ASX 200 lower amid biggest weekly jump since 2020; Mike Cannon-Brookes, AGL face fresh battle

ASX ends session lower on broad falls. Optus faces compensation claim, Whitehaven hits record high, AGL rebuffs Cannon-Brookes board picks and bear market until 2023.

Shares rallied earlier this week in their best session in more than two years, but investors appear to now be hitting the pause button. Picture: Gaye Gerard

Welcome to the Trading Day blog for Friday, October 7. The Australian sharemarket snapped a three-day winning streak to end lower at the end of its best week in more than two years.

The S&P/ASX 200 index fell 0.8 per cent to 6762.80. For the week, the benchmark index gained 4.6 per cent or 288.60 in its biggest jump since mid-2020.

Wall Street ended lower with the S&P 500 index down 1 per cent to 3744 points while the Nasdaq index fell 0.7 per cent to 11,073 and the Dow Jones Industrial Average index was down 1.2 per cent lower to 29,926 points.

US 10-year bond yields rose to 3.81 per cent, while two-year yields are higher at 4.22 per cent.

Oil prices are higher with the Brent crude price rising by 1.1 per cent to $US94.42 a barrel while the US Nymex crude oil price lifts 0.8 per cent to $US88.45 per barrel.

Iron ore futures rose by 0.2 per cent to $US95.46 a tonne.

The dollar plunged to US64.09c at the open.