Less jobs, more uncertainty
Shares lower and bond yields higher as markets survey the weak jobs numbers in the latest JOBs data. Also, JBWere’s Sally Auld gives her take on yesterday’s Aussie GDP numbers.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Thursday 5th September 2024
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Shares continue to push lower along with bond yields as markets continue to be concerned about the US jobs market. The JOLTs numbers overnight show the least number of jobs available since April 2021. JBWere’s Sally Auld says markets are vacillating between expected a 25bp and a 50bpcut from the Fed this month and the overnight numbers pushed slightly towards the stronger cut. Meanwhile, Australia’s GDP growth data yesterday showed a slowdown in consumption, but the assumption is this will pick up as real income increases, helped along by tax cuts. And the Bank of Canada cut rates for a third time, with more to follow, amidst talk that inflation might fall too far. Ahead of payrolls on Friday we get ADP jobs numbers today and the weekly jobless claims. Expect markets to react!
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