Surprise jobs jump
Australia's share market closed the day a touch higher than it opened, following the release of strong employment figures.
While the unemployment rate was in line with expectations at 4.4 per cent in June, a sharp rise in employment of 76,300 far exceeded consensus estimates of 15,000 new jobs.
Despite a gradual softening in the labour market over the past year, the Australian Bureau of Statistics labour force survey painted a picture of a jobs market that remains resilient.
The surge in jobs was driven by a 47,000 person rise in part-time employment, ABS head of labour statistics Sean Crick said.
"Part of the growth in employment this month came from those who were waiting to start a job in May,'' he said.
"This represents a stronger June movement than has been observed in recent years.
"We also continued to see higher numbers of people remaining employed this June, following elevated levels in the recent few months.
Commonwealth Bank's Head of Australian Economics Belinda Allen says there remains a real debate as to what path the RBA takes from here.
"We see the RBA on hold in August, pending next week’s Consunmer Price Index, and see little change because of today’s labour force figures given the unchanged unemployment rate," Allen said. "Given the backdrop and uncertainty over the path of the [US-Iran] war from here, we see the RBA sitting on the sidelines to watch the impact."
Miners and energy lead
Mining stocks charged for a third session as copper and gold stocks rallied on stronger commodity prices, while oil clung to recent gains as the Iran-backed Houthis in Yemen claimed to strike two tankers in the Red Sea, stoking inflation fears.
The energy sector traded 1% higher, led by uranium stocks as they recovered from recent weakness on the back of several positive production reports.
The heavyweight financials sector also inched higher, with the big four banks up.
Gold advances as the dollar strengthens
Gold stocks advanced despite the precious metal coming off the boil from its recent rebound to trade at $US4,123 ($A5,879) an ounce.
The Australian dollar is buying 70.05 US cents, up from 69.95 US cents on Wednesday at 5pm AEST.
