The Australian share market lifted in Thursday’s deals, posting its first daily gain of the week, as market participants moved back into technology stocks amid easing long term bond yields.
However, gains were limited after data released from the U.S. Labor Department showed that the Consumer Prices index came in “hotter-than-expected” as U.S. inflation advanced slightly in September, rising a seasonally adjusted 0.4% from the previous month and at a 5.4% annual rate.
Economists had forecast a 0.3% rise from August and a 5.3% annual rate.
At the closing bell, the benchmark S&P/ASX 200 index rose -39.2 points, or +0.54% to 7,311.7, while the All Ordinaries added +48.3 points, or +0.64%, to 7,620.2, while our local currency, the Australian dollar, is currently buying US$0.7402.
Earlier on Thursday, the domestic labour market data released today by the Australian Bureau of Statistics (ABS) showed the level of employment fell by -138,000, missing the -108.5% forecast.
There were mixed results, with full-time employment increasing by 26,700 (or 0.3%) over the month while part-time employment declined by 164,700 (or 4.1%).