CommSec Morning Report Wednesday
Latest news In US economic data, the S&P/Case Shiller home price index was up 20.5% in the year to May (survey: 20.6%). New home sales fell from a 642,000 annual rate to 590,000 million in June (survey: 660,000). Consumer confidence fell from 98.7 to 95.7 in July (survey: 97.2). The Richmond Federal Reserve manufacturing index…
Evening report Tuesday
The Aussie market edged higher on light volume ahead of a key update on inflation tomorrow, with the ASX 200 finishing 17.4pts or 0.26 per cent higher to 6807.3. Six sectors and 109 stocks rose. Resources did much of the heavy lifting after mining and energy stocks rose 2.8 per cent and 1.6 per cent,…
Will ANZ’s takeover of Suncorp reduce bank competition?
Australia has one of the world’s most concentrated banking sectors, with its four biggest banks – Commonwealth Bank, National Australia Bank, Westpac and ANZ – holding more than about three-quarters of the market. It will become even more concentrated if ANZ – the “minnow” of the big four – completes its plan to buy the…
Revitalife refunds consumers and provides undertaking to the ACCC
The ACCC has accepted a court-enforceable undertaking from Clews Holdings Pty Ltd, trading as Revitalife, after the ACCC raised concerns about the sales practices Revitalife used when selling therapeutic adjustable beds and recliner lift chairs. From at least July 2019 until January 2022, Revitalife made unsolicited calls to consumers offering to conduct a ‘Sleep Assessment’…
Tourism sector eyes steady recovery amid epidemic
From lofty mountains in Xinjiang to the courtyard of Naxi culture in Yunnan, tourism in many parts of China is seeing rebounds and looking to upgrade the market. Asia’s largest professional travel expo, the China International Travel Mart (CITM) 2022 concluded Sunday in Kunming, capital of the southwestern province of Yunnan, amid warm response. It…
China’s consumer market a bigger magnet for global companies
With a larger and richer consumer group, China’s market has expanded its charm to global companies, as they have boosted their presence to meet Chinese consumers’ evolving demand over the past decade. From Monday to Saturday, the second China International Consumer Products Expo will be held in Haikou, capital of the southern tropical province of…
CommSec morning report
In US economic data, the Chicago Federal Reserve national activity index was steady at -0.19 in June (survey: -0.03). And the Dallas Federal Reserve manufacturing index fell from -17.7 to -22.6 in July (survey: -22). European sharemarkets were mixed on Monday. The panEuropean STOXX 600 index rose by 0.1% with the Banks sector up 1.7%….
Evening report Monday
Following mixed performances for global equities on Friday and ahead of a number of key indicators in the days ahead, the Aussie market struggled to find direction, with the ASX 200 falling 1.6 pts or 0.02 per cent, to 6789.9. Gains in the Materials sector (up 1.1 per cent) and Utility sectors (up 1.1 per…
Scams robbed Australians of more than $2 billion last year
Australians lost a record amount of more than $2 billion to scams in 2021, despite government, law enforcement, and the private sector disrupting more scam activity than ever before, the ACCC’s latest Targeting Scams report reveals. The report compiles data from Scamwatch, ReportCyber, major banks and money remitters, and other government agencies, and is based…
ACCC proposes to authorise Virgin’s codeshare arrangements
The ACCC has issued a draft determination, proposing to grant authorisation for Virgin Australia to enter into codeshare pricing arrangements with its international airline partners for 5 years. Under the arrangements, Virgin Australia’s international airline partners will set the fares for international long-haul flights that Virgin Australia may market and resell to consumers. The ACCC…
