The Australian share market has finished the week just where it started, following Wall Street coming back from losses induced by rate-hike concerns and the price of oil wavering again.
The ASX 200 ended the day up 0.5 per cent to 7,478 points.
The All Ords gained a similar amount.
The top performers were Paladin (+13.1c) and Graincorp (+5.8pc).
This takes the benchmark back to where it was five days ago, and means it is virtually unchanged from April 2021.
Graincorp was up after revising up its financial year 2022 guidance. All 11 major sectors were in the green, with consumer goods and staples performing the strongest.
This comes after Wall Street ended in positive territory.
The Dow rose 0.3 per cent overnight (local time) while the S&P 500 gained 0.4 per cent. The Nasdaq inched up marginally. Consumer goods like Costco, Walmart, and UnitedHealth made gains.
"The positive tone (in Australia on Friday) reflects a rebound in the US share market," CBA notes.
Meanwhile, the Reserve Bank is warning of serious risks for those who are heavily indebted with limited savings buffers, while painting a generally upbeat picture of the resilience of Australian households as interest rates rise.
Westpac has also been fined again.
Today the Federal Court ordered its subsidiary BT Funds to pay $20 million for incorrectly charging commission payments to members of the super fund.
That followed Westpac being fined $1.5 million yesterday for selling consumer credit insurance.
Oil wavers amid lockdowns and reserves
Oil is wavering and is just over $US100 a barrel for brent. That's as the world mulls up what lockdowns in China and further reserve releases will do to global supply and demand.
"Oil prices have extended their decline overnight amid uncertainty that the Eurozone will be able to effectively sanction Russian energy exports," CBA added.
Brent plunged more than 5 per cent yesterday, following the International Energy Agency's announcement that US allies will deploy 60 million barrels from stockpiles.
The lockdown in Shanghai is also rattling the iron ore market. China is one of the world's biggest buyers of the commodity and Australia is one of its biggest exporters.
"Iron ore shed $US3.43 or 2.1 per cent to $US156.64 a tonne as investors assessed the potential fallout from China's COVID-19 outbreak," CBA said.
"In London, shares of Rio Tinto (RIO) and BHP (BHP) fell 0.3 per cent and 0.7 per cent, respectively."
The losses had not yet appeared to hit these miners' Australian counterparts, with both BHP and Rio in the green by 10:30am AEST.
All the major European markets ended down, with the DAX losing 0.5 per cent.
Bitcoin is down 0.4 per cent to $US43,536.
The Australian dollar was down 0.4 per cent overnight to 74.79 US cents.
