ASX200 rebounds ahead of AU jobs data on Super Thursday

Rounding out a trifecta of critical economic events tomorrow morning, Australian labour force data for February is due for release at 11.30 am Sydney time.

The market is looking for headline employment to lift by 40k and the unemployment rate to drop to 4.1%. The participation rate is expected to increase to 66.3%, equal to the all-time high as the labour market continues to heal from Delta and Omicron disruptions.

The ASX200 is currently trading up 0.9% at 7162 and has outperformed its global peers over the past three weeks. Its outperformance resulted from surging commodity prices, which boosted the ASX200 Materials and Energy sectors.

However, signs that Russia and Ukraine appear to be moving towards a negotiated resolution, the catalyst for an initial round of profit-taking in the Materials and Energy sector last week.

This week, the selling intensified as the market moved past “peak commodity panic.” And as China locked down 40 million citizens to curb a surge in new coronavirus infections, sparking concerns that sluggish China economic growth would weigh on demand for commodities.

With the Energy and Materials sectors side-lined for now, if the ASX200 is to break above 7200, the influential Financial sector will need to do some heavy lifting aid by the IT sector. As the chart below shows, the ASX200 Financial Sector has today pushed above resistance at 6975, coming from its October high.

Should the break higher be confirmed after the events of Super Thursday tomorrow, it would indicate the ASX200 can also trade higher towards the 7356 high from February.

ASX200 Fin Sector 16th of March

Source Tradingview. The figures stated areas of March 16th, 2022. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation

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