FX.co ★ ASX 200 Rises 1.3% Weekly Despite Friday's Retreat

The ASX 200 fell 44 points, or 0.5%, to close at 9,021 on Friday, erasing the previous session’s rally as Dow futures sank sharply in the wake of Thursday’s Wall Street sell-off. Sentiment was hit by mounting concerns over soaring AI-related capital expenditure and doubts that the rapid build-out of data centers can justify current valuations.

Technology, logistics, and mining stocks led the declines, while financials and transport names advanced. Major miners BHP Group (-2.3%) and Rio Tinto (-2.0%) retreated as copper prices fell to their lowest level since July, amid uncertainty over potential shifts in U.S. policy following Democratic gains in the midterm elections. Even so, early losses were pared as some investors rotated into defensive sectors.

Goodman Group slid 3.2% on fears that tighter U.S. restrictions could slow data center construction. Macquarie Group (-3.7%) and Reece (-3.1%) also weakened. In contrast, the four major banks gained between 0.6% and 2.7%, while Woolworths rose 1.8%. For the week, the ASX 200 extended its prior advance, finishing up 1.3% on the back of a sharply higher trade surplus in September.