Outflow of China’s foreign-trade orders manageable
BEIJING,- The scale of China’s foreign-trade order outflow is manageable and its impact is limited, said the Ministry of Commerce on Wednesday. Since the beginning of this year, part of the foreign-trade orders that returned to China last year have flowed out again as production in neighboring countries has gradually recovered, Li Xingqian, an official…
CommSec Morning Report Thursday
Latest news • In US economic data, according to the Mortgage Bankers Association, mortgage applications fell by 6.5% in the past week (prior week: -2.3%). Wholesale inventories rose by 2.2% in April (survey: +2.1%) • European sharemarkets fell on Wednesday. Credit Suisse said it would likely see a group-wide loss in the second quarter. Shares…
Can insiders buying mean good things?
There is, it seems, a price for everything. For the first time since the market plunge in March 2020 more company bosses and other senior executives were buying shares in their own companies in May than were selling them. These so-called insider buyers can be a powerful leading indicator of a change in direction for…
How China’s fiscal strength pushes ahead carbon goals
BEIJING – China has aligned its fiscal strength with pro-ecology and low-carbon efforts to fast-track the pursuit of its carbon goals. A recent guideline issued by the Ministry of Finance has specified plans to buttress the goals of striving to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060. “This is not…
Global pork prices edge up
BEIJING – Pork prices in China edged up last week, official data showed. From May 30 to June 2, the average pork price tracked by the Ministry of Agriculture and Rural Affairs was 21.03 yuan (about 3.16 U.S. dollars) per kg, up 0.1 percent week on week. The price was 5.3 percent lower than a…
central bank adds liquidity via reverse repos
BEIJING, – China’s central bank on Wednesday conducted 10 billion yuan (1.5 billion U.S. dollars) of reverse repos to maintain liquidity in the banking system. The interest rate for the seven-day reverse repos was set at 2.1 percent, according to the People’s Bank of China. The move aims to keep liquidity in the banking system…
Court freezes funds and assets of property group
ASIC has obtained interim orders from the Federal Court to freeze the assets of company director Sasha Hopkins and two of his companies, The A Team Property Group Pty Ltd (A Team) and Sash Investment Holdings Pty Ltd. Mr Hopkins and A Team develop real property in Queensland, Victoria, New South Wales and South Australia…
CommSec morning report Wednesday
In US economic data, the trade deficit narrowed from US$107.7bn to US$87.1bn in April (survey: -US$89.5bn). Consumer credit grew by US$38.07 in April (survey: US$35bn). Johnson Redbook chain store sales rose by 12.4% in the past week compared with a year ago (prior week: +12.6%). European sharemarkets fell on Tuesday on fears that aggressive rate…
Evening report Tuesday
The Aussie sharemarket started on a weak note and deepened its losses after the ASX 200 shed 1.5 per cent or 111 pts, to 7095.7. A healthy portion of today’s decline came after the Reserve Bank of Australia (RBA) increased the official cash rate by a larger than expected 50 basis points. All sectors finished…
Biggest interest rate hike in 22 years
Reserve Bank Board meeting The Reserve Bank (RBA) Board has lifted the target rate for the cash rate by 50 basis points (0.50 per cent) to 0.85 per cent, the biggest rate hike in 22 years and the first back-to-back rate hike since May 2010. The RBA increased the interest rate on Exchange Settlement balances…
