The ASX is heading for another weak opening this morning after a mixed session for global markets on Friday.
While Eurozone shares rose 0.2% on Friday, Wall Street fell with the key S&P 500 losing 0.5% after President Trump criticised China and China canceled a US farm visit by trade officials.
While ASX 200 futures were up 2 points at the close of the session on Saturday morning, Australian time, the tone was weak and there will be a flat start to the session later this morning.
Adding to the weakness will be losses for most commodities, especially iron ore, and gold, while the Aussie dollar fell back below 68 US cents, closing down a cent over the week at 67.76 US cents.
Friday’s session locally saw losses but a small over the week.
The ASX 200 closed with a gain of 13.3 points, or 0.2, at 6730.8 and over the week, the index rose 0.9%, extending its winning streak to five, the longest seen since May.
The ASX 200 is now just 1.7% below its late July all-time high, but won’t close the gap today after the stuttering end offshore on Friday.
Locally. Friday saw some notable movers such retailer Premier Investments, which soared 15.3% to $18.12 following a strong lift in full-year profits. But its 11% stake in Myer is still a major irritant.
Wealth manager IOOF Holdings, which jumped 7.9% to $5.99 after a favourable court ruling that saw regulator APRA, lose a major legal case against the company.
Seven West Media shares fell more than 8% to 38 cents on Friday, to be down more than 14% over the week without an explanation.
