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…
China Railway Group sees surging overseas business
China Railway Group Limited, a leading construction and engineering contractor worldwide, reported a surge in overseas business in the first half (H1) of the year. The company has signed new contracts worth 79.83 billion yuan (about 11.79 billion U.S. dollars) in overseas markets in the January-June period, soaring 90.7 percent from a year ago, according…
Economic Watch: China’s industrial profits maintain expansion
Profits of China’s major industrial firms sustained growth momentum in the first half of the year as production continued to recover. Industrial firms each with annual main business revenue of at least 20 million yuan (about 2.95 million U.S. dollars) saw their combined profits exceed 4.27 trillion yuan in the period, the National Bureau of…
ASIC disqualifies former Viewble Media director for 4years
ASIC has disqualified former Viewble Media director David Reid, of Pelican Waters, Queensland, from managing corporations for four years due to his involvement in the failure of two companies. Between 2015 and 2019 Mr Reid was a director of: Viewble Media Pty Ltd (ACN 606 991 628); and Jasdav Trading Pty Ltd (ACN 616 227…
Inflation hasn’t been higher for 32 years. What now?
Inflation jumped from 5.1% to a new long-term high of 6.1% in the June quarter, a rate matched only by short-lived jump caused by the introduction of the goods and services tax, and not exceeded since 1990. With the exception of the introduction of the GST, it’s the furthest inflation has been from the Reserve…
Evening report Wednesday
Following the release of softer-than-expected inflation data, the Aussie market clawed back losses and finished slightly higher for a second day. The ASX 200 rose by 15.9 pts or 0.23 per cent to 6823.2. Five sectors and 81 stocks finished lower, with resource stocks weighing most. The Mining sector shed 1.2 per cent – its…
ASIC warns small businesses to be vigilant
According to the ACCC, payment redirection scams caused the highest losses to businesses in 2021 The ACCC’s Scamwatch received more than 3,500 reports from small businesses in 2021 Small businesses should be vigilant, especially around payment redirection scams, and they should report scams to the relevant authority ASIC urges small businesses to be wary of…
