Australia | Jan 17 2013
Download related file: afternoon_report_2013-01-17
The analyst principally responsible for the production of this research report is: Howard Humphreys, Director & Lead Research Analyst, Seismic Research
Japan’s Nikkei leads Asian markets lower
Most Asian markets reversed an early gain today with Japan’s Nikkei-225 index headed for its biggest twoday slump since November 2011 as the yen continued its overnight rally. The yen rallied against all 16 major peers overnight after Russia’s central bank said the world’s leading economies, led by Japan, are on the brink of a “currency war,” today, Japan’s exporters are feeling the impact.
The Aussie dollar lost 0.7% against the greenback today on a report that Australia’s unemployment rate rose to 5.4% in Dec from an upwardly revised 5.3% in Nov. Australia unexpectedly shed 5,500 jobs for the first drop in employment in four months after Aussie employers added 40,400 between Sept and Nov. Payrolls increased 148,300 last year after a 49,800 gain in 2011, marking the worst back-to-back annual jobs growth since 1996-1997.
The local market edged higher today despite the jobs report, as banks and consumer stocks rallied, and energy stocks rose on some positive production reports. Tonight, a string of large U.S. companies, including Citigroup Inc., Bank of America Corp., American Express Co. and Intel Corp. will report Q4 earnings.
To read today's report in PDF in full, see link at the top of this story.
(For a more comprehensive summary of last night’s market action see FNArena’s Overnight Report.)
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