To the scoreboard:
- Dow: 26,447.05 -180.43 (-0.68%)
- S&P 500: 2,885.57 -16.04 (-0.55%)
- AUD/USD: 0.7053 -0.0022 (-0.31%)
- ASX200 SPI futures (December contracts): 6,146 (-28)
1. All-important US jobs data missed expectations on Friday, with 134,000 jobs added for the month (185,000 forecast). But the numbers were partially affected by Hurricane Florence, and falling participation levels saw the US unemployment rate drop to its lowest level since 1969.
2. The prevailing theme in markets last week — rising US bond yields — remained in play following the jobs data. Benchmark US 10-year treasury yields closed the week at a seven-year high of 3.23%.
3. Higher yields continued to rattle stock investors, as the S&P500 sold off sharply for the second straight day. It was an equally rough session for emerging markets on Friday as Indian stocks slumped more than 2%, and ASX futures are pointing lower again this morning.
4. The Aussie dollar also came back under pressure, and will start the week at 0.7053 US cents — its lowest level since February 2016. The US dollar traded flat against a basket of currencies, while the UK pound was the strongest performer among the major pairs.
5. The week ahead: Chinese markets reopen today after a week-long holiday, and policy makers have injected a round of liquidity ahead of the opening bell. It’s a relatively quiet week ahead on the domestic schedule. The full calendar is here.
6. In commodities, brent crude oil fell further below $US85 a barrel to end the week, but remains elevated near four-year highs. Gold edged back above $US1,200 an ounce. Bitcoin was little-changed over the weekend and is trading this morning at around $US6,550.
Here’s a look at today’s data calendar:
- ANZ jobs ads data for September in Australia.
- Caixin PMI data in China.
- Public holiday in the US and Japan.
Have a great week.
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