Bank rally helps Australia shares weather global equities selloff
Net employment slid 39,300 in September from August November rate hike bets trimmed to 17% from 32% Global stocks sold off after hot U.S. CPI Australian tech hammered; IT index down 3.4% (Updates to close) By Nichiket Sunil and Shravya Marakini Oct 15 (Reuters) — Australian shares ended slightly lower on Thursday but recovered from intraday lows as bank stocks rallied after weaker-than-expected jobs data tempered rate hike bets, helping offset pressure from a global equity selloff. The S&P/ASX 200 index fell 0.1% to 8,719.70 points. The benchmark fell 0.6% on Wednesday. Australian employment unexpectedly fell in September, data showed on Thursday, and the jobless rate held at a five-year high of 4.7%, prompting investors to scale back bets on the central bank hiking rates beyond a 15-year high. Markets reacted by trimming the perceived chance of a November rate hike to about 17% from 32% before the data, while the odds of a December increase fell to 23% from 56%. 0#AUDIRPR Australian three-year bond yields, sensitive to interest rate expectations, fell to a more than one-month low of 4.800%. Bank stocks rallied, lifting the financials sub-index 2.2% to its highest close since mid-A
S. 4% (Updates to close) By Nichiket Sunil and Shravya Marakini Oct 15 (Reuters) — Australian shares ended slightly lower on Thursday but recovered from intraday lows as bank stocks rallied after weaker-than-expected jobs data tempered rate hike bets, helping offset pressure from a global equity selloff. 70 points. 6% on Wednesday.
7%, prompting investors to scale back bets on the central bank hiking rates beyond a 15-year high. Markets reacted by trimming the perceived chance of a November rate hike to about 17% from 32% before the data, while the odds of a December increase fell to 23% from 56%. 800%. 2% to its highest close since mid-August.
3%. "The banks have rallied strongly as a rate pause should be positive for the housing market as the pressure reduces in terms of the ability to service loans and in turn they may be a pickup in loan applications and hence earnings growth," said Craig Sidney, senior investment adviser at Shaw and Partners. S. consumer inflation fuelled expectations of Federal Reserve rate action later this year, triggering a selloff in Asian technology stocks.
South Korea's KOSPI plunged 8%, while Japan's Nikkei tumbled nearly 5%. 3% as copper prices fell in the global selloff. 9%, respectively. 7%.
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