Unemployment rate falls first time in seven months Australia’s unemployment rate surprised to the downside in September, easing to 5.2% amid expectations of a steady 5.3% print. The drop can be partly explained by a slightly lower participation rate (66.1% versus 66.2% in August) but the employment change data would suggest the improvement is sincere. The Australian economy added a net 14,700 jobs last month but, contrary to the previous month, the increase came entirely from full-time jobs. There were 26,200 full-time jobs created in the month with the loss of 11,400 part-time ones. In August, 13,200 full-time jobs were lost while 51,100 part-time ones were added. The markets latched on to the improvement in the unemployment rate with gusto, powering the Australian dollar higher across… [Read More...]

Sterling came off five-month highs and stocks traded sideways on Wednesday as the European Union and Britain sought to avert a disorderly Brexit before an EU summit on Thursday. Hopes of a breakthrough lifted markets on Tuesday, but investors turned more cautious after looking for a deal during the night that never came. Conflicting reports about the ongoing talks triggered a series of sharp moves on the pound. Reports that Germany might use emergency measures to counter any market panic from a hard Brexit, such as banning bets on falling share prices, also weighed on morale. Via Reuters [Read More...]