Markets turn, just on weekly jobless numbers?

Friday 9th August 2024

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There was a sharp turnaround in US equities, with the S&P closing up 2.3%. It seems a lot of weight has been put behind the weekly jobless claims number, which is not normally a data point that would drive markets. But in this climate anything is possible. JBWere’s Sally Auld says it was probably an overreaction. Whilst some might see the week’s fall in claims as supporting an argument that the US is a long way from recession, others will point to the trend which shows claims are rising and the job market is weakening. In Australia the RBA’s Michelle Bullock stepped up the language around the persistence of inflation to try and knock out expectations of cuts this year, and the rising Aussie dollar is a sign that maybe the markets are listening. Today, China’s inflation numbers and Canada’s employment data are the two main releases. 

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