Day traders' weekend lounge August 25 - 27

Aaaand that's a wrap. Thanks afternoon crew.

End-of-day summary:

A rocky end to the week condemned the Australian share market to its third weekly loss in four as mixed earnings failed to soothe investor worries about the impact of higher rates on corporate profits.

The ASX 200 slumped 67 points or 0.93% this session to its lowest close in six weeks. Declines today in tech, banking and resource stocks helped erase three days of gains. For the week, the Australian benchmark shed 33 points or around 0.5%.

A huge week of domestic earnings painted a troubling picture of the pressures facing listed companies. According to CommSec, statutory net profit at the 114 ASX 200 companies to report prior to today was down an average 44%. Earnings per share declined 27.6%.

The profit falls come as companies battled higher costs and shrinking margins. While revenues grew by an average 7.6%, expenses increased by an average 13%. The result was a 2.5% decline in average dividend payments.

Today's market weakness followed Wall Street's biggest reversal in three weeks. The S&P 500 dropped 1.35% ahead of a speech tonight by Federal Reserve Chair Jerome Powell that could lay the groundwork for more rate hikes.



Enough share talk. Last one to the bar has to buy. This week's Lounge Special is a fusion of beer, tequila and Cointreau: a Lagerita. There's no way this won't give a stinking hangover. Recipe here.