The ASX200 is up by about 0.7 per cent in early trade with the Australian Bureau of Statistics set to report Labor force figures on Thursday.
Economic forecasts predict the unemployment rate to increase from 7.4 per cent to 7.9 per cent over the course of July. The GPT Group reported a loss of close to half a billion dollars in the first half of its financial year after its large retail portfolio was significantly affected by a reduction in foot traffic caused by COVID-19 lockdowns.
Freight company Horizon meanwhile reported the coronavirus had no impact on its business which moves coal and other bulk minerals from inland Australia to the coast for export – recording a full-year profit up almost 30 per cent. AMP Capital’s Shane Oliver said the economic impact of COVID-19 would result in “a big hit to earnings” as a result of the coronavirus shutdowns which will “take earnings growth down to its biggest slump since the GFC”.
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