BRICS bank issues 7-billion-yuan bond
SHANGHAI – BRICS New Development Bank (NDB) has issued an RMB-denominated bond of 7 billion yuan (about 1.04 billion U.S. dollars) in China’s interbank bond market with a maturity of three years, the bank said Thursday. Upon the completion of the issuance, the bank would have a cumulative total of 30 billion yuan bonds issued…
CommSec morning report Friday
In US economic data, initial jobless claims rose by 21,000 to 218,000 last week (survey: 200,000). Existing home sales fell by 2.4% in April to an annual rate of 5.61 million, the lowest since June 2020 (survey: 5.64m). The Conference Board leading index dipped 0.3% in April (survey: flat). The Philadelphia Fed manufacturing index fell…
CommSec Evening Report
Latest News Following in the footsteps of a sharp sell-off in the US overnight, which saw the S&P 500 index post its largest daily loss since mid2020, the Aussie sharemarket fell 1.65 per cent or 118 pts, to 7065. Today’s decline snapped a four day winning streak, and was led by a 3.7 per cent…
Chinese yuan weakens to 6.7524 against USD Thursday
BEIJING, – The central parity rate of the Chinese currency renminbi, or the yuan, weakened 103 pips to 6.7524 against the U.S. dollar Thursday, 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 central bank adds liquidity via reverse repos
BEIJING, – China’s central bank on Thursday conducted 10 billion yuan (1.48 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…
CommSec Morning report Thursday
In US economic data, housing starts fell 0.2% from a 1.728 million annual rate to 1.724m in April (survey: 1.765m). Building permits fell 3.2% to 1.819m (survey: 1.812m). European sharemarkets were weaker on Wednesday on concerns about rising inflation rates and the scale of monetary policy tightening required to address rising prices. Data showed UK…
China’s home prices continue to ease
BEIJING – China’s housing market continued to ease in April, with second-tier and third-tier cities seeing a decline in home prices, according to the National Bureau of Statistics (NBS) Wednesday. New home prices in four first-tier cities – Beijing, Shanghai, Shenzhen and Guangzhou – edged up 0.2 percent month on month in April, moderating 0.1…
China builds 358km of new high-speed rail
BEIJING – China put 581 km of new railway lines into service in the first four months of the year, including 358 km of high-speed railway, data from China State Railway Group Co., Ltd. showed. The country saw 157.46 billion yuan (about 23.21 billion U.S. dollars) in fixed asset railway investment in the period, up…
Wednesday evening report
The Australian sharemarket has extended its gains to a fourth straight day after the S&P/ASX 200 index climbed 1 per cent or 70pts, to 7183. This followed an encouraging set of economic reading released overnight, which helped push US stocks higher. While 9 of the 11 sectors finished in positive territory today, mining stocks did…
Federal Court finds timeshare company failed consumers
The Federal Court has made declarations that timeshare company Ultiqa Lifestyle Promotions Ltd breached financial services laws by failing to ensure that financial advice given to consumers was in the consumers’ best interests. Between October 2017 and March 2019, financial advisers acting as authorised representatives of Ultiqa advised consumers to invest in the Ultiqa Lifestyle…
