ASX Edges Higher Over The Week
The ASX is looking a solid start this morning following the positive global lead on Friday night that saw the ASX 200 futures rise 23 points or 0.4%.
If that positive start to trade Monday happens it could push the ASX 200 back above the 6000 level.
The ASX 200 index advanced 48 points over the week, or 0.7%, to 5,994 while the All Ordinaries climbed the same amount in points and percentage terms to 6,077. On Friday the ASX 200 index climbed 19 points.
Eurozone shares rose 0.6% on Friday and the US S&P 500 was up 0.5% too helped by the solid 228,000 new jobs in the US in November.
Most major share markets still ended up for the week, with US shares up 0.4%, Eurozone shares were up 1.7% and Chinese shares were up 0.1% and Japanese shares down less than 0.1%.
Bond yields were mostly little changed, but commodity prices fell (see separate story).
The Australian dollar fell to around 75 US cents in response to he softish GDP growth, a sharp fall in the trade surplus and a stronger greenback.
On Wall Street the Dow rose 117.68 points, or 0.49%, to end at a new record close of 24,329.16, the S&P 500 added 14.52 points, or 0.55%, to 2,651.5 and the Nasdaq Composite added 27.24 points, or 0.4%, to 6,840.08.
For the week, the Dow rose 0.4%, the S&P advanced 0.35% and the Nasdaq fell 0.11%.
The jobs data cemented expectations the Federal Reserve will raise rates at its meeting this week - US traders now see a 96% chance of a quarter-point hike.
Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.
At the AFR he was a finance writer, Finance Editor, News Editor and Chief of Staff. At the Nine Network he was supervising producer of Business Sunday for more than 16 years. He has also written for other online and analogue print publications here and overseas.