ASX 200 ends week down; Latitude cyber attack wipes profit, Mike Cannon-Brookes buys Sun Cable

The bourse however closed Friday higher. Mike Cannon-Brookes buys Sun Cable. Latitude cyber attack wipes profit. Humm hit with BNPL ban. WiseTech hits record high.

Equity markets are bracing for a possible US debt default despite US President Joe Biden saying it’s not an option. Picture: Gaye Gerard

Welcome to the Trading Day blog for Friday, May 26. The Australian sharemarket ended a two-week losing streak to record its biggest weekly drop since March as uncertainty about the US debt ceiling and interest rates weighed along with worries about the Chinese recovery.

The S&P/ASX 200 firmed 0.2 per cent, or 13.24 points, to 7154.80. For the week, the index lost 1.7 per cent. 

Wall Street was mixed as the S&P 500 rose 0.9 per cent, the Nasdaq jumped 1.7 per cent and the Dow Jones fell 0.1 per cent.

The dollar was near US65.20c at the close.