Asian Markets Rebound after News That Sydney Job Data Over-performed

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By Jacob Maslow

Asian markets were volatile in early morning trading, but quickly rebounded on Thursday. Sydney reported that job growth numbers rose in the past.

In early morning trading, the Nikkei 225 was up just 0.03% where remained to close. The S&P/ASX 200 was initially down on the day by 0.15% before rising 0.06% on the day. The Shanghai Composite was down on the day 0.45% ,which was slightly better than opening numbers which had the company’s stock down 0.55%.

Japan also released data, which caused market fluctuation. The country noted that the corporate goods index fell 3.8% in October, down 3.5% year on year. Machinery orders also fell in September 1.7%, which was much higher than the 4% decline seen in 2014.

Australia’s positive employment data was a shock to the market. The country gained 58,600 jobs in the month of October, which was up greatly from the 15,000 job growth estimate. Unemployment levels dropped from 6.2% to 5.9%, with 65% of people participating in the job market.

Concerns over the United States interest rate hike has caused volatility in the markets. United States markets are also struggling on the potential of the interest rate hike a quarter point possible in December. The rate hike will be bearish for gold.

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