The positive weekend lead-in (driven by good US employment data) resulted in a positive start to Monday trading. However, the market faded into the close, and continued to weaken on Tuesday. Banks, energy companies and the miners dragged the market down, and sentiment was not assisted by a weak announcement from Nine Entertainment.
Poor German manufacturing data (with the concern about how this pointed to global demand) resulted in lower overseas markets leading into Australia's Wednesday. However, positive oil price movements resulted in an energy company lead rise for the Australian market. The oil price, and US Fed Reserve commentary showing a general reluctance to raise rates in the immediate term, provided a buoyant lead in for Australia's market on Thursday. It did modestly increase, even with Arrium entering voluntary administration.
On Thursday evening the US market got the jitters and fell just over 1%. The Australian market followed this morning, also easing about 1%, aided by negative bank sentiment.
Overall, the US market finished down just that 1% for the week. Whereas Australia fared a little worse, down 1.6%.