ASX up 0.39% near noon: Australian employment decreases in March

Market Reports

by Peter Milios

Australian employment decreased by 7000 in March, resulting in a rise in unemployment to 3.8% from February's 3.7%, contrary to analysts' expectations of a 10,000 increase and a stable unemployment rate at 3.9%. This shift in the labor market, significant for the Reserve Bank of Australia's inflation management efforts, may impact its decision on potential rate cuts, especially with a focus on maintaining low unemployment rates. Following an atypical surge in February and a return to normal employment patterns in March, the Australian Bureau of Statistics noted a shift in employment flows, indicating potential volatility. Upcoming consumer price data preceding the RBA's May 7 cash rate decision will offer further insights into the economic trajectory.

The S&P/ASX 200 is currently 0.39 per cent higher at 7,635.90.

The SPI futures are pointing to a rise of 16 points.

Best and worst performers

The best-performing sector is Materials, up 1.04 per cent. The worst-performing sector is Health Care, down 0.56 per cent.

The best-performing large cap is Qantas Airways (ASX:QAN), trading 4.14 per cent higher at $5.78. It is followed by shares in Whitehaven Coal (ASX:WHC) and BHP Group (ASX:BHP).

The worst-performing large cap is Mercury NZ (ASX:MCY), trading 6.52 per cent lower at $5.88. It is followed by shares in ResMed (ASX:RMD) and Evolution Mining (ASX:EVN).

Commodities and the dollar

Gold is trading at US$2380.80 an ounce.

Iron ore futures are pointing to a 3.06 per cent rise.

One Australian dollar is buying 64.37 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.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?