ASX 200 Ends Flat, Posts First Weekly Loss in 4 Weeks
The ASX 200 closed nearly flat at 8,795 on Friday, reversing a modest decline in the prior session as traders assessed flash PMI data showing a further contraction in Australian factory activity and a deeper downturn in services in October. Meanwhile, U.S. stock futures fell after the Nasdaq posted its steepest daily decline since June Thursday, as high-profile earnings reignited concerns over AI spending. BHP Group tumbled 3.6% amid a sharp drop in copper production and regulatory concerns over Chinese trade agreements. Goodman Group also shed 3.6% amid mounting regulatory scrutiny and concerns over power-grid capacity for Australia's data center infrastructure. In contrast, the four major banks rose between 0.9%—4.4%, benefiting from a defensive rotation away from materials and tech stocks. For the week, the index eased 0.1%, snapping three straight weekly rises, on concerns over a potential fifth interest rate hike this year following hawkish comments from RBA Deputy Gov. Hauser.
The ASX 200 closed nearly flat at 8,795 on Friday, reversing a modest decline in the prior session as traders assessed flash PMI data showing a further contraction in Australian factory activity and a deeper downturn in services in October. Meanwhile, U.S. stock futures fell after the Nasdaq posted its steepest daily decline since June Thursday, as high-profile earnings reignited concerns over AI spending. BHP Group tumbled 3.6% amid a sharp drop in copper production and regulatory concerns over Chinese trade agreements.
Goodman Group also shed 3.6% amid mounting regulatory scrutiny and concerns over power-grid capacity for Australia's data center infrastructure. In contrast, the four major banks rose between 0.9%—4.4%, benefiting from a defensive rotation away from materials and tech stocks. For the week, the index eased 0.1%, snapping three straight weekly rises, on concerns over a potential fifth interest rate hike this year following hawkish comments from RBA Deputy Gov. Hauser.