ASX 200 climbs after two-day losing streak, rises 0.6% Friday

The ASX 200 rose 54 points, or 0.6%, to close at 9,092 on Friday, halting a two-day losing streak as strength in commercial services, tech, healthcare, and energy minerals lifted sentiment.

Traders looked ahead to next week’s key domestic releases in Australia, including Q2 GDP and July trade figures, while in main trading partner China, July PMI readings from both official and private surveys are due.

Gains were capped, however, as U.S. stock futures traded mostly lower, with investors cautious ahead of Fed Chair Kevin Warsh’s Jackson Hole speech for signals on the rate path.

Locally, concerns lingered that the cash rate may stay higher for longer after hotter-than-expected July inflation, fuelling bets on a hike at the next RBA meeting.

Standouts included Xero (5.2%), PLS Group (3.8%), and Wisetech Global (3.1%).

The big four banks rallied, while heavyweight BHP added 0.9%.

For the week, markets rose 0.4%, marking the first gain in three weeks.