SCOREBOARD: Just the job

Global stocks bounced on the back of strong Chinese data and US employment figures. Unfortunately the local dollar spiked too.

A batch of good global economic data saw stocks rally overnight and moves were decent. The bad news is that the Australian dollar pushed through $US1.04 (higher than before the RBA’s rate cuts). It started in our session yesterday when China’s PMI sneaked up over 50 for the first time in some months. Now rising from 49.8 to 50.2 isn’t a massive difference or anything to be honest. But it did move in the right direction and signals expansion – so that’s something. In any case, and by itself, it may not mean much, but it does form part of a generalised improvement in the global economic data. It’s quite clear the global economy is reaccelerating now.

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