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Australian shares are expected to start in positive territory after Wall Street closed last week higher following a jobs report which surpassed even the most optimistic projections, but mixed China data tempered gains.
On the ASX24, the SPI futures market was 20-points higher to 5143. The Aussie dollar was lower, slipping to $US1.021 from $US1.0276 ahead of the US jobs news, which showed the nation’s unemployment rate fell from 7.9 per cent to 7.7 per cent. The Aussie was also buying 98.065 yen, 78.63 euro cents and 68.44 pence.
Victoria and Tasmania have a day off today for the Labour Day public holiday. Australian Capital Territory is also on holiday for the Canberra Day public holiday
Making news today
There is no major economics or companies news scheduled for today.
Making news this weekTuesday: NAB business conditions for February, RBA credit card balances for JanuaryWednesday: Westpac consumer confidence for March, ABS home loans and investment lending for JanuaryThursday: Melbourne Institute consumer inflation expectation for March, ABS official jobs data for February
AMP Capital economist Shane Oliver says local investors will be buoyed by the momentum in the US and gains in Europe on Friday.
“The only complication is the mixed data released from China yesterday which may confuse investors because inflation was slightly higher and industrial production and retail sales were somewhat weaker, particular retail sales,” Mr Oliver said.
“That could create some confusion and act as bit of a drag on resources stocks, depending on how investors interpret the Chinese data.
“But overall I’d expect we’ll have a fairly decent gain.”
Chinese inflation hit a 10-month high in February while growth in industrial production and retail sales slowed, official data released on Saturday showed.
How we fared last week
At the local close on Friday, the benchmark S&P/ASX200 index was 14.2 points, or 0.28 per cent, higher at 5,123.4, while the broader All Ordinaries index was up 14.4 points, or 0.28 per cent, at 5,137.5.
Both major ASX indices, the S&P/ASX200 and the all ordinaries, finished the week almost three-quarters of a per cent higher.
BusinessDay with agencies
The original release of this article first appeared on the website of Hangzhou Night Net.