Listing stats hint at underlying improvement for jobs

Australia: 

The ANZ job ads index rose 0.9% in September, its fourth consecutive rise. Job ads are up 7.9% on the same time last year suggesting that there is some underlying improvement in the labour market.

The TD Securities index of monthly inflation rose just 0.1% in September giving an annual rate of inflation of 2.2%.  

This was down on the 2.5% in the year to August.

Share Markets:

A mixed but mostly subdued market overnight with almost no data to drive markets.  European markets were mostly positive with the Dax up 0.2% and the FTSE100 up 0.6%.

US markets moved in the opposite direction with the Dow down 0.1% and the S&P500 down 0.2%. Looking forward, US markets will have to grapple with the implications for earnings of the stronger US dollar, firmer interest rates and a stronger economy.

Interest Rates: 

As US equity prices edged lower, so US treasury prices edged higher and yields declined. US 10 year government bond yields fell 1 basis point to 2.42% while 2 year yields fell 3 basis points to 0.53%.

Movements were similar in Australia where 3 and 10 year government yields fell 2 basis points. Markets were quiet with half the country taking part in the Labour Day public holiday.

Foreign Exchange:

The USD lost most of the gains it achieved following the strong US jobs data on Friday night. Profits were being taken by some.

The euro rose against the USD and the AUD, completely ignoring a sharp decline in German factory orders.

As the USD dipped, so the AUD moved well into the US87 cent range early this morning.

Commodities:

A lower USD saw commodity prices - which are measured in USD - rise. Gold moved back above US$1200 per ounce and copper rose almost 1%.

Oil also bounced higher having fallen below US$90 per barrel yesterday. 

China:

No data released.

Europe:

German factory orders fell 5.7% in August to be down 1.3% over the year.

The decline in factory orders was the largest monthly fall since January 2009.  At the same time, Germany's retail PMI continued its slide below 50.

It fell from 49.4 in August to 47.1 in September suggesting some stress in the German retail sector.

New Zealand:

Business confidence in New Zealand continues to slide according to the latest survey by the NZ Institute of Economic Research.

Its index of business confidence fell from 32 in the June quarter to 19 in the September quarter having seen a recent peak of 53.9 in December last year.

Since then NZ interest rates have risen and, up until recently, its currency had strengthened.

United Kingdom:

No data released

United States: 

No data released.



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