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Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead

While Afghanistan is not lifting any spirits, Wall Street is more cautious over a possible surprise from Jay Powell tonight. Dow down -192. (Available for non-subscribers after 10am)

Australian shares snapped a three-day rally on Thursday, with losses in mining and gold stocks dragging down the resource-heavy benchmark index amid growing concerns over a surge in coronavirus cases.

Revenue has seen a 42% return to $221 million but the company missed its prospectus forecast as it reported a net loss after tax of $11.8 million.

The Bigger Picture To date, the local market has taken the new lockdowns with a grain of salt. It’s been choppy, but the ASX200 closed at 7358 on June 22 and 7348 last Friday. Presumably investors have put faith in recent history, which suggests state economies bounce back swiftly once the inmates are released. But yesterday was a classic Wall Street sneeze/ASX cold situation as the index opened down -100 points, or -1.4% to the S&P500’s overnight drop of -0.8%. The problem is the concentration of market cap in banks and resources. From the 11am update, nonetheless, the index recovered to...