Retail spending up 8.2 per cent over year
Retail spending up 8.2 per cent over year Retail trade; Job vacancies Retail trade: ‘Preliminary’ retail trade rose by 2.4 per cent in June after rising by a record 16.9 per cent in May (highest in 38 years of records). Retail spending is up 8.2 per cent on the year. Skilled job vacancies: In seasonally…
Aust shares slip as virus spreads
The Australian share market has finished lower, with every sector except mining and technology in the red as the coronavirus outbreak creeps back into NSW. The benchmark S&P/ASX200 index closed on Monday down 32 points, or 0.53 per cent, at 6,001.6 points, while the All Ordinaries index fell 32.6 points, or 0.53 per cent lower,…
China economy: Coronavirus comeback kid
China economy: Coronavirus comeback kid Chinese economic data Chinese economic growth: The Chinese economy (GDP) expanded by 11.5 per cent in the June quarter (consensus: +9.6 per cent) after a 10 per cent contraction in the March quarter. GDP grew at a 3.2 per cent annual rate in the year to June (consensus: +2.4 per…
Aust shares slip after jobless rate rise
Shares have slipped in noon trading after Australia’s unemployment rate rose more than expected amid the coronavirus lockdowns. The S&P/ASX200 benchmark index was lower by 9 points, or 0.15 per cent, at 6043.9 points at 1200 AEST, after trading in positive territory earlier in the session. The All Ordinaries index was 7.3 points, or 0.12…
Consumer confidence plunges after lockdown
The renewed coronavirus lockdown in Melbourne has wiped out a month of gains in consumer confidence. The latest Westpac-Melbourne Institute consumer sentiment index shows a 6.1 per cent fall between June and July. The sharp decline shows just how quickly the public mood can turn, retail analyst Jason Ireland says. “The headwinds that had lessened…
ASX gains as Afterpay soars
The Australian share market has finished higher, propelled by solid gains by tech stocks Afterpay and Appen and gold prices hitting their highest levels in nearly nine years. The benchmark S&P/ASX200 index moderated its gains towards the end of Thursday but still closed up by 35.2 points, or 0.59 per cent, at 5,955.5 points, while…
Rio Tinto closing New Zealand smelter
More than 1000 jobs will be lost as Rio Tinto closes an aluminium smelter on New Zealand’s South Island. New Zealand Aluminium Smelters (NZAS), at Tiwai Point near South Island’s southern tip, will close in August 2021 after a strategic review found the business unviable. The smelter uses alumina from refineries in Queensland and Western…
Businesses to prove JobKeeper eligibility
Tax officials have written to 8000 businesses that are believed to have claimed the JobKeeper wage subsidy despite not being eligible. The Australian Taxation Office is seeking further information from the businesses to verify their eligibility. “We are unable to pay businesses that do not meet the requirements of the law,” an ATO spokeswoman said….
Oil remains under pressure due to volatile inventory
Are strategically positioned oil traders willing to look through the volatile nature of the inventory data and willing to buy the dips? Oil prices spiked after the Fed indicated they would keep their fire fighting gear at hand, but then came off hard after nudging within an earshot of WTI $40. As we saw in…
Kogan sales jump amid online shopping boom
Online shopping trader Kogan has reported a surge in sales during April and May even as coronavirus lockdowns restricted activity in the retail sector. Kogan said in a fourth quarter progress report gross sales were up more than 100 per cent from a year ago while gross profit improved more than 130 per cent for…
