Thursday 23 May 2019
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business-standard - 7 days ago

Australia Market extends gains on rate cut hopes

The local market extended yesterday gains after data showed wage growth stagnating last quarter, fuelling market expectations that the Reserve Bank of Australia (RBA) would cut interest rates soon. The RBA pinned its hopes on a robust labour market to lend support for a cooling economy. Markets took signs of labour market weakness as an argument for rate cuts. The April jobs report showed that unemployment rate crept to 5.2% from 5.0%. It was expected to have ticked up to 5.1%.


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