• ASX 200 rose almost 2pc on Friday, but finished the week lower
  • All 11 sectors jumped higher today
  • BTC is back above US$30k as risk sentiment returns


The ASX 200 leapt 1.83% higher on Friday, but closed the week 2% lower.

Local shares enjoyed relatively smooth sailing from the opening bell, after a last hour rebound on Wall Street overnight.

All 11 ASX sectors finished higher, with Tech erasing most of its 8% loss yesterday by reclaiming 6% back. Energy, Discretionary and Telcos were the other sectors that closed above 2%.

Sentiment recovered across all risk assets, with Bitcoin rebounding to over US$30k, trading at US$30,480 at 4pm AEDT.

The crypto market had its worst week since May 2021, and among the crypto market’s hardest-hit has been stablecoin TerraUSD, when the platform had to be halted and patched to prevent new players staking on it in the wake of its LUNA token crashing below 2 cents. Bitcoin meanwhile has lost 10% this week.

Today’s market turnaround came as San Fransisco Fed Reserve President Mary Daly told Bloomberg News overnight that a 75bp hike is “not a primary consideration”, and that a strong economy can tolerate a 50bp hike.

“Going up in 50-basis-point increments to me makes quite a bit of sense, and there’s no reason right now that I see in the economy to pause on doing that in the next couple of meetings,” she said.

Heading into next week, the key local data will be the wage price index and unemployment rate. The reading could decide the pace at which the RBA will raise rates this year.



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After losing 12% yesterday, Kiwi software giant Xero (ASX:XRO) regained 8% back today off the back of improving sentiment.

Block Inc (ASX:SQ2) also bounced back by 14%, while acquisition target Link (ASX:LNK) surged 9% – both on no specific news.

Tyro Payments (ASX:TYR) was another stock that surged today on no news. The TYR stock price rose by 9%.



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