ASX posts second week of losses, $A rebounds
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The news: The Australian sharemarket lost ground for the second week in a row, gaining 0.21% on Friday to 6,826.90 but finishing 1.1% lower for the week. The Aussie dollar is stronger than this time yesterday and is buying 63.4 US cents. Oil has eased slightly on simmering tensions in the Middle East, with West Texas crude at US85.42 a barrel.
The numbers: Consumer staples and utilities stocks performed best on Friday, gaining 1.3% and 0.9%, while energy stocks gained 0.7%. IT stocks lost 0.9%, taking the lead from Wall Street after the NASDAQ slumped 1.76% overnight.
The context: Dan Murphy's owner Endeavour will kick off the AGMs next week, with shareholders to decide on a board shake-up pushed by billionaire pub baron and shareholder Bruce Mathieson.
In terms of big macro data, investors and economists alike will be looking to the Federal Reserve for its funds rate decision on Thursday Morning.
The senate inquiry into ASIC investigation and enforcement will continue on 1 November, but the witness list is not yet available. The parliamentary inquiry into the audit, assurance and consultancy industry will continue on the second.
The source: ASX
