• Shares fell 0.4% after the jobs report
  • Aussie employment held steady at 3.5% according to a report from the ABS today
  • Corporate Travel Management gets $3bn deal from UK government

 

The ASX fell 0.4% on Thursday after the hot March jobs report is expected to lift RBA’s pause on rate hikes next month.

Aussie jobless rate held steady at 3.5%, which is a 50-year low, against consensus forecast of 3.6%. The Australian economy created 53,006 new jobs last month, above forecasts of 20,000 positions.

“With stubborn inflation and a tight labour market, we expect one more interest rise, and then expect the RBA rate to remain at 3.85% for the rest of the year,” said Russel Chesler of VanEck.

The Aussie dollar climbed to US67.10¢, from US66.89¢ after the release.

On the ASX, the Energy sector bucked the trend and lifted higher as all other sectors traded in the red. Consumer staples were the hardest hit.

Whitehaven (ASX:WHC) climbed 3% on dip buying after the company’s shares fell yesterday following a guidance cut.

Corporate Travel Management (ASX:CTD) was the best performing large cap, up 13% after announcing a big contract win in the UK.

CTD said it has been awarded the Bridging Accommodation & Travel Services contract by the UK Home Office, worth around $3 billion of total transaction value (TTV) starting 1st March 2023 for two years.

CTD said,” This work involves highly complex services and logistic support that will be delivered by an already established dedicated team within CTM that has both the experience and specialised knowledge to support this work.”

 

Away from the ASX …

Alibaba shares listed in Hong Kong fell over 2% after a report said that SoftBank sold about US$7 billion in Alibaba shares this year, after selling US$29 billion last year.

North Korea fired a suspected intercontinental ballistic missile this afternoon towards Japan’s sland of Hokkaido, prompting a warning for local residents to evacuate.

Apple made more than US$7 billion of iPhones in India last fiscal year, or around 7% of all iPhones, tripling its production in the country from the previous year.

Meanwhile, Treasurer Jim Chalmers said he won’t heed IMF’s call for Australia to increase the GST, which has been at 10% since the year 2000.

“Our priorities lie elsewhere; a modest but meaningful change to superannuation tax breaks and changes to multinational taxes consistent with the global agenda that we’ll be advancing here at these meetings,” Chalmers said from Washington.

Cyclone Ilsa’s intensity has been upgraded to category 5 as it moves towards the east Pilbara coast tonight.

Category 5 is the strongest possible classification for cyclones, and the Bureau of Meterology warned that Ilsa could dish out gusts of up to 285km/h.

 

BIG CAP WINNERS

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Coal stocks like Yancoal (ASX:YAL) and New Hope (ASX:NHC) rose around 1.5%.

BIG CAP LOSERS

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Block Inc (ASX:SQ2) was the worst performing large cap today, down by 6% on no specific news.