The Australian share market has opened the week solidly higher after Wall Street hit fresh records on Friday amid disappointing jobs data.Iron ore and copper prices hit record highs at the end of last week, boosting mining stocks todayThe US added just 266,000 jobs in April, well short of the million expected by analysts, as the world's largest economy continued to emerge from its sharpest recession since the Great Depression.
"In the end, this big miss should give Biden more ammunition to push through his next stimulus/infrastructure package," he wrote in a note. The hope for more stimulus, monetary and fiscal, pushed the Dow Jones Industrial Average and S&P 500 index up 0.7 per cent, while the tech-heavy Nasdaq outperformed with a 0.9 per cent gain.The Australian share market is matching those gains, with a 0.9 per cent rise supported also by climbing commodity prices.
"Chile's lower house approved a bill that could see progressive taxes applied on the country's copper sales from 2024," he noted.
Anotehr thing Trump got wrong. And do listen to what Biden says....
Despite bad jobs data they can still receive unemployment(?) and can spend money mostly printed to chase after real goods, some that have reduced supply due to shutdowns. So yeah naturally prices are gonna go up on top of regular s/d effects last year and now.