CMC Markets Weekly Report

Stocks in the US closed in the green ahead of the weekend with the Dow Jones Industrial Average ending 85.48 points higher at 15,961.70 registering a sixth week of gains. The S&P 500 also edged higher gaining 7.56 points to close at 1,798.18.

Shares of Exxon Mobile led the charge for the Dow with Warren Buffet's Berkshire Hathaway announcing a new US $3.45 billion stake in the company shares for the second-largest US Company rose 2.2 percent to US $95.27.

European shares continued their grind higher to close at five year highs on Friday. Both the FTSE 100 and the German DAX closed marginally higher at 6693.44 and 9168.69 respectively.

A weaker yen and confirmation the US Federal Reserve will keep its accommodative policies in place for now saw Tokyo stocks surge 1.95 percent to 15,165.92 on Friday with the Nikkei chalking its best finish since reaching a five-year high in May.

US Federal Reserve chair nominee Janet Yellen helped underpin the Australian dollar with confirmation the Fed will maintain its accommodative polices. The local unit recovered back above 0.9300 against the Greenback. A robust October payrolls number for the states saw some suggest the Fed could begin tapering sooner rather than later.

Oil rose slightly in choppy trade on Friday and is at US $108.50 a barrel with Gold ending little changed at US $1287.80 an ounce.

The local share market continues to be range bound with a break either side of 5387 - 5444 will provide the next direction for the market a short term correction would not come as a surprise.

A busy week ahead for data will kick off with RBA Monetary Policy Meeting Minutes released locally tomorrow and RBA governor Glenn Stevens speaking on Thursday. HSBC flash manufacturing PMI data for China is also due on Thursday. A busy end to the week for the US and Eurozone with a plethora of data due.