Markets are expecting the FED to cut rates again at its December meeting, after the US economy added 227,000 jobs last month, mostly in line with expectations, and the three-month average came in at 173,000, confirming expectations that the labour market is cooling, at a moderate pace.
The Australian sharemarket dropped on Friday in a broad sell-off as investors turned cautious ahead of a key job report in the US that may shed light on whether the Federal Reserve will continue easing interest rates this month.
The big banks had a weak session with Westpac down 1.4 per cent to $32.76, while Commonwealth Bank fell 0.6 per cent to $157.06. That’s despite traders ramping up bets of an earlier rate cut by the Reserve Bank. Money markets imply an around 50-50 chance of an easing in February 2025, up from 25 per cent on Tuesday. The central bank is widely expected to keep the cash rate at 4.35 per cent when it meets next week.
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