The benchmark S&P/ASX200 (^AXJO) has finished 0.69 per cent down to 6,010.90 points, after the unemployment rate hit a 22-year high.
The broader All Ordinaries index (^AORD) also closed down 0.61 per cent to 6,123 points.
What happened this afternoon?
The benchmark S&P/ASX200 (^AXJO) is in the red at midday trade, down 0.32 per cent at 6,033.60 points at 12:25pm AEST.
The broader All Ordinaries index (^AORD) was also lower, down 0.33 per cent to 6,140.30 points.
It came amid new jobs data showing the unemployment rate lifted to 7.4 per cent.
What happened this morning?
The ASX200 opened 0.41 per cent higher to 6,078 points at 10:15 AEST, after US stocks finished in the green, buoyed by a potential Covid-19 vaccine.
The All Ordinaries also opened 0.40 per cent up to 6,186.4 points at 10:15 AEST.
Australian investors will be awaiting employment figures for June, expected to be released at 11:30 AEST. The unemployment rate rose to 7.1 per cent in May, with economists predicting a further rise to 7.2 per cent over the course of last month.
The federal government also unveiled its JobTrainer program, which will see $2.5 billion injected into programs designed to boost Australians’ skills.
One Australian dollar was buying 70.0 US cents at 10:14 AEST, down from 70.02 US cents at Wednesday’s close.
What happened overseas?
US stocks finished higher overnight, with the S&P 500 posting its highest gains since early June off the back of a potential virus vaccine and a strong quarterly report from Goldman Sachs.
The investment firm rose 1.4 per cent after it revealed its trading revenue doubled in the second quarter, while biotech company Moderna soared 6.9 per cent after a study showed its experimental vaccine produced high levels of virus-killing antibodies.
The Dow Jones Industrial Average rose 0.85 per cent to end at 26,870.03 points, while the S&P 500 gained 0.91 per cent to 3,226.55. The Nasdaq Composite climbed 0.59 per cent to 10,550.49.
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