Singapore renews Asia currency swap deal
China’s central bank said Thursday that it had renewed a bilateral currency swap agreement with the Monetary Authority of Singapore. The deal has a size of 300 billion yuan (about 44.6 billion U.S. dollars), or 65 billion Singapore dollars. It will be valid for five years, according to the People’s Bank of China (PBOC). The…
Tesla’s Gigafactory doubles exports in H1
U.S. automaker Tesla’s Shanghai Gigafactory more than doubled its vehicle exports in the first half of 2022 despite the resurgence of COVID-19 in Shanghai. The factory exported 97,182 automobiles in the January-June period, compared to the 41,770 units it exported in the same period last year, according to Tesla China. Tesla has started accepting orders…
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…
