Thanks afternoon crew. Anyone who got through this week with their shirt did alright. Heavy seas, big surf.
End-of-day summary:
There was a glimmer of light at the end of a brutal week for Australian investors as the market reversed heavy opening falls that briefly tipped the domestic benchmark into negative territory for 2023.
The ASX 200 narrowly avoided a fifth straight fall by flipping an initial loss of 108 points into a slender gain of four points or 0.05% by the close. The partial reversal lifted the benchmark 30 points back into positive territory for the year.
The early weakness followed a second night of heavy selling on Wall Street as investors reconciled themselves to higher rates - and a greater risk of recession - through next year. The S&P 500 slumped 1.64% to its lowest close since March.
Despite today's partial recovery, the ASX 200 gave up 210 points or 2.9% this week. The Emerging Companies index (XEC), a barometer of risk appetite logged its weakest close yesterday since March 2021.
The bars around the major trading houses will be crowded after this week's events. Let's hope the market uses the weekend to take a more measured look at recent events, and resets for Monday. This week's Lounge Special is an Australian twist on a classic cocktail: a Gaytime Martini. Gaytime, as in Golden Gaytime ice cream. Basically, you melt it and mix it with vodka, Baileys and butterscotch schnapps. Full recipe here.
