Thanks Endless. Half-time round-up:Australian shares declined...

Thanks Endless.

Half-time round-up:

Australian shares declined for the fourth time in five sessions before paring losses as the unemployment rate and US futures improved.

At lunchtime the ASX 200 was 10 points or 0.2% in the red at 5142 after earlier falling as much as 26 points or 0.5%. Utilities +0.4%, telecoms +0.4% and industrials +0.2% were the only sectors to advance. Gold stocks -3.1% were the biggest drag. The metals & mining sector lost 0.9% and financials 0.1%.

The market hit its low just before the 11.30am EST release of jobs data that showed the unemployment rate dropped to 5.6% last month from 5.8% in August. The decline came as a fall in the participation rate offset a lower-than-expected increase in jobs of 9,000 over the month.

"Today's data and the slight improvement in the suite of other labour market indicators are consistent with the RBA being on hold for several months," ANZ senior economist Justin Fabo told Fairfax. "The recent improvement in confidence and stabilisation in labour market conditions is welcome, but is still only tentative evidence that economic activity is improving from below-trend rates rather than just stabilising."

US futures reflected a more optimistic mood on Wall Street after tentative signs of progress overnight on the debt ceiling and federal funding impasses. Dow futures were recently up 30 points or 0.2%.

China's Shanghai Composite slipped 0.06%, Hong Kong's Hang Seng edged up 0.11% and Japan's Nikkei added 0.81%.

Crude oil futures bounced 22 cents this morning to US$101.66 a barrel. Spot gold was 20 cents weaker at US$1,305.30 an ounce but rising from its morning low. The dollar was buying 94.26 US cents.



Definite buying interest about these levels on the index. If the XJO closes around here that will be the third hammer in a row, suggesting a rejection of lower prices. However, that will count for naught unless the polies in Washington budge. This has been a week of steady improvement for me following Monday's blunders. ANN keeps giving - these repeating ranges are gold for traders, even if the market cap may not appeal to all here. PDN was too oversold to ignore at 39.5c. Also picked up a couple of goldies in SBM and EVN near their lows but they're proving harder to move. Was in the right place for FAR and SMA but didn't get filled.