Oil recovers from session lows
Brent recovered from session lows and is anchored to $40 per barrel into the New York close, but traders are still waiting for clarification on OPEC free-rider dispute. The primary point of contention is centred on Iraq and Nigeria’s long-standing non-compliance to virtually all of OPEC + production deals as Russia and Saudi are right…
GDP fell 0.3pct in the March quarter
Australia’s economy contracted 0.3 per cent in the March quarter, according to official figures that mostly predate the economic damage from the COVID-19 lockdowns. Gross domestic product grew just 1.4 per cent in the 12 months to March 31 as the economy took a hit from the bushfires and the beginning of the coronavirus crisis,…
ASX soars 1.8pct to post-COVID high
The Australian share market has rallied to its highest level since March 6, with gains across nearly every sector on a wave of optimism about Australia’s economic prospects. The S&P/ASX200 benchmark index closed Wednesday close to the highs of the day, up 106.5 points, or 1.83 per cent, at 5,941.6 points, while the All Ordinaries…
China challenged over Aust trade hit list
Trade Minister Simon Birmingham has challenged China to respond to unsourced reports it is drawing up a hit list of Australian exports. Bloomberg reports Chinese officials are considering stricter checks for some Australian seafood, oats and fruit, and state media could encourage consumer boycotts. “This is an unsourced claim for Chinese authorities to respond to,”…
Green shoots of recovery?
Green shoots of recovery? Consumer confidence; Spending data; Weekly payrolls; Reserve Bank Consumer confidence: The weekly ANZ-Roy Morgan consumer confidence rating rose by 2.2 per cent to 92.3 points. Sentiment has lifted for seven straight weeks and is up 41.4 per cent since hitting record lows. Survey of payrolls & wages: The Bureau of Statistics…
Petrol prices lift the most in 13 weeks
Petrol prices lift the most in 13 weeks Weekly Petrol Prices; COVID-19 survey; Chinese economic data Petrol prices: According to the Australian Institute of Petroleum, the national average price of unleaded petrol rose by 8.2 cents last week – the biggest increase in 13 weeks – to 111.3 cents a litre. But unleaded pump prices…
Oil prices jump on signs of higher demand
US crude prices have reached their highest price since March, on strengthening fuel demand as countries around the world eased travel restrictions they had imposed to curb the spread of the coronavirus. US crude gained 19.7 per cent last week and Brent crude rose 5.2 per cent after a week of bullish news. Both contracts…
