Market Wrap / inflation concerns

Volatility stemming from the Middle East conflict continued to sour market sentiment this Friday.

A global sell-off in equities saw the S&P/ASX200, drop 1% over the day to finish the week at 8,851 points. Over the week it fell 3.8%, its biggest decline in almost four years. 

Fears of a protracted conflict curbing the global flow of oil saw crude extend its rally with Brent climbing another 2% to $84.6 a barrel. Energy heavyweights Santos and Woodside both gained against a broader market selloff.

Leading losses at home were the resources stocks after China’s state-backed iron ore buyer ordered traders to halt new BHP purchases for resale after breaching existing limits. The miner fell 4% along with Rio Tinto and Fortescue, down 3.6% and 0.7% respectively. 

Uranium stocks continued to suffer led by losses in Deep Yellow, after it reported a first half loss.

On the flip side, investors rotated back into tech shares with the sector finishing XX% over the day. Investors snapped up beaten down stocks such as Wisetech, up 10.8% along with Xero which finished 4.5% higher.

And Magellan Financial climbed 9.3% as the Lowy Family took a 5.1% stake in the group.

Tonight, US retail sales and household spending data is released as markets continue to monitor the war in the Middle East.