ASX breaks daily losing streak but finishes down for the week

The news: The ASX 200 gave up its early gains to finish flat on Friday at 7,148.1, and down 2.62% for the week. The Aussie dollar continued to slide, and is down 1.26% for the week, buying roughly 64 US cents. Major indices in Asia were all down for the week, as concerns about China's economy and property crisis continue. The S&P500 has also taken a hit, down 1.8% with a day left to trade, amid ongoing inflation worries.

The numbers: Utilities and real estate were up 1.16% and 1.68% respectively, while communications and consumer discretionary lost more than 1%. Magellan was a top performer, finishing more than 13% up at $10.42 after announcing a special dividend. Goodman, Amcor and Inghams continued their runs after strong performances yesterday. Zip and Tyro lost more than 5% and 4% respectively, on the same day the Victorian government announced CBA as a merchant acquirer for its upcoming public transport ticketing system upgrade.

The context: Earnings season continues next week, with IAG, Bluescope, Charter Hall, NIB, Ampol, Breville and A2 milk to report on Monday. Flash manufacturing PMI figures for Australia, the US, Germany and France all come out on Wednesday, in a quieter week for macro announcements.