Australian stocks recover early losses to close flat

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SYDNEY: Australian stocks rallied Thursday afternoon to close flat in a volatile session despite markets in the United States and Europe tracking sharply lower on renewed eurozone debt worries.

The benchmark S&P/ASX 200 ended 0.5 points, or 0.01 percent, down at 4,140.8, having been nearly two percent off in early trade.

The bounce came after unemployment data showed the jobless rate unexpectedly rose in July to 5.1 percent, adding to weak consumer confidence and retail numbers to increase the likelihood of an interest rate cut.