Australian employers cut full-time workers in October by the most in more than a year, sending the local dollar lower as traders increased bets the central bank will keep interest rates at a record low.
Australia’s central bank Governor Glenn Stevens said the local currency’s level isn’t supported by costs and productivity in the economy and the nation’s terms of trade are more likely to fall than rise. The Aussie dropped.
Australia has little fiscal room to cushion a downturn should the global economy retrench, said Stephen Walters of JPMorgan Chase & Co., the only economist to predict the nation’s first interest-rate increase in 2009.
Australia’s unemployment rate rose to the highest since 2009, underscoring the challenge newly- installed Prime Minister Kevin Rudd faces as he crafts a re- election pitch centered on economic management.
Dewey & LeBoeuf LLP, which has lost more than a third of its partners in recent weeks, saw its merger and acquisition chief and a team of London litigators depart as the price of its bonds slumped in private trades.