Jobs data roulette, markets brace for payrolls impact | Michael McCarthy on Ausbiz

Moomoo's Chief Commercial Officer, Michael McCarthy, recently appeared on Ausbiz to discuss how traders are viewing the upcoming employment data. He noted traders might pay more attention to non-farm payroll numbers rather than the unemployment rate. Michael stated that with market consensus between 165,000 and 170,000, if the employment index comes in below 140,000, it could almost trigger a rally in the stock market. Conversely, employment data exceeding 200,000 might dampen market expectations for an upcoming rate cut. He pointed out that the U.S. market is currently influenced by the actions of the Federal Reserve.

Additionally, Michael discussed the resilience of the Australian housing market in the face of rising interest rates, possibly driven by increased immigration boosting demand. He anticipates that bank stocks will see further uplift due to strong housing loan data, with bank shares having recently risen by 10-15%. Given the current economic uncertainty, he believes trading will remain cautious.

When it comes to commodities, Michael acknowledged that trends in the mining and energy sectors are mixed. While iron ore is showing signs of early recovery, overall enthusiasm for mining stocks remains lukewarm. He emphasized that crude oil might see gains in the morning session but warned that prices could face headwinds due to potential weakness in the European economy.

Click the image to watch the full interview：