ASX poised to open unchanged; Wall Street eases on recession fears; $A knocked 1.1pc on strong US jobs; oil rebounds.
The number of Americans filing new claims for jobless benefits dropped to a three-month low last week and layoffs fell 43 per cent in December, pointing to a still-tight labor market that could force the Federal Reserve to keep increasing interest rates.
Economists speculated that severance packages and still-strong demand for labour, which made it easier for laid-off workers to get another job, were keeping claims low. They also said companies are likely to slow hiring before embarking on layoffs after struggling to find labor during the pandemic. The Fed last year lifted its policy rate by 425 basis points from near zero to a 4.25 per cent-4.50 per cent range, the highest since late 2007. Last month, it projected at least an additional 75 basis points of increases in borrowing costs by the end of 2023.
Economists were divided on whether this indicated some loosening of labor market conditions or year-end volatility.Christmas on Thursday showed US-based employers announced 43,651 job cuts in December, down 43 per cent from November. The total was, however, 129 per cent higher compared to December 2021 and was the second-largest monthly number announced in 2022.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX LIVE: Australian shares set to rise despite Wall Street dropAustralian shares set to advance at the open. Wall Street lower as investors assessed the pain ahead for growth stocks. Apple slide sees value fall below $US2 trillion. Treasury yields declined across the curve. Follow for updates.
Read more »
ASX set to rise after Wall Street reverses lossesAustralian shares are expected to advance following US investors digesting disparate economic data and buying tech stocks hit during Tuesday’s selloff.
Read more »
ASX set to rise after Wall Street reverses lossesAustralian shares are expected to advance following US investors digesting disparate economic data and buying tech stocks hit during Tuesday’s selloff.
Read more »
ASX to rise; Wall Street pares gains after Fed minutesASX set to start higher; Wall Street rises; Fed minutes confirm inflation focus; $A rallies to US68.40¢.
Read more »
ASX Live: ASX poised for subdued start; Wall Street eases on recession fears; $A knocked 1.1pc on strong US jobs; oil reboundsASX poised to open unchanged; Wall Street eases on recession fears; $A knocked 1.1pc on strong US jobs; oil rebounds.
Read more »
ASX Live: ASX set to start higher; Wall Street rises; Fed minutes confirm inflation focus; $A rallies to US68.40¢; oil tumbles 5 per cent.ASX set to start higher; Wall Street rises; Fed minutes confirm inflation focus; $A rallies to US68.40¢; oil tumbles 5 per cent.
Read more »