“It will be interesting to see if the vote is unanimous or whether there are some inflation hawks that would prefer to allow slightly higher unemployment to help inflation return to target more quickly.”

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AMP economist My Bui said the RBA had sounded “hawkish” and reluctant to cut rates in recent commentary, but noted other signs of weakness since its October meeting, when it left rates on hold. Bui said the unemployment figures confirmed labour market conditions were easing.

“Since the last meeting, we have had a set of weaker [data] in consumer confidence and purchasing intentions, weak building approvals data, in addition to today’s worse than expected employment report,” she said.

Clarity Pharmaceuticals’ gains of 15.1 per cent sent it to the top of the bourse, followed by Hub24 (up 10.5 per cent). AMP shares jumped 8.5 per cent after the wealth manager reported total assets under management had risen 3.6 per cent to $159.5 billion.

Macquarie Group shares jumped 5.1 per cent after Macquarie Asset Management sold an AI investment company called Aligned Data Centers to investors including BlackRock, Microsoft and Nvidia for $US40 billion ($61.4 billion). Aligned, which is based in Texas and operates throughout the US and South America, has 50 campuses and 78 data centres under management or in future development, according to its website.

On the other end of the index, Iluka Resources fell 10.6 per cent, as did HMC Capital (down 5.8 per cent) and Lynas Rare Earths (down 5.7 per cent).

The big four banks had a positive day, with the market’s biggest company, Commonwealth Bank, rising 0.8 per cent, while National Australia Bank gained 0.3 per cent and ANZ shares jumped 1.9 per cent.

Westpac dipped 0.3 per cent after flagging it would take a $273 million charge for restructuring at its upcoming full-year results.

The iron ore heavyweights were mixed. BHP rose 0.5 per cent, while Rio Tinto closed 0.3 per cent lower and while Fortescue slid 0.2 per cent.

Gold miners climbed after the gold price traded at record highs, with Northern Star Resources gaining 1.2 per cent, Evolution Mining rising 3.3 per cent and Newmont climbing 3.4 per cent.

Real estate stocks performed strongly as Goodman shares jumped 4.9 per cent and Stockland gained 3.4 per cent.

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The markets biggest technology shares fell, with Wisetech (down 1.4 per cent), Xero (down 1.5 per cent) and TechnologyOne (down 1.4 per cent) all losing ground.

Overnight, the S&P 500 added 0.4 per cent, but only after jumping towards one of its biggest gains since summer, erasing it all and then climbing back.

The Nasdaq composite climbed 0.7 per cent after earlier pinballing between a drop of 0.4 per cent and a rally of 1.4 per cent. The Dow Jones Industrial Average lagged the market and edged down by 17 points, or less than 0.1 per cent.

The erratic trading in the US overnight followed Tuesday’s rollercoaster, where the Dow careened between a loss of 615 points and a jump of 455. The dizzying moves go back to the end of last week, when US President Donald Trump shattered what had been a remarkably calm and strong run for Wall Street by threatening much higher tariffs on China.

Technology stocks helped lead the way on Wednesday following a better-than-expected profit report from ASML, a major supplier to the semiconductor industry. It expects its revenue for 2025 to be 15 per cent above last year’s, while next year’s should be at least as high as this year’s.

“On the market side, we have seen continued positive momentum around investments in AI,” chief executive Christophe Fouquet said, “and have also seen this extending to more customers.” That’s key when worries have been high that a bubble may be forming in artificial-intelligence technology, with too much investment flowing in akin to the 2000 dotcom frenzy.

ASML’s stock climbed 3.1 per cent in Amsterdam. On Wall Street, Broadcom rose 2.7 per cent and Advanced Micro Devices jumped 9.1 per cent and were the two strongest forces lifting the S&P 500.

Several big banks also drove the market higher. Bank of America climbed 4.4 per cent after delivering a profit for the latest quarter that was stronger than analysts expected. Chief executive Brian Moynihan said every line of the bank’s business reported growth.

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Morgan Stanley rose 4.8 per cent after, likewise, reporting a stronger profit than analysts expected. That followed better-than-expected profit reports from several banks the day before, including JPMorganChase and Wells Fargo.

They helped offset a 3.9 per cent drop for PNC Financial. It reported a stronger-than-expected profit for the latest quarter, but it also gave a forecast for upcoming earnings that some analysts said was below expectations.

Abbott Laboratories sank 2.4 per cent after its revenue for the latest quarter finished just shy of analysts’ expectations.

All told, the S&P 500 rose 26.75 points to 6671.06. The Dow slipped 17.15 to 46,253.31, and the Nasdaq composite climbed 148.38 to 22,670.08.

AP, Bloomberg

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