ASX 200 finishes week 2.2% higher, Aussie holds above 64 US cents
Make us a preferred source
Make us a preferred source on Google
The news: The ASX 200 rallied on Friday to finish the week 2.2% higher, as confidence flooded US markets on hopes the Federal Reserve is done hiking interest rates. It closed at 6,978.20, up 1.1% for the day. The Aussie dollar has held its ground against the greenback and is buying 63.4 US cents.
The numbers: Iron ore futures have been on a tear for nearly two trading weeks, gaining more than 7%. Oil has also lifted on demand optimism, with Brent crude futures lifting 0.33% to USD87.14 per barrel. By sector, only energy stocks finished marginally in the red, with all other 10 sectors posting gains on Friday. US fintech Block posted a solid third-quarter update, which coincided with the US upswing and general tech-sector volatility, triggering a gain of almost 25% on the ASX.
The context: US non-farm employment data and the unemployment change will round out a big week for macro data in the world's biggest economy. The Reserve Bank will make its monthly cash rate decision on Melbourne Cup day on Tuesday, with many economists betting on a 10 basis point increase, which would end four months of rate pauses. China's CPI data is due later in the week on Thursday, along with another hearing in the Senate inquiry into integrity in the consulting industry.
