• Tragedy out of Japan as former PM Shinzo Abe is shot
  • The ASX 200 was up 0.50% today, 2% for the week
  • Tech and Consumer Discretionary were this week’s leading sectors

Shocking news out of Japan today as former Prime Minister Shinzo Abe was reportedly shot while making a speech in the city of Nara. Early reports said that he was unresponsive before being taken to the hospital.

Asian markets were little changed after the incident, with Nikkei holding on to its 0.60% gain, while the Yen gained as traders flock to the currency in times of uncertainties.

The ASX also rose by 0.50% at the close of Friday.

For the week, the benchmark ASX 200 was up over 2%. Tech gained the most, rising by 7%, followed by Consumer Discretionary by 5%. The worst performing sector for the week was Mining, down by 1%.

Today, Energy led all other sectors as oil shot back up by 4% after a 10% slump the previous day. Brent crude is now trading back above US$100 a barrel at US$105.30.

Some good news out of China despite the latest lockdown threats in Shanghai, where the central government is considering a $220 billion stimulus to boost the economy. The Chinese Ministry of Finance is said to be mulling an idea to allow local governments to sell 1.5 trillion yuan of infrastructure bonds in the second half of the year.

Commodity prices have rebounded on the news with copper jumping 5% to $US7860 a tonne, and iron ore futures rising marginally in Singapore today.

Next week will see a couple of important data releases – Australia’s unemployment rate for June due out on Thursday, and the US inflation rate on Wednesday US time.
 

BIG CAP WINNERS

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Lithium miners Pilbara Minerals (ASX:PLS) and Liontown Resources (ASX:LTR) were the best large cap performers today on the back of rising metal prices.

Coal miner Whitehaven Coal (ASX:WHC) also rose 6%.
 

BIG CAP LOSERS

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Magellan Financial Services (ASX:MFG) was down 3% today after it once again reported a FUM (funds under management) outflow.

For the June quarter, Magellan experienced net outflows of $5.2 billion, which comprised of net retail outflows of $1.7 billion and net institutional outflows of $3.5 billion.