OPENING CALL: The Australian share market is expected to open higher. The SPI200 futures contract expected to open 65 points up.
The company this week introduced new artificial-intelligence technology for two of its e-commerce platforms in an effort to make it easier for customers to find and purchase products.
Facebook Rolls Out AI Tools to Help Small Businesses Sell Their Wares. The company this week introduced new artificial-intelligence technology for two of its
e-commerce platforms in an effort to make it easier for customers to find and purchase products.
The Australian share market closed 1% lower at 5497.0 to pare weekly gains. Following a weak lead from Wall Street, the S&P/ASX 200 lost ground steadily through
the session, with 11 of 12 sectors in the red. Energy again led losses, slipping 2.2%. Tech was the only sector not to lose ground, finishing perfectly flat as gains by Nearmap, Afterpay and Appen offset the drag of WiseTech Global and Computershare.
The ASX 200 closed up 1.7% for the week for a fourth-straight weekly gain. This marks the benchmark index’s eighth positive week from nine since hitting its coronavirus low of 4402.5 on March 23.
U.S. stocks wavered but remained positive for the week as states around the country eased coronavirus restrictions, boosting hopes about an economic recovery.
Major indexes began the day with declines before paring some of those losses in midday trading. The S&P 500 rose 0.2%. The Nasdaq Composite gained 0.4%. The Dow Jones Industrial Average edged down about 9 points, less than 0.1%.
Despite the day’s relatively muted moves, all three major indexes finished the week with gains of at least 3.2%, in part driven by optimism that coronavirus vaccines will be
available later this year. Additionally, all 50 states have relaxed some of their coronavirus restrictions, stirring hopes about an economic rebound as municipalities start to reopen.
Gold prices ended higher as testiness between the U.S. and China fed risk-off sentiment, drawing investors into assets considered to be havens, including government
debt and the Japanese yen.
Gold for June delivery on Comex rose $13.60, or 0.8%, to settle at $1,735.50 an ounce, after the yellow metal dropped 1.7% on Thursday marking its first decline three sessions. Front-month contract prices saw a weekly loss of 1.2%, according to FactSet data. In other commodity markets, July wheat prices fell 7 1/4 cents to $5.08 3/4.
Oil futures ended with a loss as tensions between the U.S. and China raised demand concerns for the commodity, but prices found support for the week from global production cuts and expectations for further reductions.
Baker Hughes reported a 10th straight weekly fall in the number of active U.S. oil rigs. July West Texas Intermediate oil fell 67 cents, or 2%, to settle at $33.25 a barrel on
the New York Mercantile Exchange. Based on the front-month contracts, prices rose nearly 13% for the week, according to Dow Jones Market Data.
The U.S. dollar strengthened against most major currencies, including more than 0.4% against the euro, but weakened slightly against the yen. Cambridge Global Payments said economic data suggests the pandemic is tending to have a deflationary effect, citing consumer price data from Canada and a number of European countries, including Sweden and Spain.
European stocks were mixed as investors fret about possible U.S. retaliation to China’s plan to impose a national security law in Hong Kong and digest the European Central Bank’s April policy meeting minutes. The Stoxx Europe 600 and CAC-40 were flat, the DAX rose 0.1% and the FTSE 100 fell 0.4%.
Hong Kong shares plunged, leading regional declines. The Hang Seng Index lost 5.5%, with property, financial and infrastructure stocks retreating between 5% and 9%. Japan’s Nikkei 225 slid 0.8% and China’s benchmark Shanghai Composite Index fell 1.9%. Japanese stocks were weighed on by falls in financial and energy stocks, as concerns persist about the Covid-19 pandemic’s economic impact. The Nikkei Stock Average declined 0.8% at 20388.16.
South Korean stocks snapped a five-session winning streak, with the benchmark index Kospi closing 1.4% lower at 1970.13. Over the week, the index gained 2.2%. Steel, chemicals, auto and electronics led the declines. Risk-off sentiment was back in place amid renewed U.S.-China tensions