ASX 200 Rises 1.3% Weekly Despite Friday's Retreat

The ASX 200 fell 44 points, or 0.5%, to close at 9,021 on Friday, reversing the prior session’s rally as Dow futures dropped sharply following Thursday’s Wall Street selloff. Concerns over surging AI spending and whether data center expansion justifies current valuations weighed on sentiment. Tech, logistics, and mining led losses, while financials and transport strengthened. Heavyweights BHP Group (-2.3%) and Rio Tinto (-2.0%) dipped as copper prices slid to their lowest since July, amid worries over potential shifts in U.S. policy following Democratic gains in the midterm elections. Still, early losses narrowed as investors rotated into defensive stocks. Goodman Group fell 3.2% on fears that U.S. restrictions could curb data center construction. Macquarie Group (-3.7%) and Reece (-3.1%) also lost. In contrast, the four big banks rose 0.6%—2.7%, while Woolworths added 1.8%. For the week, the ASX 200 extended previous gains, up by 1.3%, on a surging trade surplus in September.