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Bank rally helps Australia shares weather global equities selloff
Australian shares ended slightly lower on Thursday but recovered from intraday lows as bank stocks rallied after weaker-than-expected jobs data tempered rate hike bets, helping offset pressure from a global equity selloff. The S&P/ASX 200 index fell 0.1% to 8,719.70 points. The benchmark fell 0.6% on Wednesday. Australian employment unexpectedly fell in September, data showed on Thursday, and the jobless rate held at a five-year high of 4.7%, prompting investors to scale back bets on the central bank hiking rates beyond a 15-year high. Markets reacted by trimming the perceived chance of a ...
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