Unemployment rate hits 48-year low
Labour force Employment rose by 88,400 in June (consensus: +30,000) with full-time jobs up by 52,900 and part-time jobs lifting by 35,500. Total employment hit a record high of 13.6 million in June. The unemployment rate fell from 3.9 per cent in May to 3.5 per cent in June (lowest since August 1974). The number…
ASIC makes product intervention orders
ASIC has made product intervention orders by way of legislative instruments imposing conditions on the issuing of short term credit and continuing credit contracts to retail clients. Today’s release follows ASIC’s public consultation through Consultation paper 355: Product intervention orders: Short term credit and continuing credit contracts (CP 355) which outlined ASIC proposals to make these orders….
CommSec morning report Friday
In US economic data, the producer price index (PPI) rose by 1.1% in June to be up by 11.3% on the year (survey: +10.7%). The core PPI (ex-food and energy) rose by 0.4% in June to be 8.2% higher on a year ago (survey: +8.2%). Initial jobless claims rose by 9,000 to an 8-month high…
Evening report Thursday
A rebound in mining stocks helped the Aussie market extend its winning streak to a third straight day, with the ASX 200 finishing around session highs, up 29pts or 0.44 per cent to 6650.6. Nine sectors and 132 stocks finished higher. The Materials sector snapped three straight days of losses after climbing 1.56 per cent,…
Telstra’s proposed acquisition of majority stake in Fetch TV not opposed
The ACCC will not oppose the proposed acquisition of 51.4% of Media Innovations Holdings Pty Ltd (Fetch TV) by Telstra Corporation Ltd (ASX:TLS). Telstra and Fetch TV both supply content aggregation services through set-top-boxes. Telstra supplies Telstra TV with eligible Telstra retail broadband services and Fetch TV supplies set-top-boxes to broadband retailers to supply as…
Australia joins global minerals security partnership
Australia has joined an international partnership that seeks to develop and secure global supply chains for critical minerals that are crucial to clean energy technology and the global transition to clean energy. Minister for Trade and Tourism Don Farrell and Minister for Resources and Northern Australia Madeleine King announced Australia had joined the Minerals Security…
OTC derivatives provider surrenders licence
Following an ASIC investigation, over-the-counter (OTC) derivatives provider Sirius Financial Markets Pty Ltd, trading as ‘Trade360’, has surrendered its Australian Financial Services licence. ASIC has also banned two of Sirius Financial’s former executives, Mr Jonathan Schneider and Mr Oskar Pecyna, from controlling an entity that carries on a financial services business or performing any executive…
Loans in Shanghai rises at end of June
The balance of loans in Shanghai stood at 10.05 trillion yuan (about 1.5 trillion U.S. dollars) at the end of June, up 10.2 percent from the same period of last year, official data showed Wednesday. The balance of loans in Chinese yuan reached 9.29 trillion yuan at the end of June, up 11 percent year…
Wholesale pork prices continue to rise
Pork prices in China surged compared to a week ago amid tight market supply, official data showed. From July 4 to July 8, the average pork price tracked by the Ministry of Agriculture and Rural Affairs was 30.87 yuan (about 4.59 U.S. dollars) per kg, up 17.6 percent week on week. The price was 41.1…
CommSec morning report Thursday
In US economic data, the consumer price index (CPI) rose by 1.3% – the biggest lift in 17 years – in June (survey: +1.1%) to be up 9.1% over the year (survey: +8.8%) – the highest annual rate since November 1981. The core CPI rose by 0.7% (survey: +0.5%) to be up 5.9% over the…
