Market Wrap / labour lull

The Australian share market was in search of direction in Thursday's trade as investors considered weaker than expected jobs growth, a hawkish Fed and no sign of a let up in the Israel-Iran conflict.

The S&P/ASX200 finished flat down 7.50 points to 8523.70, with a sell-off in the materials sector balanced by gains among the financials, led by Westpac which rose 1.7%. CBA shares hit a fresh intra-day high of $183.31.

Rio Tinto and Fortescue proved to be the biggest drags among the commodity stocks, falling more than 2%, with iron ore futures easing for a sixth session as China's weak property market continues to weigh on demand. And further profit taking took hold among the gold miners with another broker downgrade seeing Evolution falling 4.5%. 

The struggles continue for apparel retailers with KMD Brands falling 3.8% following a profit forecast downgrade.

Money markets have now priced in a 75% chance of another RBA rate cut in July after weaker than expected jobs numbers with employment in May dipping 2,500; while the jobless rate held steady at 4.1%.

Tonight, US markets are closed for a holiday, while the Bank of England and Swiss National Bank hand down rate decisions. Meanwhile, US President Trump must decide if American forces will join Israel in military action in Iran.