ASX loses 0.9% on Friday, down 0.43% for the week
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The news: The Australian sharemarket finished 0.93% lower at 7,115.2 today, and down 0.46% since the open on Monday. The Aussie dollar is buying 0.641 US cents, losing roughly 1% against the greenback since yesterday.
The numbers: Most sectors finished the day in the red, with IT stocks, energy, materials, utilities and financials all losing more than 1%. IT shed 2.55%, as WiseTech and Xero gave up 4.8% and 3.3% respectively. IAG lost 3.2%, after ASIC sued two of the insurer's subsidiaries for allegedly misleading customers over loyalty discounts. Pilbara Minerals lost 8% despite posting solid results, quadrupling its profits in FY23.
The context: Earnings season rolls into the home stretch next week with Fortescue, InvoCare, Mineral Resources and AI data play Appen set to post results on Monday. Zip, Brambles and Harvey Norman will follow later in the week. Investors are keenly awaiting a speech from Federal Reserve chair Jerome Powell at the Jackson Hole Economic Policy Symposium overnight, after his effort last year foreshadowed tighter monetary policy and contributed to a 13% selloff of the S&P500 in the month following the event.
