How Are Households Placed for Interest Rate Increases?
It was only nine months ago that I was speaking about the risks emerging in a very buoyant housing market. Funding costs and interest rates were at historic lows, housing prices were growing at a fast pace, and concerns were centred on the potential macro-financial risks stemming from high and rising levels of household debt….
Energy resources stocktake confirms Australia’s powerhouse status
The Australian Government’s annual stocktake of the nation’s energy resources has confirmed Australia’s status as a global energy powerhouse. Geoscience Australia has released the updated Australia’s Energy Commodity Resources (AECR) assessment for 2022, including detailed analysis of Australia’s non-renewable energy resources comprising uranium, coal, oil and gas commodities in 2020 and 2021. Minister for Resources…
CommSec morning report Wednesday
In US economic data, housing starts fell by 2% from a 1.591 million annual pace to 1.559m in June (survey: 1.58m). Building permits fell from 1.695m to 1.685m (survey: 1.65m). Chain store sales in the past week were up 14.6% on the year after rising an annual 13% in the prior week. European sharemarkets rose…
Evening report Tuesday
The Material sector’s failure to maintain early gains contributed to the ASX 200’s 37.5 pts or 0.56 per cent decline this afternoon. On Tuesday, nine sectors and 118 stocks finished lower, with Tech (down 2.85 per cent) falling most. Despite climbing by as much as 1.6 per cent in early trade, the Materials sector closed…
ASIC permanently bans Adelaide mortgage broker
ASIC has permanently banned mortgage broker Domenico (Domenic) Schiafone from engaging in credit activities and from providing any financial services. ASIC has also cancelled the credit licence of Erahon Pty Ltd (Australian Credit Licence no. 442303). Mr Schiafone was the sole director of Erahon Pty Ltd, which formerly operated a finance brokerage business that traded…
Chinese yuan weakens to 6.7451 against USD Tuesday
BEIJING, – The central parity rate of the Chinese currency renminbi, or the yuan, weakened 4 pips to 6.7451 against the U.S. dollar Tuesday, according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each…
China’s Daqing Oilfield sees rising natural gas output
YINCHUAN,- Northwest China’s Ningxia Hui Autonomous Region has achieved robust economic growth since 2012, local authorities told a press briefing Monday. Over the past decade, the region’s gross domestic product grew at an average annual rate of 7.1 percent, and per capita GDP nearly doubled. Industries such as coal chemicals, new energy and new materials…
China’s Ningxia achieves robust GDP growth
YINCHUAN,- Northwest China’s Ningxia Hui Autonomous Region has achieved robust economic growth since 2012, local authorities told a press briefing Monday. Over the past decade, the region’s gross domestic product grew at an average annual rate of 7.1 percent, and per capita GDP nearly doubled. Industries such as coal chemicals, new energy and new materials…
CommSec Morning Report Tuesday July 19, 2022
Latest news In US economic data, the National Association of Home Builders index fell from +67 points to +55 points in July (survey: +65), the lowest reading since May 2020. European sharemarkets rose on Monday but finished off session highs. Russia’s Gazprom declared force majeure (failure to deliver supplies due to ‘extraordinary’ circumstances) on some…
Evening report Monday
A strong rally in the mining sector helped the Aussie market start the week on a bright note, with the ASX 200 up 81.5pts or 1.23 per cent, to 6687.1. Eight sectors finished higher, with resources doing most of the heavy lifting. The materials and energy sectors both posted gains of 2.4 per cent and…
