Wall Street rebounds on retail, Australian jobs and unemployment report ahead


May 17, 2018 07:41:09

Wall Street bounced back overnight, thanks to a surge in retail and technology stocks — even as traders remained on edge about geopolitics and rising US interest rates.

Markets at 7:15am (AEST):

  • ASX SPI 200 futures +0.2pc, ASX 200 (Wednesday close) +0.2pc to 6,107
  • AUD: 75.18 US cents, 55.64 British pence, 63.64 Euro cents, 82.94 Japanese yen, $NZ1.09
  • US: Dow Jones +0.25pc at 24,769, S&P 500 +0.4pc at 2,722, Nasdaq +0.6pc at 7,398
  • Europe: FTSE +0.2pc at 7,734, DAX +0.2pc at 12,996, Euro Stoxx 50 flat at 3,563
  • Commodities: Brent crude +1.1pc at $US79.29/barrel, spot gold flat at $US1,290.22/ounce

The Dow Jones index rose 0.25 per cent to 24,769. The broader S&P 500 and tech-heavy Nasdaq lifted by 0.4 and 0.6 per cent respectively.

Retail was one of the best performers after Macy’s stocks jumped 10.8 per cent.

This was after the US department store chain posted stronger-than-expected quarterly earnings.

Facebook shares were the biggest drag on the S&P 500, down 0.6 per cent, after its chief executive Mark Zuckerberg agreed to appear before European parliament — to answer questions about the safety of its users’ data.

Lachlan Murdoch will replace his brother James as the CEO of Fox, after the company sells off its film and TV assets to Disney.

Fox shares rose 0.8 per cent, while Disney lifted 2.1 per cent on this news.

Unemployment and jobs in focus

The local share market is expected to kick off higher, following the positive lead from US markets.

In economic news, the latest job figures will be released today by the Australian Bureau of Statistics.

Economists are predicting 20,000 new jobs to have been created in April, and the unemployment rate to remain steady at 5.5 per cent.

The Australian dollar managed to stage a rebound — it has risen to 75.2 US cents, 55.5 British pence and 63.6 Euro cents.

More to come.








First posted

May 17, 2018 07:37:39

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