US October consumer prices and producer prices, Australian labour force and wages data, plus a few key earnings reports, as well as Chinese industrial production and retail sales will be the focus of attention this week.
Pandemic labour shortages and rising input costs are not expected to dent a record $78 billion year for the agriculture sector and farmers hope they will have a third record-breaking year in 2022-23.
ASX Update: Jobs boost fuels strong rebound
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A resilient ASX rebounded from six-week lows as stronger-than-expected jobs news helped offset wobbly US futures as the cryptocurrency maelstrom raged on.
The
S&P/ASX 200 rallied 56 points or 0.81 per cent by mid-session. Tech stocks, banks and REITS led the advance. Miners and coil companies declined following setbacks in iron ore, copper and crude overnight.
What s driving the market
Value hunters pounced as stocks opened at their cheapest level in around six weeks. The rally accelerated following news the
unemployment rate declined to 5.5 per cent last month from 5.7 per cent. The number of employed declined by 31,000, versus the market consensus of a gain of around 20,000. The dollar bounced 0.22 per cent to 77.37 US cents.