S&P/ASX 200 up 1.3%, Afterpay up 7.7% as unemployment rate falls
Australia's sharemarket rebounded strongly after Wall Street mostly recovered from sharp falls overnight, jobs data beat estimates and Macquarie upgraded Afterpay.
Welcome to the Trading Day blog for Thursday, May 20. The ASX 200 is climbing, up more than 1pc, recouping some of Wednesday’s losses. Afterpay up as much as 7pc. Wall Street pared losses before closing lower.
Spot iron ore, oil and Bitcoin also fell and markets in Europe and Asia declined on fears that central banks will wind down easy money policies to tame inflation.
Locally, Qantas announced more job cuts in its international division and said a two-year wage freeze would also be imposed. Virgin is hiring and adding more flights and routes to its schedule. The latest unemployment figures are out.
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