MARKET COMMENT:S&P/ASX 200 Off 0.7%;Jobs Data Dashes Easing Hopes
March 13 2013 - 8:55PM
Dow Jones News
0125 GMT [Dow Jones] Australia's S&P/ASX 200 hit a 7-day low
of 5053.4 after rising briefly from 5080 to 5094.8 on
stronger-than-expected February employment data. Employment rose
71,500 vs 10,000 expected by the market, with full-time jobs up
17,800 and part-time jobs up 53,700. Unemployment remained at 5.4%
as labor-force participation rose. Initial optimism about the
economic outlook was replaced by concern that Reserve Bank of
Australia may move to a tightening bias. The Australian dollar
jumped 0.7% after the data, adding to the pressure on resources
stocks, with BHP (BHP.AU), Rio Tinto (RIO.AU) and Fortescue
(FMG.AU) down 1.8%-6%. High-yield stocks have also been affected by
the change in interest rate expectations, with Westpac (WBC.AU),
NAB (NAB.AU) and Telstra (TLS.AU) down 0.5%-0.7%. Traders are
looking to see if the index closes below the 20-day moving average
support at 5071, and the uptrend line drawn from Nov. 16, currently
located around 5078. A weak close could generate a technical sell
signal which would target the Feb. 26 low at 4978.4. The index is
last down 0.7% at 5056.2. (david.rogers1@wsj.com)
Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
Telstra (PK) (USOTC:TLSYY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Telstra (PK) (USOTC:TLSYY)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Telstra Corporation Limited (PK) (OTCMarkets): 0 recent articles
More Telstra Corp. Ltd. ADS News Articles