Australia Jobless Rate Steady at 5.6% in October

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From Trading Economics: Australia's seasonally adjusted unemployment rate stood at 5.6 percent in October of 2016, the same as in September and in line with market expectations. The jobless rate stayed at the lowest level since September 2013, as the labor force participation was unchanged while the number of unemployed decreased by 2,000. Unemployment Rate in Australia averaged 6.93 percent from 1978 until 2016, reaching an all time high of 11.10 percent in October of 1992 and a record low of 4 percent in February of 2008.

Market Opening Wrap

In Asian Equity Markets Japanese stocks ended marginally higher on Thursday as stocks were bought after the central bank's first fixed-rate debt purchasing operation weakened the yen. The Nikkei ended flat at 17,862.63 in choppy trade, while the Topix rose 0.1 percent to 1,423.08. The JPX-Nikkei Index 400 also gained 0.1 percent, to 12,786.58. MSCI's broadest index of Asia-Pacific stocks outside Japan nudged up 0.1 percent. The Australian index, S&P/ASX 200, fell 0.14 percent and the Shanghai Composite Index was down 0.31 percent.

In Currency Markets the dollar caught its breath on Thursday, after charging to a 13-1/2 year high against a basket of currencies on bets the Trump administration will adopt inflationary policies, while the yen sagged after a Bank of Japan bond-buying operation. The dollar rose to as high as 109.30 yen after the BOJ operation was announced, pulling up from an intraday low of 108.55 yen. The euro inched up 0.1 percent to $1.0697 after falling to as low as $1.06665 on Wednesday, its lowest level since early December last year. The Australian dollar traded at $0.7482, up 0.04 percent. The dollar index eased 0.1 percent to 100.32, after climbing as high as 100.57 on Wednesday, its loftiest peak since April 2003.

In Commodities Markets crude oil futures fell on Thursday after official inventory reports indicated a larger-than-expected build in U.S. oil stocks. Crude inventories in the United States rose by 5.3 million barrels in the week to Nov. 11, compared with expectations for an increase of 1.5 million barrels. U.S. benchmark WTI crude was down 0.22 percent, at $45.47 a barrel. Brent crude futures fell 0.24 percent, to $46.52 per barrel. Spot gold was up 0.1 percent at $1,226.26 an ounce after falling 0.25 percent in the previous session. U.S. gold futures rose 0.15 percent to $1,225.70 an ounce. Silver fell 0.1 percent to $16.95 an ounce and platinum was down 0.12 percent at $942.80.P alladium rose 0.22 percent at $716.80.

In US Equity Markets the S&P 500 closed lower and the Dow ended a seven-day rally on Wednesday as financial stocks fell but gains in technology stocks helped Nasdaq end the day higher. The Dow Jones industrial average closed down 0.29 percent, to 18,868.14, the S&P 500 lost 0.16 percent, to 2,176.94 and the Nasdaq Composite added 0.36 percent, to 5,294.58. The S&P technology index, which fell as much as 3.6 percent in the days after the election, ended up 0.92 percent, helped most by Apple and Microsoft. The S&P financial sector ended its own seven-day rally with a 1.4 percent decline. JPMorgan's 2.5 percent fall weighed the most on the sector.

In Bond Markets German and British benchmark yields have receded after peaking at ten-month and five-month highs, respectively, earlier in the week. Japan's 10-year yield was steady at 0.015 percent after rising to a nine-month high of 0.035 percent on Wednesday. Yields were knocked back after the BOJ offered to buy an unlimited amount of JGBs of certain maturities in a special operation. The U.S. benchmark 10-year Treasury yield is now at 2.199 percent, after reaching a 10-month high of 2.302 percent earlier in the week.

Source: Institute of Trading and Portfolio Management