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1.Market Observations

22 July 2017 (AFR) – ASX weekly wrap: Bank rally fades in topsy-turvy week for ASX

(22 July 2017, AFR, p33, by: Jens Meyer, Patrick Commins)

‘Bank stocks lost steam on Friday as investors booked profits after two days of strong gains, weighing on the overall market. The S&P/ASX 200 index ended the session down 0.7 per cent at 5722.8, for a weekly loss of 0.7 per cent. The sharemarket was mainly driven by domestic factors this week such as the new capital requirements for banks as well as numerous quarterly updates and a few late confessions before the start of the August earnings season. But the overall sentiment dampened a bit on Friday following news that the US probe into Russian meddling in the 2016 presidential election has widened to include Donald Trump’s business transactions.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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