ASX ends week lower as December rally fades
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The news: The Australian sharemarket has gotten off to a poor start in 2024. On Friday, the benchmark ASX 200 edged 0.07% lower. At 7,489.10, the index has fallen 1.3% since reopening on Tuesday as December's equities rally ran out of steam. IT stocks led the losses, falling 2.1% on Friday and more than 5% since this time last week.
The numbers: The Australian dollar has lost ground and is struggling to hold the 67 US-cent level, reflecting other major currencies as risk-on sentiment led investors towards the greenback.
Oil futures have risen amid tensions in the Middle East. US Federal Reserve confidence that inflation is under control has lifted hopes of cheaper credit ahead to fuel economic growth and demand for the commodity. Brent crude futures are trading at USD77.92 a barrel while its West Texas counterpart enjoyed a small bounce overnight to USD72.63 a barrel.
The context: The Australian Bureau of Statistics will be back next week with retail sales and building approvals on Tuesday. Investors and many mortgage holders will be looking to Wednesday's inflation data for clues on the efficacy of the RBA's rate-hiking cycle. US CPI data will follow later in the week.
