ASX closes 0.5% lower following US jobs data

Market Reports

by Peter Milios

Australian shares extended their four-day losing streak as a result of US jobs data over the weekend, which reduced expectations of rate cuts.

The S&P/ASX 200 ended 0.5% lower, and the All Ordinaries saw a similar decline, resulting in ASX shares being down nearly 2% since the beginning of the year. The losses followed a strong US jobs report that indicated higher-than-expected job growth and wage increases, causing bond traders to adjust their rate cut expectations in both the US and Australia.

Futures

The Dow Jones futures are pointing to a fall of 131 points.

The S&P 500 futures are pointing to a fall of 2 points.

The Nasdaq futures are pointing to a fall of 8 points.

The SPI futures are down 36 points.

Best and worst performers

All sectors are in the red. The sector with the fewest losses was Energy, down 0.03 per cent. The worst-performing sector was Health Care, down 0.76 per cent.

The best-performing large cap was IDP Education (ASX:IEL), closing 2.57 per cent higher at $20.74. It was followed by shares in Meridian Energy (ASX:MEZ) and Whitehaven Coal (ASX:WHC).

The worst-performing large cap was Pilbara Minerals (ASX:PLS), closing 2.81 per cent lower at $3.80. It was followed by shares in Cochlear (ASX:COH) and Treasury Wine Estates (ASX:TWE).

Asian markets

Japan's Nikkei has gained 0.27 per cent.

Hong Kong's Hang Seng has lost 1.99 per cent.

China's Shanghai Composite has gained 0.09 per cent.

Commodities and the dollar

Gold is trading at US$2,041.30 an ounce.

Light crude is trading $0.96 lower at US$72.85 a barrel.

One Australian dollar is buying 67.01 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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