Thanks Brit and morning crew.
Half-time round-up:
A dramatic plunge in unemployment pushed the dollar up almost a cent and helped the share market edge higher for a second day.
At 1pm EST the ASX 200 was trading nine points or 0.2% ahead at 5132 and almost 50 points off its low of 5083. Gains in IT +2.9%, gold +1.2% and financials +1% helped cushion the index from falls in energy -3.6%, telecoms -1.1%, metals & mining -0.8% and materials -0.7%.
The index accelerated after unexpectedly strong employment figures showing the economy created 58,600 new jobs last month, driving the unemployment rate down to 5.9% from a September rate of 6.2%. Economists had expected jobs growth of around 15,000. The dollar was lately up nine-tenths of a cent at 71.53 US cents.
"The labour market is currently surpassing even the RBA's expectations," Capital Economics chief Australia economist Paul Dales told Fairfax. "This explains the leap in the dollar from US70.65¢ before the data to US71.40¢ after, as the chances of further rate cuts are fading somewhat."
China's Shanghai Composite improved 0.06%, Hong Kong's Hang Seng 106% and Japan's Nikkei 0.09%. Dow futures were recently up 28 points or almost 0.2%.
Crude oil futures bounced 33 cents this morning to US$43.26 a barrel. Spot gold was $3.60 firmer at US$1,088.50 an ounce.
Gotta love the monthly jobs update. It rarely disappoints for entertainment value. Apparently, the Victorian job rate dropped from 6.3% to 5.6%. I don't believe that for a moment. They really need to sort out their sampling methodology. Trading: some wild action in the opening minutes this morning offered attractive intraday entries in NOR and RYG. I nailed the first, missed the second by a pip. Also took AWE close to support and added a speculator in TON.
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- Daytrading November 12 afternoon
Thanks Brit and morning crew. Half-time round-up: A dramatic...
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