The ASX is heading for a small gain today after Europe and Wall Street steadied in the wake of those big falls on Thursday.
Eurozone shares rose 0.3% on Friday and US shares were up around 1% as investors bought stocks that had been hard hit in Thursday’s fall.
That positive global lead saw ASX 200 futures close 24 points higher, or 0.4%, pointing to a positive start to the session later today.
For local investors the coming week sees the all-important jobs report for May released, along with early data on wages and retail sales.
Last week saw the Australian market’s six-week run of gains has come to an end, with $92 billion wiped out in on Thursday and Friday.
The benchmark ASX 200 fell 112.8 points, or 1,9% on Friday at 5847.8 points, extending Thursday’s slide to end the week down 2.5%.
The ASX slumped 3.5% in early trade, adding to the losses in the previous session, but losses were trimmed as early US futures trading saw the S&P 500 move into the green.
It was the market’s first weekly loss since April.
Commodity prices were mixed with oil down but metals and the iron ore price up.
The banks lost 3.8% for the week, halting a run of gains that included rises of 11.1% and 7.4% over the preceding two weeks.
