AU Evening Wrap | Australian Market Experiences Slight Uptick Amidst Downturn in Commodity Sector

In July, Australia witnessed a marginal increase in its unemployment rate, reaching its peak since the latter part of 2021. This occurred despite a significant surge in employment which exceeded analysts' projections, propelled by an unprecedented level of workforce engagement. The Australian Bureau of Statistics (ABS) reported that the unemployment rate escalated to 4.2% in July, up from June's 4.1%. Concurrently, the economy saw the addition of 58,200 positions throughout the month, with full-time roles expanding by 60,500, according to the ABS. This level of job creation was nearly triple the amount economists had anticipated.

In a month-on-month analysis, new home prices across 70 key Chinese cities decreased by 0.65% in July, a slight improvement from the 0.67% decrease observed in June, as reported by The Wall Street Journal and based on statistics from China's National Bureau of Statistics. Out of the 70 cities monitored, 66 experienced a drop in home prices over the month of July, representing an increase from the 64 cities that showed a decline in June. In a year-over-year comparison, July's new-home prices saw a 5.3% reduction, marking an acceleration in the downward trend from the 4.9% decrease noted in June.