Asia Pacific stocks were in the red earlier on Thursday. Australia’s ASX 200 index fell more than 38 points after the release of its labor data. Japan’s Nikkei 225 index slipped more than 180 points ahead of its National CPI data.
Hong Kong’s Hang Seng index declined more than 2% ahead of its CPI data for July. Mainland Chinese stocks, Shanghai Composite and Shenzhen Component also edged lower.
Australia’s Employment Outlook
According to data published by the Australian Bureau of Statistics (ABS), the seasonally adjusted unemployment rate decreased to 4.6% in July, down from 4.9% in June. New South Wales recorded the largest drop in the unemployment rate.
Victoria also saw a large decline in its unemployment rate for the same month. According to the ABS, around 61.5% of the slump in the unemployment rate over June and July was underpinned by the large drops in New South Wales and Victoria.
Seasonally adjusted employment in Australia increased by 2,000 to 13,156,400 between June and July. The employment to population ratio decreased to 62.9%. The underemployment rate increased for the second consecutive month to 8.3% in July.
The participation rate for July fell 66.0%, down from 66.2%. According to the head of labor statistics, the lockdown restrictions in Sydney and increased restrictions in other parts of the state contributes to a fall in hours worked.
ASX 200 Performers
NRW Holdings Limited was the best performer in the ASX 200 index. The contract services provider jumped 17.57% after reporting positive earnings. The company’s revenue for the fiscal year 2021, jumped 11.5% to $2.3 billion.
Redbubble Limited gained more than 16.34%. The e-commerce company announced that it was ready to make profits after the lockdown. The company stated that its revenue jumped to $657.3 million in the year ending June 30, up from $416.3 million in the previous year.
Miners were the laggards in the ASX 200 index on Thursday. Mineral Resources Limited led the drags, falling more than 7.60%. The Australia-based mining services company recently reported better-than-expected earnings for its FY21.
Fortescue Metals Group Ltd plunged 6.78% in its stock earnings. The iron ore company’s losses followed a decline in iron ore prices, which were linked to demand concerns.