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Wall St closed mixed overnight as favourable economic data coming out of the US, shows further signs of inflation cooling, with job openings data declining 6.6% in October, indicating that the US labour market is cooling. The Dow Jones and the S&P 500 both lost 0.2% and 0.06% respectively, meanwhile the tech-heavy Nasdaq gained 0.31% overnight.
In Europe overnight, markets were mixed in the region as investors digested some key economic data and took a breather to assess valuations given the recent stock market rallies both in the European region and on global markets. UK households appear to have delayed Christmas spending this year as retail sales data in the region showed very muted growth of 2.7% in November which is much lower than the 4.2% growth recorded in November 2022, in a sign higher cost of living pressures are beginning to bite in the UK. The STOXX600 rose 0.4% on Tuesday, Germany’s DAX rose 0.78%, the French CAC added 0.74% and, in the UK, the FTSE100 fell 0.31%.
Locally yesterday, the ASX200 closed 0.89% lower with the energy and material sectors losing 2.05% and 1.81% each respectively. This was slightly offset by the utilities sector which saw a rise of 0.55% by market close yesterday.
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