The S&P/ASX 200 gained 0.6%, whilst Asian markets rallied; the Hang Seng was up 2.4% and the Nikkei 225 was up 2.5% for the week. The S&P 500 lost 0.7% while the EURO STOXX 50 was flat with an improved outlook for financials being offset by further Brexit concerns.
Precious metals declined following heightened expectations of a December Fed rate hike. Gold lost 4.8%, its biggest weekly decline in nearly 2 years, and silver dropped 10.4%. Gold mining stocks also took a hit with the two ASX quoted gold mining ETFs (GDX and MNRS) both declining by over 12%. WTI crude consolidated the large gains from the previous week, trading above $US50/bbl before ending the week at US$49.81/bbl.
The Australian dollar ended the week back below US 76c having tested US 77c during the week. Pound sterling lost over 4% against the US dollar, including a dramatic "flash crash", during which it dropped 6% during Asian trading on Friday before largely recovering in a matter of minutes.
The Australian ETF market saw net inflows of A$37.5m into domestically domiciled ETFs for the week.
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