ASX 200 rises for fourth straight week; Origin Energy upgrades earnings, Westpac ups cash rate forecast
ASX closes at a nine-month high. Westpac ups rate forecast. ACCC says gas shortfall possible. Tyro opens door to new Potentia bid. Fortescue books shipment rise.
Welcome to the Trading Day blog for Friday, January 27. The Australian sharemarket closed higher on Friday to place it on its longest weekly winning streak in XXX months as investors were increasingly optimistic that the slowing economic growth in the US would see the Federal Reserve pivot to a smaller rate hike next week.
The S&P/ASX 200 index closed up by 0.3 per cent to 7493.80.
On Wall Street, the S&P500 gained 1.1 per cent, the Nasdaq rose 1.8 per cent and the Dow Jones jumped 1.6 per cent, as US GDP grew at annual rate of 2.9 per cent in the December quarter company to 3.2 per cent in September.
The softening data has firmed expectations the Federal Reserve will moderate its rate increases to 25 basis points, down from 50bps at the previous meeting.
The dollar was near US71.10c at the close.
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