CommSec morning report Friday
In US economic data, initial claims for unemployment insurance (jobless claims) rose by 27,000 to 229,000 in the past week (survey: 210,000). European sharemarkets fell on Thursday. The European Central Bank (ECB) said it would end its bond buying scheme on July 1 and lift interest rates by 25 basis points. The ECB said it…
Market update – Circularity stagflation concerns
Equities are selling off again with a lot of macro data points to digest ahead of CPI later today, including China’s Covid situation regressing and the hawkish pivot from several central banks this week triggering rates higher stock markets lower negative feedback loop. Not to mention the increasing number of corporate profit warnings, as inventories…
CommSec Evening Report
Latest News • The Aussie sharemarket kicked off the session on a weak note and finished near session lows, after the ASX 200 finished 1.4 per cent lower, or 101.4pts, to 7019.7. Today’s losses come after the Financials sector recorded its fourth straight loss, shedding another 2.1 per cent today as the sector recalibrates to…
China’s rail freight volume hits new high in May
BEIJING, – China’s rail cargo volume, a key indicator of economic activities, rose 6.6 percent year on year and hit a new record high in May, data from the China State Railway Group Co., Ltd. showed. A total of 340 million tonnes of cargo were transported through China’s railway network last month, up 21.1 million…
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…
