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S&P/ASX 200 gains 0.53% as Reserve Bank Governor signals possible rate cut

After rising by about 130,000 jobs in August, employment in Australia fell by almost 30,000 positions in September. Full-time jobs dropped by 20,100 and part-time jobs fell by 9,400.

Australian Strategic Materials Ltd - S&P/ASX 200
The unemployment rate rose from 6.8% in August to 6.9% in September

S&P/ASX 200 (INDEXASX:XJO) gained 0.53% to 6212 by around 3.07 pm after the Reserve Bank Governor Philip Lowe provided an update on the economy, job market and the policy response to the pandemic recession this morning.

Speaking at the Citi Australia and New Zealand Annual Investment Conference, Lowe highlighted some of the possible impacts of policy easing on the economy.

He said: “As the economy opens up, though, it is reasonable to expect that further monetary easing would get more traction than was the case earlier.

“We have been considering what more we can do to support jobs, incomes and businesses in Australia to help build that important road to the recovery."

However, he added that “The board has not yet made any decisions.”

Top gainers

Today’s top gainers on the ASX include Australian Strategic Materials (ASX:ASM) (+11.08%), Opyl Ltd (ASX:OPL) (+11.43%), Element 25 Ltd (ASX:E25) (+8.43%), PNX Metals Ltd (ASX:PNX) (+9.09%), CV Check Ltd (ASX:CV1) (+10.34%), Pure Minerals Ltd (ASX:PM1) (+50.00%) and Cipherpoint Ltd (ASX:CPT) (+10.00%).

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