ASX inks third day of loses but ends higher for the week

The news: The Australian sharemarket edged lower on Friday but ended the week higher after a Wednesday rally on the back of cooling US inflation figures as some investors bet on an end to the US Federal Reserve's rate hiking cycle. The benchmark ASX closed at 7,049.40, 1.1% higher for the week, while the broader All Ordinaries finished the week 1.2% higher.

The numbers: The Aussie dollar is buying 64.7 US cents, gaining 1.4% since Tuesday afternoon, joining most major currencies in gains against the greenback in the second half of the week. Energy stocks had a tough week, losing 3.4% since last Friday, tracking with a steady, month-long downtrend in oil prices on weak demand expectations and growing US crude reserves. The price of Brent crude has fallen from USD93.35 to USD77.88 since 19 October.

The context: The parliamentary joint committee into ethics and accountability in the financial services and consultancy sector continues on Monday, with professor Allan Fels and representatives from the McKell Institute among witnesses giving evidence. AGL, Fortescue, Bluescope Steel, Downer and Medibank will hold AGM's next week. The FOMC will deliver its monetary policy minutes on Wednesday morning, and later that night RBA governor Michele Bullock will discuss the economic outlook and monetary policy at the Australian Business Economists dinner in Sydney.