investingLive Asia-pacific market news wrap: Big miss in the Australian jobs report

Australia's employment report for November significantly missed expectations, posting a loss of 21.3K jobs compared to the forecast of a 20.0K gain. This led to a decline of about 20 pips in the Australian dollar (AUD). While the unemployment rate held steady thanks to a slight drop in participation, the overall sentiment around job creation weakens. Generalized risk aversion has resurfaced in the markets, with the US dollar recovering and S&P 500 futures falling by 53 points. Oracle's poor post-earnings reaction also contributed to the bearish trend in equities. Concerns around AI spending and profitability continue to loom large, potentially weighing heavily on market sentiment for the foreseeable future. Additionally, the approval of tariffs as high as 50% on Asian imports by Mexico introduces new complexities into international trade negotiations, particularly in relation to the US. Silver reached a high of $62.88 before profit-taking caused a retreat, while gold has modestly declined to $4212. These developments suggest a bearish outlook for the AUD amid ongoing economic uncertainties.