Flat Friday but ASX up 0.89% for the week
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The news: The ASX 200 traded flat on Friday, but hung onto some of the gains since Monday close at 7,501.60, or 0.79% higher than a week ago. The index is meddling with its previous all-time high set in 2021 while Fortescue broke its price record to trade at $28.35 and fellow miner Rio Tinto is holding just below its all-time peak of $135.40 from yesterday's session.
The numbers: Energy stocks fared well, tracking with a lift in oil prices and gaining 0.5% on Friday and 2.8% for the week. Materials gained 3% since last Friday on the back of strong commodity prices, while financials stocks were up 1.4% for the week.
The Australian dollar eased off after topping 68 US cents for the first time since July as the greenback struggled ahead of key inflation data due tonight.
Oil held onto its gains for the week as uncertainty about deliveries continued in the aftermath of Houthi attacks on container ships in the Red Sea. Brent crude and West Texas Intermediate futures in Singapore were both up 1.1% to USD80.25 and USD74.70 a barrel respectively.
The context: With markets closed for Christmas and Boxing Day next week, investors will be watching the US core personal consumption expenditures (PCE) index print tonight. The PCE is the US Fed's preferred measure of inflation, and could help indicate how much wiggle room the US central bank has to cut rates in 2024.
