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As on : 17-Oct-2024

Market Commentary - Foreign Markets
17-Oct-2024 15:58

Australian shares rally as unemployment dips

Australian markets rallied to record levels after the unemployment rate came in at 4.1 percent in September, slightly below the market consensus of 4.2 percent.

The benchmark S&P/ASX 200 climbed 0.86 percent to 8,355.90 while the broader All Ordinaries index closed up 0.79 percent at 8,624.10.

Financials topped the gainers list, with the big four banks rising between 1.3 percent and 2.6 percent.

The unemployment rate in Australia came in at a seasonally adjusted 4.1 percent in September, the Australian Bureau of Statistics said on Thursday.

The Australian economy added 64,100 jobs last month, blowing away forecasts for an increase of 25,200 jobs following the addition of 47,500 jobs in the previous month.

The participation rate ticked up to 67.2 percent, beating expectations for 67.1 percent - which would have been unchanged.

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