Quay Mid-Day Market Update
The Australian Share Market has reversed the negative start to the week with the local index powering ahead of the anticipated employment data due out this morning. The market has followed directly higher with a big bounce in Crude Oil the catalyst behind the gains seen both locally and overseas. Employment data released at 11:30 was very surprising and very unexpected. March Employment coming in with a gain of 37,700 vs expectations of 15,000, the unemployment rate at 6.1% vs Consensus of 6.3%, Full time employment adding 31,500 jobs while the participation rate came in at 64.8% vs consensus of 64.6%. The Australian dollar rallying on the back of the news, the share market little changed. The data putting a spanner in the works ahead of the May interest rate meeting. Prior to the data the market had priced in a rate cut however given the positivity of the today’s numbers, this may see the RBA possibly extend its hold. Some good news for our struggling economy today. Market Turnover was $1.861 billion...... For the entire wrap please visit (VIEW LINK)
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