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Wall Street closed mixed on Friday with the Nasdaq posting a second weekly loss for the first time in 2023 as semiconductor stocks weighed on the tech heavy index. Over the week, the Dow Jones added 0.6%, while the S&P500 and Nasdaq each dropped 0.3% and 1.9% respectively.
July producer price index data was released in the U.S. on Friday and confirmed inflation remains sticky in the region. The data showed a rise of 0.3% on June which was above the 0.2% economists were expecting.
News Corp shares rallied on Friday after the media company reported an earnings beat in Q4.
Over in Europe, markets closed lower on Friday as investors continued to digest corporate earnings results alongside the release of unfavourable PPI data in the U.S. The STOXX600 fell 1.1% on Friday while Germany’s DAX lost just over 1%, the French CAC fell 1.26%, and in the UK, the FTSE100 fell 1.24%.
On Friday, UK economic output data was released showing economic output grew by 0.5% in June, which was higher than the expected growth of 0.2%.
Locally on Friday, the ASX200 fell 0.24%, weighed down by a sharp sell-off in the energy sector, while consumer discretionary and health care stocks offset some of the heavy losses to end the week higher. The sell-off on Friday was driven by investors responding to a slew of earnings results released including Baby Bunting dropping almost 2% after profit fell 51% and the full year dividend was slashed by 52% in addition to cost-cutting measures announced in the FY23 results.
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