Bank jitters continue
I've been on the road today down in Melbourne so no time to do blog posts.
Bonds have rallied very hard today, with European banks coming under pressure this evening.
Credit Suisse saw its share price dropping another 10 per cent to a new record low, trading below $2.20 - a far cry from the heady days of around $80 back in 2007.
It could be a lively trade overnight, with some regional US bank stocks getting crushed.
Australia's 3-year bond yield is traded down as low as just 2.9 per cent before a small blunce; that's a huge change in thinking from 3.7 per cent only a few weeks ago.
Labour force in focus
Thursday’s jobs data will be watched very closely by Aussie analysts.
Financial markets are now expecting there to be a pause in interest rate hikes, but a strong bounce-back in the jobs figures could yet result in another hike in April.
Economists are expecting employment gains ranging from close to zero (seems unlikely) anywhere up to +100,000, so it's got potential to be a real 'Numberwang' data release.
Last month the unemployment rate increased from 3.5 per cent to 3.7 per cent, but there may have been some unusual seasonal factors at play.
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Melbourne was great - it's so good to see the CBD absolutely pumping with life again after all the tribulations the city has been through.
Don't think I have ever seen the city so busy at it was on Sunday (it was Labour Day weekend, bear in mind).
