ASX 200 Falls 0.7% This Week

The ASX 200 edged up 16 points, or 0.2%, to close at 8,764 on Friday, clawing back ground lost in the prior session as process industries, retail trade, and transport stocks lent support. Gains were modest, though, with sentiment fragile after Asian markets weakened and U.S. futures slipped on renewed doubts over a Middle East peace deal following an overnight tanker attack near Oman. Three of the big four banks rose modestly. Rising copper and gold prices supported miners, with BHP up 0.8% and Rio Tinto 2.2%. Gold producers Northern Star and Evolution Mining jumped about 3% each as easing fears of an imminent U.S. rate hike lifted bullion. However, the local market fell 0.7% for the week, reversing strength in the prior two sessions, as resilience in recent data stoked concern that the RBA may tighten further to rein in inflation. Traders also turned cautious ahead of China’s PMI data next week and the RBA’s June meeting minutes, following its pause after three hikes since January.

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