The Australian sharemarket snapped a four-week losing streak as it ended flat on Friday, on rising global optimism on the expectation that the US Federal Reserve will cut interest rates next month.

The S&P/ASX 200 index stumbled at the close to dip 3.2 points to 8614.1, taking the total gain for the week to 2.3 per cent. However, it was not enough for the index to fall 3 per cent for November – the worst month for equities since March.

Moomoo market strategist Michael McCarthy said November started ugly with concerns about inflation and slowing growth in the US, but a phalanx of Fed representatives talking potential relief over the past week has turned the tide for equities, with a near 90 per cent chance of a rate cut now priced in.

“Gains this week reflect the shift in market thinking. This is cold comfort to Australian shareholders, as even if the Fed drops rates next week, the upward trend in Australian inflation means there is little hope the RBA will follow suit.”

On the ASX, technology paced the index upwards. WiseTech Global soared 4.7 per cent to $73.02, Life360 2.6 per cent to $40.43 and TechnologyOne 0.6 per cent to $30.85.

Consumer staples were also strong as Woolworths jumped 3.2 per cent to $29.32 after JPMorgan upgraded the supermarket stock from “neutral” to “overweight”. Endeavour climbed 1.9 per cent to $3.70.

Financials weighed as Commonwealth Bank, National Australia Bank, and ANZ all lost about 1 per cent. Suncorp fell 3.6 per cent to $17.56 as UBS cut its share price target as it warned the insurer faces a major hit to earnings following a spike in natural hazard claims.

Stocks in focus

In company news, Westpac slipped 0.8 per cent to $37.59 after its New Zealand arm was fined $NZ3.64 million ($3.19 million) for breaching lender-responsibility rules, with failures that left customers without legally required loan information and, in some cases, agreed interest-rate discounts.

Monash IVF was flat at 85¢ after the Victorian government imposed certain conditions on the registration of its clinics in that state following an embryo mix-up disclosed in June.

Qube fell 2.2 per cent to $4.86 as Morningstar said in a note that Macquarie’s $11.6 billion bid for Qube underscores the rapid decline of listed infrastructure on the ASX, reducing opportunities for individual investors.

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