Overseas markets mixed, commodities taper, uptick in SPI futures
Strength across all major commodities including oil, gold, iron ore and base metals, meant there was no other way but up for our sharemarket last week.
Generally positive sentiment in overseas markets also provided momentum.
The weekly gain of 77 points represented an increase of 1.3%, despite a retracement on Friday, which could be attributed to COVID concerns.
The key overseas markets in Europe and the US that we look to for a lead lacked direction on Friday, suggesting our market will run its own race.
The ASX SPI200 futures suggest we will see a positive start to the week, up 42 points to 6014 points.
Major markets in the Asia-Pacific region trended downwards on Friday, and perhaps Australian investors were swayed by that trend.
There was a marked decline in Hong Kong with the Hang Seng falling nearly 400 points or 1.6% to 24,531 points.
The Shanghai Composite shed 1% to close at 3354 points.
The Nikkei 225 came off 0.4%, closing at 22,330 points.
There was little movement in the FTSE 100 as it gained five points to close at 6032 points.
It was a similar story in Europe with the Stoxx 600 flat and the CAC 40 up less than 0.1% as it closed at 4889 points.
The DAX was the only market to show some clear direction gaining nearly 0.7% or 83 points to close at 12,674 points.
The broader lacklustre mood flowed over to the with US the Dow up less than 0.2% to 27,433 points and the S&P 500 adding two points to 3351 points.
After posting strong gains throughout the week, the NASDAQ fell nearly 100 points to close at 11,010 points.
The Brent Crude Oil Continuous Contract finished up on a week on week basis, but gave up some of the gains that saw it edge above US$46 per barrel for the first time since March.
The gold price steadied at the end of the week after looking like it may make another milestone in hitting the US$2100 per ounce mark.
However, after falling just shy of that level it closed at US$2046 per ounce.
After most base metals gained significant ground throughout the week, there was a notable retracement on Friday with copper being the main casualty as it fell from US$2.94 per pound to US$2.86 per pound.
After rallying strongly for most of the week the Australian dollar retraced on Friday from levels of around US$0.724 to US$0.715.
Important domestic data will emerge mid-week with the release of consumer confidence numbers and the unemployment rate.