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…
Federal elections: Impact on the sharemarket
In the 11 elections held since 1990, the All Ordinaries Index climbed by an average of 1.2 per cent in the 15 trading days after poll date. In fact, the All Ordinaries Index has risen in the 15 trading days following every one of the eight federal elections held since 1998. In the 15 trading…
CommSec morning report Wednesday
Latest news In US economic data, retail sales rose by 0.9% in April in line with forecasts. Industrial production rose by 1.1% in April (survey: +0.5%). Business inventories rose 2.0% in March (survey: 1.9%). The NAHB housing market index fell from 77 to 69 in May (survey: 75). Speaking at a Wall Street Journal event,…
