a reversal in surging global interest rates.

"I'm not surprised to see some consolidation, it's been a savage, savage week," said IG Markets strategist Evan Lucas.

"It's been the worst week in two years," Lucas added, noting markets may face more instability next week as Greece faces a key deadline to agree to debt refinancing with Europe.

A drop in the oil price overnight pushed up airline Qantas Airways by 5 percent, the biggest gainer afer Macquarie, while energy firms Wooldside Petroleum, Santos and Oil Search

Iron ore miners underperformed the broader market, despite a steadying in the commodity's beleaguered spot price, after data showed exports from key trading partner China fell more than expected in April.

BHP Billiton (NYSE: BBL - news) was down 1 percent, while Rio Tinto (Xetra: 855018 - news) edged up 0.2 percent and Fortescue Metals Group eased 0.8 percent.

New Zealand's benchmark index was modestly higher at 5,748.64, as the market lifted itself from a two-month low struck the previous day, on the back of selected buying of leaders.

Power company Contact Energy (NZSE: CEN.NZ - news) , the number three stock, was up 2 percent, with casino operator Sky City up 0.7 percent and smaller gains for telecommunications provider Spark and top stock Fletcher Building (NZSE: FBU.NZ - news) .

The biggest listed retailer, The Warehouse Group gained 1.1 percent after it reported a 3.8 percent gain in group sales in the past quarter.

Shares in power company Meridian Energy, which has been heavily sold in recent weeks, bounded 3 percent higher ahead of next week's deadline for the payment of the final instalment for the part-paid shares.

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(Reporting by Byron Kaye and Gyles Beckford; Editing by Simon Cameron-Moore)