The Australian benchmark index fell 0.8 per cent on Friday, losing 56.5 points and closing the week half a percent lower at 7 thousand 25.8. The ASX200 is up today, gaining 0.44 per cent to 7 thousand 56.40, driven by strong results of Westpac Group. The biggest news comes from the one of the Big 4 Banks, Westpac Banking Corporation. Westpac has announced better than expected cash profit in the first half of 2021 due to continued economic recovery in Australia and New Zealand. Moving on, Perth based gold exploration company Westar Resources announced completion of negotiations to facilitate Westar becoming the 100 per cent beneficial owner of Birrigrin Mining Centre, adjoining the Gidgee South Gold Project.
On Friday, the U.S. Treasury yields slipped from upper levels as investors purchased the debt to rebalance their portfolios, despite fears of higher inflation as businesses reopen.