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…
Evening report Wednesday
The Aussie sharemarket kicked off a strong note, but withdrew some of its gains after the ASX 200 finished 0.36 per cent higher, or 25.4 pts, to 7121.1. Financial stocks weighed on the index heavily after the Reserve Bank of Australia (RBA) announced its largest rate hike in 22 years yesterday. Energy stocks had their…
services sales boom during Dragon Boat Festival
BEIJING, – China’s sales of consumer goods and services expanded year on year during the Dragon Boat Festival holiday, and catering and hospitality sectors posted substantial recovery, official data showed. Retail sales nationwide during the three-day holiday ending Sunday climbed 9.5 percent year on year, said the State Tax Administration. Sales of daily necessities like…
central bank adds liquidity via reverse repos
BEIJING, – China’s central bank on Tuesday 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…
Market exchange rates
BEIJING, – The following are the central parity rates of the Chinese currency renminbi, or the yuan, against 24 major currencies announced on Tuesday by the China Foreign Exchange Trade System: Currency Unit Central parity rate in yuan U.S. dollar 100 666.49 Euro 100 712.28 Japanese yen 100 5.0416 Hong Kong dollar 100 84.956 British…
CommSec Morning Report Tuesday
Latest news • European sharemarkets rose on Monday. The pan-European STOXX 600 index climbed by 0.9%. Basic resources stocks advanced 2.5% on demand optimism after China eased Covid-19 restrictions. The German Dax index gained 1.3% and the commodities heavy UK FTSE index lifted 1% before UK Prime Minister Boris Johnson narrowly survived a confidence vote…
Q&A – when will inflation peak?
Volatility continues on global sharemarkets, the $64 question being: when will inflation peak? Investors are watchful with investor inflation expectations easing in recent weeks. The benchmark US S&P 500 index has lifted by 5.3 per cent after ‘bottoming’ at 3,900.8 points on May 19. And the US 10-year Treasury yield has fallen by 27 basis…
