Tech empowers innovation culture
At the 2022 Beijing Culture Forum held from July 25 to 26, experts and industry insiders shared the new trends and prospects of cultural innovation. Wan Jie, chairman of Artron Art Group, said the company is going to join hands with the Beijing Fine Art Academy to launch a digital exhibition of the art work…
NBN Co withdraws Special Access Undertaking variation
NBN Co has withdrawn the variation to its Special Access Undertaking it lodged with the ACCC in March this year and will submit a new variation proposal after consulting with industry. The Special Access Undertaking is a key part of the regulation of the NBN. It sets the rules for broadband providers to access the…
ASIC bans Queensland responsible manager for 4 years
ASIC has banned Albert Christen Walters, known as Chris Walters, from performing the functions of an officer and a responsible manager of a financial services business for four years, after finding that he is not competent and is not a fit and proper person to perform those roles. Mr Walters was a director and the…
Chinese enterprises to defer 7 bln of housing fund payments
China has allowed 23,000 enterprises to defer a total of 7.11 billion yuan (about 1.05 billion U.S. dollars) of housing provident fund contributions as of July 20, an official said on Thursday. A supportive policy allowing the deferral of housing provident fund payments was rolled out in May and has helped enterprises and individuals tide…
Export insurance company registers steady business growth
China’s only policy-oriented insurer specializing in export credit insurance reported steady business growth in the first half of 2022. The China Export & Credit Insurance Corporation, also known as SINOSURE, had underwritten about 445.13 billion U.S. dollars worth of insured businesses during the period, up 11.8 percent year on year, according to the company. SINOSURE…
Economic update: Australia’s position of strength
The incoming Federal Treasurer, Jim Chalmers, has delivered an update on the economic situation and outlook in a statement to Parliament. In line with other countries, forecasts for economic growth have been downgraded and forecasts for inflation have been upgraded. The Treasurer noted that “once again Australia is outperforming much of the world”. Further, the…
CommSec morning report Friday
In US economic data, the economy, as measured by GDP, contracted at a 0.9% annualised rate in the June quarter (survey: +0.5%). Initial jobless claims for unemployment benefits fell from 261,000 to 256,000 in the past week (survey: 253,000). The Kansas City Federal Reserve manufacturing activity rose from +12 to +13 in July (survey: +4)….
Evening Report Thursday
Latest News An overnight rally on Wall Street helped the Aussie market finish near session highs and secure its third straight improvement, with the ASX 200 adding 66.5pts or 0.97 per cent to 6889.7. Nine sectors and 150 stocks finished higher. Materials and Financials did most of the heavy-lifting, after rising 2.4 per cent and…
China’s benchmark interbank gold prices lower Thursday
BEIJING, – China’s benchmark prices for spot interbank gold transactions were lower Thursday, according to the China Foreign Exchange Trade System. The benchmark price for gold of 99.95 percent pure or above stood at 375.33 yuan (55.7 U.S. dollars) per gram, down 0.57 yuan from the previous trading day, while that for gold of 99.99…
Positive cross asset price action reflects more benign front-end rates pricing.
A rally in duration-sensitive assets, with tech equities outperforming, implies a dovish pivot from the FOMC in its decision to hike the Fed funds by 75bp. That interpretation is a big stretch, but a shift away from forward guidance after Chair Powell signalled monetary policy is now in neutral territory represents a significant change. In…
