Australia shares fall ahead of local jobs data
Commodity stocks pulled Australian shares lower on Thursday, ahead of the local jobs data for April, which is being watched for clues into the domestic central bank's interest rate path.
The S&P/ASX 200 index fell 0.2% to 8,266.6 by 0032 GMT. The benchmark had ended 0.1% higher on Wednesday.
Domestic employment data for April, due later in the day, is among the Reserve Bank of Australia's (RBA) key indicators and could shape expectations for the bank's next move on rates.
Australian employment had rebounded in March, recovering from a one-off dive the previous month.
Swaps imply an 89.8% probability that the RBA will cut rates at its meeting on May 20.
Meanwhile, the Aussie dollar fell 0.02% to A$0.64 against the U.S. dollar.
Commodity shares led the decline on the local bourse.
Gold stocks dropped 1.6%, tracking a fall in bullion prices as rising trade optimism lifted risk appetite.
Gold miners Northern Star Resources and Genesis Minerals shed 1.7% and 1.6%, respectively.
Energy stocks slipped 0.8% on the back of falling oil prices. Santos dipped 1.3%.
Miners lost nearly 1%. BHP Group, Rio Tinto and Fortescue fell 0.8%, 1% and 0.8%, respectively.
In company news, Treasury Wine Estates retreated 6.7% after it said Sam Fischer will take over as chief executive officer in October, succeeding Tim Ford.
Meanwhile, Insurance Australia Group rose 2.9% after the company said it will buy The Royal Automobile Club of Western Australia's insurance business and enter a licensing agreement for A$1.35 billion ($868.3 million).
Graincorp gained 7.6% after the agribusiness company reported a rise in its first-half results and upgraded its guidance for fiscal year 2025.
New Zealand's benchmark S&P/NZX 50 index rose 0.1% to 12,790.01.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
5 hours ago
- Express Tribune
P&G to cut 7,000 jobs, exit brands
Listen to article Procter & Gamble will cut 7,000 jobs over the next two years as the Tide detergent maker contends with an uncertain spending environment, fuelled in part by US tariffs that have roiled numerous consumer companies. The world's largest consumer goods company also plans to exit some product categories and brands in certain markets, including some potential divestitures, as part of the broader two-year restructuring plan. "This is not a new approach, rather an intentional acceleration of the current strategy ... to win in the increasingly challenging environment in which we compete," executives said at a Deutsche Bank Consumer Conference in Paris on Thursday. The job cuts amount to about 6% of its workforce, which P&G characterised as part of its ongoing strategy. Notably, CFO Andre Schulten and operations head Shailesh Jejurikar said at the conference that the geopolitical environment was "unpredictable" and that consumers were facing "greater uncertainty." President Donald Trump's sweeping levies on trading partners have shaken global markets and sparked concerns of a recession in the United States. P&G on Thursday estimated about a $600 million before-tax hit in its fiscal year 2026, based on current tariff rates. The rates have frequently changed over the past few months. Overall, the trade war has cost companies at least $34 billion in lost sales and higher costs, a Reuters' analysis showed.
Express Tribune
5 hours ago
- Express Tribune
Oil climbs over $1 onUS-China talks
Listen to article Brent crude rose more than $1 a barrel on Friday morning and oil prices were on track for their first weekly gain in three weeks after US President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world's two largest economies. Brent crude futures gained $1.50, or 1.61%, to $66.39 a barrel by 1349 GMT. US West Texas Intermediate crude climbed $1.02, or 1.61%, to $64.39. On a weekly basis, both benchmarks were on track to settle higher after declining for two straight weeks. Brent has advanced 2.75% this week, while WTI is trading 4.9% higher. China's official Xinhua news agency said trade talks between Xi and Trump took place at Washington's request on Thursday. Trump said the call had led to a "very positive conclusion", adding the US was "in very good shape with China and the trade deal". Canada also continued trade talks with the US, with Prime Minister Mark Carney in direct contact with Trump, according to Industry Minister Melanie Joly. The oil market continued to swing with news on tariff negotiations and data showing how trade uncertainty and the impact of the US levies are flowing through into the global economy. "The potential for increased US sanctions in Venezuela to limit crude exports and the potential for an Israeli strike on Iranian infrastructure add to upside risks for prices," analysts at BMI, a Fitch affiliate, said in a note on Friday. "But both weaker demand for oil and increased production from both OPEC+ and non-OPEC producers will add to downside price pressures in the coming quarters." Top exporter Saudi Arabia cut its July crude prices for Asia to near two-month lows. That was a smaller price reduction than expected after OPEC+ agreed to ramp up output by 411,000 barrels per day in July. The kingdom had been pushing for a bigger output hike, part of a broader strategy to win back market share and discipline over-producers in OPEC+, which groups the Organisation of the Petroleum Exporting Countries and allies including Russia. "The market looks balanced in 2Q/3Q on our estimates as oil demand rises in summer and peaks in July-August, matching supply increases from OPEC+," HSBC said in a note.
Business Recorder
6 hours ago
- Business Recorder
Russian rouble falls vs US dollar
MOSCOW: The Russian rouble fell against the US dollar on Friday ahead of the central bank's decision on its key interest rate and after strengthening late in the previous session. By 0735 GMT, the rouble was down 2.9% at 79.50 per US dollar, according to LSEG data based on over-the-counter quotes. The rouble has rallied by around 40% against the greenback so far this year. A Reuters poll of 26 economists showed on Monday that the central bank was expected to keep its main interest rate on hold at 21% at its board meeting on Friday, but might soften its rhetoric and signal rate cuts later in the year. A growing number of analysts are saying that with the sharp slowdown of the economy and a decelerating inflation rate, the central bank might surprise the market with a cut at the upcoming meeting, triggering a weakening of the rouble.
