ASX rebounds to end week 1.72% higher, energy and miners rally

The news: The ASX 200 rebounded after a weak start on Friday to finish 0.3% higher, and up 1.72% over the week, at 7,194.90. A lift in the iron ore price led miners higher, and lithium explorers enjoyed a nice uptick. Oil prices have continued to slide this week, with Brent crude futures falling more than 6% to US74.25 a barrel and West Texas crude taking a similar hit to trade at US70.46 a barrel.

The numbers: The Aussie dollar gained on the greenback on Friday, but was slightly lower than a week ago at 66.2 US cents. A potential Woodside-Santos merger continued to make waves, as the larger Woodside recovered some early losses to finish 0.65% lower, while shares in the smaller Santos jumped 6.1%. A 1% boost in iron ore price lifted BHP and Rio almost 0.7%, while Fortescue jumped 1.1%. Lithium plays enjoyed a nice rebound after tracking with the mineral's sliding price in recent months. Sayona Mining jumped more than 12%, while Pilbara Minerals and Liontown Resources both gained more than 4% each.

The context: Reserve Bank Governor Michele Bullock is booked to speak at the AusPayNet Summit on Tuesday. Later in the week the US Federal Reserve will make its funds rate decision, and while markets have been betting heavily on US rate cuts by mid-2024, the broad consensus is for a hold at the December meeting. NAB, Westpac, Orica and Elders will hold annual general meetings next week.