ASX 200 Weekly Report: Australia Stocks Barely Rise After Oil Shock Turns Friday Into a $50 Billion Rout
Australian shares lost nearly A$50 billion in value Friday as the S&P/ASX 200 fell 1.51% to 8,744.4, its biggest one-day drop in seven weeks. The Reserve Bank of Australia raised rates to 4.35% Tuesday, citing rising fuel prices and Middle East risks. Financials led declines, with Westpac down 4.8%. Macquarie Group posted a record A$4.85 billion profit but closed lower.