Australia Rocks!

On the heels of higher than expected earnings from Alcoa, a much better than expected jobs report in Australia helped to carry Asian stocks higher and Europe followed. Australia unexpectedly created 40.6k jobs vs a forecast of a drop of 10k and the news definitely substantiates the decision earlier in the week by the RBA to raise rates. The Australian $ is at a 14 month vs the US$, the dollar index is at a fresh one year low and gold is at another record high in response. The BoE left rates unchanged and said they remain on course with their previously announced asset purchases. The ECB also left rates unchanged and at 8:30am we’ll hear from Trichet on his thoughts of what and when their next move might be. Jobless Claims are expected to total 540k, down 11k from last week. Wholesale inventories are also out. The Treasury auctions off the 30 yr bond this afternoon. Sept retail comps look better than expected.

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