Shares end week lower as traders brace for higher rates
By Adrian Black
Australia's share market has closed lower as rate concerns and the Iran war rattle investors. -AAP Image
Australian shares have fallen for three of the past four weeks after reporting season revealed a K-shaped market, with miners outperforming while economic worries weigh on earnings expectations elsewhere.
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The S&P/ASX200 fell 14.2 points on Friday, down 0.16 per cent, to 9,005.9, as the broader All Ordinaries lost 2.3 points, or 0.03 per cent, to 9,196.
The top 200 lost just under one per cent since Monday.
Interest rate markets now expect a nearly 80 per cent chance of a Reserve Bank cash rate hike later in September, after June-quarter GDP figures came in hotter than expected and confirmed zero productivity growth since 2019.
Miners dipped on Friday but had improved over the week, as copper prices hovered near record highs and gold was bolstered by a dovish US Federal Reserve pivot and ongoing accumulation by central banks.
The Australian dollar is trading at three-month highs, buying 72.09 US cents, up from 71.65 US cents on Thursday at 5pm.
