The Aussie market is taking a pounding so far today, which was to be expected given the leads provided by international markets last night. The XJO is presently down 40 points (-0.9%) at 4480. Every sector is in the red, with telcos, energy, and materials plays the weakest performers.
On the economic front, data released by the ABS showed the Australian economy gaining 10,700 jobs in October, smashing economist expectations of an addition of 200 jobs. The participation rate fell over the month from 65.2% to 65.1%.
The fall in participation rate coupled with the increase in jobs saw the unemployment rate stay steady at 5.4%, which was lower than the 5.5% rate predicted by economists. A breakdown of the figures revealed that part-time employment fell by 8,000 people, whilst full-time employment rose by 18,700.
In company news, GMG is in a trading halt after announcing that it will be raising $416 million of new capital at a 5.3% discount to its last traded price for the purpose of accelerating its current projects.
Elsewhere, Cabcharge has continued its decent, plummeting 8.8% after the NSW government opted not to renew a bus contract held by a JV of ComfortDelGro.
Around the region, Asian markets are all weaker; the Hang Seng (-1.1%) and the Nikkei (-1.3%) are amongst the hardest hit.