ASX Rides Global Rebound
Sharemarket boomlet back on?
US shares were up 1.6% last week, Japanese shares jumped 2.4% while Chinese shares edged up 0.2%. And the Australian market saw a solid gain of 0.9% with resource shares leading the way.
But Eurozone shares fell 0.2% as Italian shares remained under pressure and some emerging markets remained under pressure though – especially Brazil and Turkey.
Commodity prices also rose and this along with some the stronger first quarter GDP growth of 3.1% (annual) saw the $A rise slightly.
Wall Street saw its third-straight week of gains by the close last Friday despite a tense week that saw the US and its major allies argue over trade issues.
For the week, the S&P 500 rose 1.6% and the Dow climbed 2.8%. The Nasdaq, which closed at a record high on June 6, rose 1.2%.
For both the S&P 500 and the Nasdaq Composite, it marked their longest weekly winning streaks since late January.
In commodities Comex August gold eased 30 cents to settle at $US1,302.70 an ounce. The metal was up 0.3% over the week. July silver lost 0.4% to $US16.741 an ounce, on Friday for a weekly rise of 1.8%
Comex July copper settled at $US3.30 a pound—the highest settlement for the year so far for a most-active contract. It was up 0.8%for the day and a sharp 6.5% over the week.
US July West Texas Intermediate crude lost 21 cents, or 0.3%, to end at $US65.74 a barrel for a weekly loss of 0.1% based on Friday’s close for WTI. That was the third weekly decline in a row, according to FactSet.
In Europe August Brent crude, shed 86 cents, or 1.1%, to $US76.46 a barrel, finishing down 0.4% for the week. Brent has fallen in two of the past three weeks.
Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.
At the AFR he was a finance writer, Finance Editor, News Editor and Chief of Staff. At the Nine Network he was supervising producer of Business Sunday for more than 16 years. He has also written for other online and analogue print publications here and overseas.