In Australia, the unemployment rate unexpectedly fell to 3.7 per cent in February, as 116,000 got new jobs. This rate is around where it had been six months ago, and close to the 50 year lows (3.4 per cent) seen post-pandemic. Commentators suggested that this resilience in the labour market could delay reductions in the official interest rate.
In overseas news, inflation in the United Kingdom fell more sharply than expected during February. The Consumer Prices Index rose 3.4 per cent in February from a year earlier, slower than the 4 per cent pace the month before. The outturn was the lowest level in 2½ years. The Bank of England kept its official interest rates on hold this week, despite the news, but commentators suggested that it will mean that it can remain on track to reduce interest rates later this year.
Australian indices
ASX 200: Was up 1.00 per cent over the week to close at 7780.2 points on Tuesday.
All Ordinaries: Was up 0.99 per cent in the period, closing at 8036.7 points on Tuesday.
Government Bonds
Government Bond Yields (Source: Bloomberg)
|
NAME |
COUPON |
PRICE |
YIELD |
1 DAY |
1 MONTH |
1 YEAR |
|
GTAUD2Y:GOV Australia Bond 2 Year Yield |
0.25
|
94.38 |
3.79% |
+1 |
-1 |
+93 |
|
GTAUD5Y:GOV Australia Bond 5 Year Yield |
2.75 |
96.11 |
3.66% |
+1 |
-9 |
+70 |
|
GTAUD10Y:GOV Australia Bond 10 Year Yield |
3.00 |
91.87 |
4.02% |
+2 |
-8 |
+81 |
|
GTAUD15Y:GOV Australia Bond 15 Year Yield |
3.25 |
88.93 |
4.23% |
+2 |
-7 |
+65 |
Reserve Bank of Australia (Source:RBA)
|
RBA CASH RATE TARGET (RBATCTR:IND) CURRENT (per cent) |
MOST RECENT DECISION (percentage points) |
MOST RECENT CHANGE (percentage points) |
1 YEAR PRIOR (per cent) |
|
4.35 |
+0 (19 March 2024) |
+0.25 (7 November 2023) |
3.60 |
Currencies(source:RBA)
As at the close on 26 March, the AUD/USD was little changed over the week, up 0.15 per cent, closing at 0.6539 on Tuesday. The AUD/RMB was also up slightly, 0.42 per cent, in the period, closing at 4.7200 on Tuesday.
Venture Capital
Exonate
Stoic investee Exonate has spoken to Drugs Discovery World about estimates that up to half of all diabetes patients will develop some form of diabetic retinopathy within 20 years. It notes that current treatment strategies are both invasive and limited, and outlines the innovative research that is paving the way for a new-generation of therapies by Exonate and others.
Morse Micro
Stoic investee Morse Micro announced the details of a global distribution agreement Mouser ElectronicsMouser Electronics.
Property
Stoic’s property investment partner Elanor Investors Group announced that two of its commercial buildings - 19 Harris Street (NSW) and WorkZone West (WA) have achieved WiredScore Gold certifications. They now join the global network of buildings that go above and beyond to meet reliable digital connectivity and infrastructure.
This week’s data show a preliminary national auction clearance rate of 72.3 per cent as 3356 homes went under the hammer across the country. This figure is slightly down on the previous week, but still considered very strong.
Alongside this, house prices were said to be rising again as predictions for the timing of the first official interest rate cut are pushed back, amid strong inflation and employment data. Capital city house prices are on track to rise another 0.6 per cent in March. This would be the second consecutive month of strong house price growth, after dwelling values rose 0.6 per cent in February, the fastest rate in five months.
