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Concluding the session, the ASX200 dipped by 21.4 points, marking a 0.27% decline, closing at 8036.5 points. The All Ordinaries similarly retreated, losing 30.8 points or 0.37% to settle at 8272.7 points.
Investors faced mixed sentiments with seven out of eleven sectors in the red. Technology shares bore the brunt, retreating by a significant 3.4%. Leading this sector's decline was Wisetech Global Ltd, which plummeted by 6.32%.
On a positive note, Liontown Resources emerged as a standout, rising by 3.66% to close at 99c, representing a rare bright spot in an otherwise gloomy session.
Commenting on the tech downturn, CommSec market analyst Laura Besarati noted, “The tech sector's downfall came amid news that the Biden administration might impose stricter trade limits on China, particularly targeting essential tech exports.”
Elsewhere, Domino’s Pizza suffered the most significant blow, falling 8.23% by the day's end. Meanwhile, the banking sector displayed mixed results. ANZ edged up by 0.3%, Westpac held steady, while Commonwealth Bank and NAB experienced losses of 0.6% and 0.2%, respectively.
The property sector also faced headwinds, potentially reflecting investor jitters over prospective rate hikes.
This market movement unfolded against the backdrop of noteworthy employment data from the Australian Bureau of Statistics. Unemployment edged up to 4.1%, even as the job market added 50,000 positions in June, surpassing analysts’ predictions of 20,000. “This job surge has elevated concerns regarding potential interest rate increases in Australia,” Besarati explained.
Anneke Thompson, chief economist at CreditorWatch, highlighted that the latest labor force figures provide a mixed bag for the Reserve Bank of Australia (RBA). “Job growth has generally kept pace with population increases since borders reopened in mid-2022. While unemployment remains low relative to pre-pandemic levels, the job market shows resilience without signs of overheating,” Thompson stated.
She further elaborated, “This development is favorable for the RBA, which aims to navigate the dual challenge of sustaining employment while curbing inflation. The RBA has succeeded on the employment front so far, but controlling inflation at the current monetary policy setting remains uncertain. We anticipate that, with decelerating business conditions, the growth in employment will significantly taper off by late 2024 into 2025, causing a potential rise in unemployment to around 4.5%.”
Globally, markets responded to significant shifts as well. On Wednesday, the Nasdaq experienced its biggest drop since December 2022, slumping by 2.8%. The S&P 500 decreased by 1.4%, whereas the Dow Jones intriguingly climbed by 0.6%, reaching a successive record high.
Sources: Credit to the observations of Aisling Brennan and insights from the original article.
Published:Saturday, 20th Jul 2024
Source: Paige Estritori
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