ASX Slips 0.6% for the Week; US Yields Rise After Bessent Buyback

The ASX 200 fell 0.6% for the week, closing at 9058.9 on Friday, after a failed attempt by US Treasury Secretary Scott Bessent to push yields lower. Bessent announced a buyback of long-dated US government debt. The 10-year note rose 6 basis points to 4.7% the day after the announcement. Wall Street fell almost 1% that day, and the ASX dropped 24.9 points on Friday.

Six of eleven market sectors ended the week in the red. Property stocks led the decline. Goodman Group fell 5.3% to $27.27, adding to a 1.5% drop on Thursday. Charter Hall shed 6.3% to $20.71 after its guidance missed analyst estimates.

Technology stocks were broadly weaker. Zip tumbled 15.7% to $2.57 after surging 18.2% the previous day on strong earnings. WiseTech Global lost 2% to $42.33, Block fell 2.4% to $112.27, TechnologyOne dropped 1.4% to $32, and NextDC declined 1.7% to $13.67.

Healthcare stocks also fell, reversing some of the previous week's gains. Telix Pharmaceuticals (TLX stock page) dropped 10.1% to $15.62. Pro Medicus lost 7% to $191.60. CSL fell 1.7% to $168.30. Fisher & Paykel bucked the trend, rising 1.6% to $36.31 after lifting profit and revenue guidance. Telix has an AlphaScala Alpha Score of 74 out of 100, rated Moderate.

Energy stocks were mixed. Woodside rose 0.5% to $33.78. Santos fell 0.5% to $8.41. Oil prices rose, with Brent crude hitting $93 a barrel for the first time in three weeks, after President Trump threatened more sanctions on Iran.

Resources were generally weaker. BHP fell 0.9% to $65.16. Gold miners gained on US bond worries (gold profile). Regis Resources rose 3.3% to $8.50 after announcing a special dividend. Genesis Minerals gained 3.9% to $8.32. Vault Minerals added 4.5% to $6.78. Bitcoin also rose more than 4% on Friday, for a weekly gain of nearly 20%.

Company results drove individual moves. TPG Telecom and Guzman y Gomez rose on strong numbers. Regis Resources also gained after its dividend announcement. Charter Hall, Perpetual, GQG, ARN Media, and Inghams fell on disappointing results. EQT Holdings jumped 9.3% to $22.10 after BGH Capital made a non-binding takeover bid at $24.75 per share. Guzman y Gomez added 11.4% to $26.70 despite a $26.7 million statutory net loss from its US expansion. Inghams fell 7.2% to $2.06 after inflation raised transport and feed costs. Perpetual eased 1% to $19.51 after client withdrawals. TPG rose 7.9% to $3.81 after winning mobile market share via a network deal with Optus. Super Retail Group dropped 7.6% to $13.35 after broker downgrades, reversing a 15.1% gain on Thursday from an earnings beat.

The final week of the Australian earnings season begins Monday. Companies reporting include Coles, Woolworths, Wesfarmers, Bendigo and Adelaide Bank, Ventia, Nuix, Ampol, NIB, Reece, Adairs, City Chic, Monash IVF, Endeavour Group, Ingenia, Ansell, Scentre Group, Viva Energy, Monadelphous, Woodside, G8 Education, ARB, Tabcorp, Sandfire, Netwealth, HMC Capital (HMC stock page), Nine Entertainment, WiseTech Global, Domino's Pizza, Steadfast, Worley, DroneShield, Nickel Industries, Lovisa, Perseus Mining, Flight Centre, South32, Magellan, Mineral Resources, Perpetual, Karoon Energy, Atlas Arteria, Cromwell Property, Qantas, Ramsay Health Care, Star Entertainment, Smartgroup, Appen, Coventry Group, McMillan Shakespeare, Pexa and Michael Hill. HMC Capital has an AlphaScala Alpha Score of 62 out of 100, Moderate.

US markets will drive sentiment. Nvidia (NVDA stock page) reports Wednesday after the US close. The chipmaker is expected to report quarterly revenue of about $104.5 billion, analysts estimate. Nvidia carries an AlphaScala Alpha Score of 73 out of 100, Moderate.