Australia: Market ends softer

At closing bell, the benchmark S&P/ASX200 index dropped 70.50 points, or 1.16%, to 6,024. The broader All Ordinaries fell 65.87 points, or 1.06%, to 6,148. There were 43 companies higher, 152 lower, and 5 flat after trade on Friday. The S&P/ASX200 index lost 0.2% for the week, but is still ahead 2.1% for the month of July.

At closing bell, the benchmark S&P/ASX200 index dropped 70.50 points, or 1.16%, to 6,024. The broader All Ordinaries fell 65.87 points, or 1.06%, to 6,148. There were 43 companies higher, 152 lower, and 5 flat after trade on Friday.

The weakness on Wall Street on Thursday came after the release of some disappointing U.S. economic data, including a Labor Department report showing first-time claims for U.S. unemployment benefits increased for the first time in sixteen weeks.

Restrictions were reintroduced in Australia's most populous state of New South Wales on Friday, as authorities battle to control fresh clusters in Sydney. This comes after a partial lockdown was enforced and masks were made mandatory in Melbourne, the capital of the second-most populous state Victoria. Australia is currently facing its biggest postwar deficit after rolling out billions in stimulus.

In the latest deterioration in Sino-U.S. ties, Beijing vowed to close the U.S. consulate in the southwestern city of Chengdu. The move comes after the U.S. ordered the closure of a Chinese consulate in Houston, citing fraud and espionage, highlighting rising tensions between the global superpowers.

Utilities were the only sector ahead on Friday thanks to gains from AGL Energy, Ausnet, and APA. Tech sector led losses with a collective 2.5% decline. The financial sector was 1.4% lower, the materials sector ended down 0.9%, and health stocks dropped 1.7%.

CURRENCY NEWS: The Australian dollar was lower against the U.S. dollar on Friday. The local unit was quoted at $0.7095, compared to $0.7152 on Thursday.

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