News

Australia Part-Time Employment fell from previous 35.5K to 6.3K in September

Australia Unemployment Rate s.a. above forecasts (4.3%) in September: Actual (4.5%)

Australia Employment Change s.a. came in at 14.9K, below expectations (17K) in September

Australian labour market report

Unemployment Rate 4.5% – an ugly result that’ll reignite expectations for an RBA rate cut on November 4.

• expected 4.3%, prior 4.2%
• 4.5% is approaching a four year jobless rate high

Employment Change +14.9K

• expected +17K, prior -5.4K

Participation Rate 67.0%, a higher result will take a little of the sting out of the jump in unemployment

• expected 66.8%, prior 66.8%

Part-Time Employment +6.2K

• prior +35.5K

Full-Time Employment +8.7K

• prior -40.9K

Like I said above, this report ramps up expectations for a cut from the Reserve Bank of Australia at its next meeting, on November 3 and 4. The Bank wouldn’t respond to just one report but August was really weak also. There is still CPI data to come before the November meeting:

• due on October 29

but it’d have to be climbing rapidly to prevent a cut in November now.

This article was written by Eamonn Sheridan at investinglive.com.

Australia Participation Rate came in at 67%, above expectations (66.8%) in September

Australia Full-Time Employment increased to 8.7K in September from previous -40.9K

People’s Bank of China USD/CNY reference rate is due around 0115 GMT.

The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a “band,” around a central reference rate, or “midpoint.” It’s currently at +/- 2%.

How the process works:

• Daily midpoint setting: Each morning, the PBOC sets a midpoint for the yuan against a basket of currencies, primarily the US dollar. The central bank takes into account factors such as market supply and demand, economic indicators, and international currency market fluctuations. The midpoint serves as a reference point for that day’s trading.
• The trading band: The PBOC allows the yuan to move within a specified range around the midpoint. The trading band is set at +/- 2%, meaning the yuan could appreciate or depreciate by a maximum of 2% from the midpoint during a single trading day. This range is subject to change by the PBOC based on economic conditions and policy objectives.
• Intervention: If the yuan’s value approaches the limit of the trading band or experiences excessive volatility, the PBOC may intervene in the foreign exchange market by buying or selling the yuan to stabilize its value. This helps maintain a controlled and gradual adjustment of the currency’s value.

This article was written by Eamonn Sheridan at investinglive.com.

U.S. President Donald Trump said Indian Prime Minister Narendra Modi has pledged to halt purchases of Russian oil, a move that would mark a significant shift in one of Moscow’s key export markets. Trump added that he will now push China to take similar action as Washington steps up efforts to choke off Russia’s energy revenues.

Oil has traded higher since.

India and China are currently the largest buyers of Russian seaborne crude, benefiting from steep discounts since Western sanctions following Russia’s 2022 invasion of Ukraine. Trump has recently criticized India’s continued oil trade with Russia and imposed tariffs on Indian exports to discourage the practice, arguing that reducing such purchases would pressure Moscow toward peace talks.

The Indian government has not yet confirmed Modi’s reported commitment.

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Trump’s claim that India will halt Russian oil imports could tighten global crude supply expectations and lift prices, though uncertainty remains until official confirmation from New Delhi. Pressure on China could further complicate energy trade flows in Asia.

This article was written by Eamonn Sheridan at investinglive.com.