Market Commentary - Foreign Markets
Australian Markets End Lower From All Time High As on : 18-Jul-24  15:56

Australian markets fell from a record high reached in the previous session as data showed employment jumped beyond expectations in June, sparking fears of rate hikes.

The benchmark S&P/ASX 200 dropped 0.27 percent to 8,036.50, with banks and tech stocks pacing the declines. The broader All Ordinaries index settled 0.37 percent lower at 8,272.70.

Australia's unemployment rate rose slightly in June despite a sharp increase in employment, data from the Australian Bureau of Statistics showed on Thursday.

The jobless rate rose slightly to a seasonally adjusted 4.1 percent in June, while it was expected to remain unchanged at 4.0 percent.

Employment increased by 50,200 in June, much bigger than economists' forecast of 20,000.

The participation rate came in at 66.9 percent in June, up from 66.8 percent in May. Further, the employment-to-population ratio rose by 0.1 percentage point to 64.2 percent, data showed.

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