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Our local market rebounded last week, gaining 2% week-to-date. Most sectors gained WTD, apart from industrials and materials. And taking a quick look at Friday’s session, a rebound in commodities boosted Australian shares and the market closed 0.5% higher, with energy and materials in the lead. Australian shares were largely unaffected by the declines in share markets across Asia on Friday afternoon, following reports that the former Japanese Prime Minister was shot during an election speech.
Instead, energy producers and gold miners gained, as well as the tech sector which followed a strong lead by the Nasdaq. The ASX200 was once again led by family app Life360 (ASX:360).
European stocks closed with solid gains, ending the week in positive territory. The STOXX 600 closed the day 0.5% higher, with most sectors in the green. Investor focus was on the US employment report for June, which displayed a stronger than expected month of hiring. It was a key piece of data, as the Federal Reserve is closely watching the labour market and inflation figures as it continues to plan its course for monetary policy.
US equities closed mixed. The Dow Jones closed slightly lower, down 0.2%, while the S&P500 closed flat. Meanwhile, the tech-heavy Nasdaq slightly rose 0.1%, its fifth straight day of gains.
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