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Wall St closed higher overnight after new labour market data boosted investors confidence following a sell-off earlier in the week. The Dow Jones rose 1.76%, the S&P 500 had its best day since 2022, rising 2.3% and the tech-heavy Nasdaq gained 2.87%.

US jobless claims data was released overnight, coming in below its previous result of 250k to 233k, taking some pressure of concerns on the strength of the labour market.

Over in Europe, markets closed mixed as they reacted to the boosted sentiment over in the US. The STOXX600 closed 0.2% higher with sectors staying in mixed territory. Media and chemicals stocks dropped by 0.6%, while travel stocks jumped 1.28% overnight. Germany’s DAX rose 0.37%, while the French CAC fell 0.26% and over in the UK the FTSE100 also fell 0.27%.

Locally yesterday, the ASX200 closed 0.23% lower with half of the sectors closing lower. Losses were led by the real estate and materials sectors which fell 1.89% and 1.82% respectively. This was offset by the financial sector which gained just over 1% by the closing bell.

What to watch today:

• The Australian share market is set to open higher, with the SPI futures suggesting a rise of 1.06% at market open this morning.
• On the commodities front this morning,
  • Oil is trading 0.92% higher at 75 US dollars and 92 cents a barrel, following the release of positive US jobs data.
  • Gold is trading 1.74% higher at 2426 US dollars an ounce and iron ore is trading 1.12% lower at 101 Us dollars and 71 cents a tonne.

Trading Ideas:

• Bell Potter maintains a buy rating on Coronado Global Resources (ASX:CRN) and has a 12-month price target of $1.85. The buy rating is maintained by Bell Potter as CRN’s production and cost profile has reached a turning point, following substantial self-funded investment across its Australian and US operations over the past two years. The company should generate improved free cash flow and shareholder returns going forward, hence the buy rating is maintained.
• Trading Central has identified a bullish signal on AGL Energy (ASX:AGL), indicating that the stock price may rise from the close of $10.75 to the range of $11.23-$11.33, on a pattern formed over 25 days, according to the standard principles of technical analysis.