Market Wrap / Thursday turnaround, fresh records!

The ASX remained on a topsy turvy ride this week with the local market reversing the losses from yesterday and ending the trading day on a record high of 8639 points. 

The monthly jobs data again surprised - this time to the downside, with employment increasing by a meagre 2,000 jobs in June, versus expectations around 20,000 jobs would be added. This stroked fears of a deteriorating economy, with money markets increasing their expectations of a rate cut in August.

As investors looked to pile back into the market after ASX’s worst session since early May, banks were back in favour. CBA rose 1.8% and ANZ was up 1.1%.

Santos reported sales revenue of $1.29 billion for the three months ending June, a 2% drop from the previous quarter. It is currently the target of a near $30 billion takeover bid led by Abu Dhabi's national oil company. Shares rose 0.5%.

In the latest of the Pointsbet takeover saga, it is advising shareholders to take no action on an "unsolicited" after-market takeover bid from Betr Entertainment yesterday. 

Car Group fell 2.9% after CEO Cameron McIntyre stepped down and it forecast a drop in its net income for the full year. 

Tonight, US retail sales and trade prices are due.