What you need2know

SPI futures up 4 points or 0.1 per cent to 5471.

AUD trading at 74.66 US cents, 79.26 Japanese yen, 68.00 Euro cents and 56.79 British pence

On Wall St, Dow +0.3 per cent, S&P 500 +0.5 per cent, Nasdaq +0.5 per cent.

In New York, BHP -1.5 per cent, Rio -0.4 per cent.

In Europe, Stoxx 50 +0.1 per cent, FTSE +0.5 per cent, CAC flat, DAX +0.1 per cent.

Spot gold -0.7 per cent to $US1322.72 an ounce.

Brent crude -1 per cent to $US45.74 a barrel.

Iron ore -2.3 per cent to $US55.87 per tonne

What's on today

No local data

Currencies

Sterling weakened versus all of its 16 major peers on the purchasing managers' surveys, which were the first major economic data to give an insight into the fallout from the U.K.'s decision to leave the European Union.

The pound dropped 1.1 per cent to $US1.3082 as of 4.23pm London time, reversing a weekly gain, and weakened 0.7 per cent to 83.87 pence per euro.

The yuan strengthened 0.1 per cent, headed for its first weekly gain in seven weeks, amid speculation the central bank was seeking to limit losses.

Commodities

Benchmark nickel on the London Metal Exchange slid 3.2 per cent to close at $US10,420 per tonne, after gaining 1.7 per cent on Thursday when it hit a 10-month high of $US10,900.

LME zinc finished down 0.4 per cent at $US2245 a tonne. A drop in global zinc mine supply has squeezed production of refined metal, helping LME zinc prices jump nearly 7 per cent so far this month, adding to June's near 10 per cent gain.

Aluminium swam against the tide, ending 0.7 per cent firmer at $US1611 a tonne as consumers went bargain-hunting after prices pulled back from a one-year peak of $US1703 last Friday.

Copper slipped by 1.1 per cent to close at $US4920 a tonne, having hit its highest since July 15 at $US5000 a tonne this week.

Brent for September settlement dropped 1.1 per cent to $US45.69 a barrel on the London-based ICE Futures Europe exchange. Prices slipped 4 per cent this week. The global benchmark closed at a $US1.50 premium to WTI.

United States

US stocks rose, sending the S&P 500 Index to a fresh record, as investors showed confidence corporate earnings will not derail a rally that's headed toward a fifth week.

Equities rebounded as some of the week's best performers were among the biggest contributors to Friday's climb. Microsoft and Biogen added to their strongest weekly increases since at least March. Verizon Communications rose 1.3 per cent as it's said to be near a deal to buy Yahoo. Gains were tempered by disappointment that followed earnings from General Electric, Honeywell International and Apple supplier Skyworks Solutions.

The S&P 500 rose 0.5 per cent to 2175.03 at 4pm in New York, a seventh all-time high in the last 10 sessions after going more than 13 months without one. The benchmark gained 0.6 per cent last week, the smallest such advance in its four-week run. The Dow Jones Industrial Average added 53.62 points, or 0.3 per cent, to 18,570.85, and the Nasdaq Composite Index increased 0.5 per cent. About 5.6 billion shares traded hands on US exchanges, 21 per cent below the three-month average.

Europe

European equities closed little changed, paring a second weekly advance, amid mixed data on the services and manufacturing industries.

The Stoxx Europe 600 Index dropped 0.1 per cent, trimming a loss of as much as 0.7 per cent. Germany's manufacturing output reached the highest level since early 2014 and a composite Purchasing Managers' Index for France stood at 50, the threshold that divides expansion from contraction, according to Markit Economics.

The Stoxx 600 ended little changed for the past two days amid thin trading, trimming its weekly advance to 0.7 per cent. On Friday, the number of its shares changing hands was almost 40 per cent below the 30-day average.

What happened Friday

The sharemarket retreated from its 11-month high on Friday, slipping just below the 5500 level it breached for the first time since August as investors took a breather in a strong two-week rally.

The S&P/ASX 200 ended Friday trade down 14 points (or 0.3 per cent) to 5498.2 points, but up 69 points (or 1.3 per cent) for the week. The All Ordinaries finished the week up 64 points, or 1.2 per cent, to 5574.3 points.