ASX 200 Finishes the Week 0.7% Lower

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ASX 200 Finishes the Week 0.7% Lower
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 closed 27.60 points or 0.37% lower to 7342.60 on Friday, falling 0.7% for the week as investors remained cautious amid persistent uncertainty around the debt-ridden property developer China Evergrande Group (HK: 3333 ), which is yet to make an announcement regarding the interest payment deadline due Thursday.

In coronavirus news, Victoria added a near record high of 733 new cases today, with experts warning the residents should brace for daily COVID-19 cases exceeding 1000 as the state struggles to contain the Delta outbreak. New South Wales tallied 1023 cases, with the state on track to hit its 70% fully vaccinated target in early October.

Among stocks, financials recovered, with Commonwealth Bank Of Australia (ASX: CBA ), National Australia Bank Ltd (ASX: NAB ) and Westpac Banking Corp (ASX: WBC ) closing 0.67%, 1.03% and 0.6% higher, respectively. Meantime, Cochlear Ltd (ASX: COH ) lost 4.88% after a US university filed a patent lawsuit against the company. Resmed Inc DRC (ASX: RMD ) also fell 3.49% after J.P. Morgan’s equities team cut earnings per share targets slightly.

On the bond markets, Australia 10-Year bond yields extended 11-week highs to 1.418%, while U.S. 10-year Treasury yields were steady at 11-week highs of 1.432%.

In new Zealand, the NZX 50 closed 46.37 points or 0.35% lower to 13259.55.

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