CommSec Morning Report Friday August 5, 2022
Latest news In US economic data, the trade deficit fell from US$84.9 billion to US$79.6 billion in June (survey: US$80.1bn). According to Challenger, job cuts totalled 25,810 in July, down from 32,517 in June. New claims for unemployment insurance (jobless claims) rose by 6,000 to 260,000 in the past week (survey: 259,000). European sharemarkets lifted…
Superannuation clients may be eligible for compensation
Former clients of Dixon Advisory and Superannuation Services Pty Limited (in administration, ‘Dixon Advisory’) may be eligible for compensation under a potential future Compensation Scheme of Last Resort (CSLR) but they will need to take action as soon as possible. ASIC will soon be writing to former clients of Dixon Advisory to inform them that…
Electricity use mirrors economic recovery
China’s electricity consumption, a key barometer of economic activity, has been rising in recent periods, indicating the continuous recovery of enterprises’ production and economic operation. The country’s total power use increased 2.9 percent year on year in the January-June period to 4.1 trillion kilowatt-hours, according to the National Energy Administration. In June alone, power consumption…
Telstra undertakes to address 5G competition concerns
The ACCC has accepted a court-enforceable undertaking from Telstra to address competition concerns about Telstra’s registration of radiocommunications sites in low band spectrum that interfered with Optus’ plans to roll out its 5G network nationally. Following an intensive investigation, the ACCC was concerned that Telstra’s registrations of these sites had the substantial purpose or likely…
Shanghai port registers record throughput
Shanghai Port registered a throughput of over 4.3 million Twenty-foot Equivalent Units (TEUs) in July, a record high in the same period, the port operator said Tuesday. From January to July, the port’s total throughput achieved positive growth compared to the same period last year despite the impact of the COVID-19 epidemic, according to Shanghai…
CommSec Morning Report Thursday August 4, 2022
Latest news In US economic data, the ISM services index rose from 55.3 to 56.7 in July (survey: 53.5). The S&P Global services index fell from 52.7 to 47.3 in July (survey: 47). Factory orders rose by 2% in June (survey: 1.1%). Mortgage applications rose 1.2% in the past week after falling 1.8% in the…
Why does the RBA keep hiking interest rates?
There are signs inflation pressures are easing. Oil prices are down almost 20% on their peak in March. They’ve been falling consistently for a month. The average capital city unleaded price is down from A$2.11 per litre in early July to a more bearable $1.74. The money market is pricing in much lower inflation than…
Evening report Wednesday
The Australia sharemarket snapped six-straight days of gains and had its worst day in more than two weeks, after the ASX 200 shed 22.2pts or 0.32 per cent, to 6975.9. The index managed to recoup some losses after the mining sector clawed back a 1.5 per cent decline and finished 0.35 per cent higher. The…
China mulls foreign multinational finance companies
China is mulling allowing foreign multinational groups to establish finance companies in the country in its latest opening-up move. Foreign multinational groups will be able to establish finance companies directly or through foreign-funded investment companies established in China, according to a draft document released by the China Banking and Insurance Regulatory Commission. In the draft,…
The year we went out again
According to the Australian Bureau of Statistics (ABS), retail trade rose 0.2 per cent in June to be up 12 per cent on the year. In the June quarter, sales rose by 1.4 per cent in real (inflation-adjusted) terms to be up 5.5 per cent on the year. Real (inflation-adjusted) spending at cafes and restaurants…
