Australian shares rose for a second consecutive week, bookended on Monday by a record-breaking 19 per cent gain in the iron ore price and on Friday by the European Central Bank once again disappointing global investors. 
The spike in iron ore, driven by China's announcement that it would pursue economic growth at all costs, fell sharply after Monday but was still up nearly 8 per cent for the week, following an 11 per cent rise in the previous week.
Although the medium-term outlook for Australia's biggest mineral export is still rather bearish, the price gain was enough to push the materials sector into the green for the week, alongside all other sectors bar tech and energy stocks.
Even though Brent crude oil seemingly found a new floor above $US40 per barrel during the week, the energy sector was down 1.4 per cent over the five trading days.
The benchmark S&P/ASX200 index lifted 0.3 per cent on Friday and 1.5 per cent for the week to 5166.4 while the broader All Ordinaries gained 0.3 per cent on Friday and 1.4 per cent for the week to 5224.8.
Friday's gain came after positive market sentiment following a bigger than expected European Central Bank monetary stimulus plan was undone afterwards by ECB chief Mario Draghi. The central bank cut the deposit rate by 10 basis points to -0.40 per cent, increased monthly asset purchases, reduced the refi and marginal lending rates by 5 basis points and introduced a few new tools.
Markets initially reacted accordingly - the euro fell by more than a cent against the US dollar, bond yields fell, and stock prices rallied, especially in the eurozone's battered banking sector.
However, Mr Draghi indicated in the press conference afterwards that while more quantitative easing may come, interest rates would probably not be lowered further.
The market interpreted that as meaning the ECB had reached the limits of its interest rate cutting cycle. The euro rose sharply and European stockmarkets fell.
"For a second consecutive policy easing, the ECB botched its communications and sparked an adverse financial market reaction," said Matt Sherwood, Perpetual's head of investment strategy.
AMP Capital chief economist Shane Oliver said that "the ECB more than delivered, but inadvertently shot itself in the foot".
"The past week saw most sharemarkets pull back ... Australian shares were an exception though, getting a boost from a further rise in the iron ore price."
In corporate news on Friday, the embattled joint venture between Brazil's Vale and BHP Billiton, Samarco, announced it was expecting to restart production at its Minas Gerais iron ore mine by the start of the fourth quarter.
BHP fell 0.3 per cent for the week to $17.61 while Rio Tinto dipped 0.7 per cent to $44.57.
Fortescue lifted 6.4 per cent for the week to $2.65 after news that Brazilian miner Vale could buy up to 15 per cent of Fortescue shares and a direct stake in the Australian company's mines.
The banks rose for the week: ANZ Banking Group by 1.6 per cent to $25.42, Commonwealth Bank by 0.8 per cent to $76.37, National Australia Bank by 4.8 per cent to $27.92 and Westpac by 3.2 per cent $32.74.