Thanks @Quantum Torus, @Ravgnome and AM Loungers. So much sharing and caring in the Lounge overnight. Warms the heart and restores faith in humanity.
@Oscar09 is off to Bali and @Endless is going to hit the slopes again. Have a great time you guys.
A superficially solid jobs report failed to lift the Australian sharemarket out of the red as banks, consumer staples and healthcare stocks all got hammered as the data dealt a blow to rate-cut hopes.
Global sentiment improved overnight on news US-China would meet to strike a trade deal, but the S&P-ASX 200 index still dropped 0.4 per cent at the open.
It bounced briefly on news the economy created 44,000 jobs last month, more than double forecasts, and dropped to close down 47.2 points, or 0.76 per cent, at 6128.7, its ninth loss out of 10 sessions.
Miners bounced one per cent on average as trade-war fears eased and the US dollar fell following soft producer price inflation data last night.
Westpac economist Justin Smirk said in contrast to the “robust” headline employment numbers, total hours worked were flat in the month, following the solid 0.2 per cent bounce in July, taking the annual pace down to 2.1 per cent from 2.4 per cent in July.
UBS economist George Tharenou said still high under-utilisation of the workforce meant there was still too much spare capacity in the economy and wages were unlikely to rise to 3 per cent, leaving official rates likely on hold until 2020.
The Australian dollar bounced overnight, then extended gains to 1.2 per cent and a high of US72¢ after the jobs report, but it slipped back to US71.80¢.
Government 10-year yields rose 1.5 points to 2.60 per cent and US 10-years were flat at 2.94 per cent as US Federal Reserve governor Lael Brainard indicated the central bank was continuing to ignore the recession-risks signal from the “flattening” yield curve where two-year yields narrowed the gap to 10-year yields.
She said she saw the central bank gradually raising interest rates over the next year or two, possibly to more than 3 per cent, as government stimulus provided “tailwinds to demand”.
The Shanghai composite index was up 0.5 per cent at the close of the ASX
Apple (AAPL.O) led a rebound in technology shares and boosted all three major U.S. stock indexes on Thursday, while trade worries eased after China welcomed new talks with the United States.
The Dow Jones Industrial Average .DJI rose 147.07 points, or 0.57 percent, to 26,145.99, the S&P 500 .SPX gained 12.56 points, or 0.43 percent, to 2,901.48 and the Nasdaq Composite .IXIC added 48.74 points, or 0.61 percent, to 8,002.97.
Source: Netwealth Morning Business Roundup
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