Market Wrap / jobs data jitters

With the Fed cutting interest rates by a quarter point as expected, the S&P/ASX 200 rallied in earlier trade before sellers moved in, with market closing higher by just 0.15% to 8,592 points. Bullion gained after the US cut, with the Fed also hinting that at least one more rate reduction is possible in 2026. As a result, most gold miners extended on Wednesday’s gains. Ramelius added a further 6.7%.The mining sector overall had a positive session, with weak Chinese data propping up hopes for a stimulus. Rio Tinto closed 1.8% higher. Locally, the unemployment rate left markets unmoved as it remained at 4.3% in November, due to lower participation and as job creations receded. This sent the Aussie lower to US66.38c. Elsewhere, the ACCC opposed IAG's proposed acquisition of RAC WA's insurance arm, sending IAG shares down 1.2%. In the consumer space, Myer jumped by 9.8% on news Solomon Lew is joining the board, while Flight Centre was 5.4% higher following news of a UK M&A in the cruise sector.

 Looking ahead, NAB is holding its AGM tomorrow.