ASX 200 falls, ends week higher; IAG profit hits $347m; Woodside rallies

ASX falls, but up for fourth straight week. Woodside leads energy advance, Bell Financial slashes dividend, IAG up on profit, Lake Resources dives and ResMed falls on result.

Equity investors are weigning inflation-curbing rate actions, earnings updates. Picture: Gaye Gerard

Welcome to the Trading Day blog for Friday, August 12. The Australian ends Friday lower, but rises 0.2 per cent for the week to extend its streak to a fourth consecutive week.

The benchmark S&P/ASX 200 index closed Friday’s session down 0.5 per cent, or 38.45 points, to 7032.50 with just energy, communication services and consumer staples.

On Wall Street, the Dow Jones Industrial Average edged slightly higher at close to record a 0.1 per cent gain, while the S&P 500 ended down 0.1 per cent and the technology-focused Nasdaq Composite Index fell 0.6 per cent.

It followed reports of strong demand for US housing as prices continue to surge despite the prospect of increasing rates. Signalling price pressures may have eased, US producer prices decreased a seasonally adjusted 0.5 per cent in July, the first decline since April 2020.

US 10-year bond yields rose to 2.89 per cent while 2-year yields lifted to near 3.24 per cent.

Oil prices are higher with global benchmark Brent crude rising 2.3 per cent to $US99.60 per barrel while the US Nymex added 2.6 per cent to $US94.34 a barrel.

Iron ore futures climbed 1.6 per cent to $US111.01 per tonne on reports that Chinese regulators will step in to support housing demand.

The Aussie dollar is higher and was near US71.05c at the US close.