‘Volatile’ mar­ket day

The Courier-Mail - - BUSINESS -

AUS­TRALIAN stocks are set for a volatile start to the week fol­low­ing US and Euro­pean falls over con­cerns about the Turk­ish cur­rency.

AMP Cap­i­tal’s chief econ­o­mist Shane Oliver said yes­ter­day that lo­cal stocks are in for a “fairly volatile day” to­day.

“We’ll prob­a­bly have a bit of a gain at the start, maybe 10 points, but I think those wor­ries about Turkey and flow-on to other emerg­ing mar­kets will prob­a­bly linger,’’ he said.

The Turk­ish Iira hit an all­time low on Fri­day fol­low­ing an on­go­ing diplo­matic stand­off with the US over the de­ten­tion of Amer­i­can pas­tor An­drew Brun­son on ter­ror-re­lated charges. Amid the stoush, US Pres­i­dent Don­ald Trump has dou­bled tar­iffs on Turk­ish steel and alu­minium im­ports.

Lo­cally, the Na­tional Aus­tralia Bank’s busi­ness sur­vey to­mor­row is ex­pected to re­veal con­fi­dence re­main­ing fairly solid, Dr Oliver said.

A gain of around 10,000 jobs and unem­ploy­ment rate re­main­ing at 5.4 per cent was ex­pected from Thurs­day’s em­ploy­ment fig­ures.

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