How was your week?
It’s been a bit choppy on the boards but good to see a green finish for the week.
Apparently the Suez canal was blocked by a ship yet again, only this time it was freed and re-floated in 15 minutes.
If only we’d learnt this quickly from last year’s lockdowns…
Enjoy your weekend!
The Australian sharemarket closed higher on Friday but the spectre of COVID-19 and significant global economic uncertainty followed investors for most of the week.
The S&P/ASX200 finished Friday’s session 0.5 per cent higher to 7,406.6, though across the week its losses were 1.55 per cent.
Sharp falls in the iron ore price on Monday and Wednesday sent miners lower, with BHP losing 3.15 per cent over the five days of trading $41.16, while Rio Tinto finished 4.7 per cent lower to $106.22.
Uncertainties about China’s steel outputs and its construction industry were also front of mind for traders, after Moody’s and Fitch downgraded property giant China Evergrande this week as fears rose about the company’s ability to repay its debts.
US markets were also weaker, with jitters after the Federal Reserve’s economic report, the “Beige Book”, pointed to an economic downshift in July and August and the impact of the Delta variant on consumers.