Big 4 Australian banks increase cash-back deals
If you’re considering refinancing your home loan, the big banks in Australia have got you covered with some amazing cashback offers. Commonwealth Bank, Westpac, ANZ, and NAB are offering incentives of up to $4,000. ANZ is leading the pack, offering refinancers up to $4,000 cashback, as well as $3,000 for first home buyers. Commonwealth Bank…
Where to from here for house prices?
In Australia, the house prices have gone down from their peak and this might seem like a mild decline compared to other advanced economies. In New Zealand, the home values have dropped significantly, while Sweden’s house prices have also decreased dramatically. Despite this, Australia’s housing slump has surpassed the previous record in peak-to-trough declines, and…
CommSec morning report 6 February 2023
In the US, nonfarm payrolls (employment) lifted by 517,000 in January (survey: +189,000). The jobless rate fell from 3.5% to 3.4% last month (survey: 3.6%) – the lowest since May 1969. The participation rate rose from 62.3% to 62.4% (survey: 62.3%). Average hourly earnings rose 0.3% as expected with annual growth down from 4.8% to…
What’s driving the potato chip shortage?
Potatoes are among Australia’s favourite vegetables. However, we are facing a shortage of processed potatoes, especially of frozen chips. Coles introduced a two-item limit for shoppers seeking frozen potato products. Fish and chip businesses are under pressure and some are outraged McDonald’s is launching a new potato product in the middle of a crisis. As…
China’s consumption can make up for lost time
China’s re-opening and excess household savings means there is ample room for a recovery in consumer spending. We are overweight emerging markets (EM) equities because of the more positive outlook for China’s economy as it exits from Zero-Covid Policy (ZCP). Chinese consumer spending has lagged below its pre-Covid trend, unlike in the US Note: Indices…
How short sellers profit from price plunges
A few weeks ago, Gautam Adani was indisputably India’s richest man. Now his fortune is slipping away as the stocks of his many companies crash, thanks to the efforts of a relatively obscure US company named after the 1937 Hindenberg disaster (in which a hydrogen-filled airship caught fire, killing 98 people). Adani’s personal fortune was…
Central banks hike rates, but for how much longer?
Following interest rate hikes in the US, Europe and the UK, we examine the different economic outlooks the respective central banks are facing. The US Federal Reserve (Fed), European Central Bank (ECB) and Bank of England (BoE) have all raised their respective policy interest rates in the past 24 hours as part of ongoing tightening…
Evening markets report
The Australian sharemarket lifted again on Friday, despite a mixed finish on Wall Street. The S&P/ASX 200 index rose by 46.5 points or 0.6 per cent to 7,558.1, edging closer to record highs of 7,632.8. On Thursday, the US Dow Jones index fell by 39 points or 0.1 per cent. But the S&P 500 index…
New affordable housing site earmarked
Mullumbimby is set to welcome more affordable housing after the Liberals and Nationals Government and Byron Shire Council entered into an agreement to utilise government land close to Mullumbimby Station. Deputy Premier and Minister for Regional NSW Paul Toole said the agreement has identified land in the Mullumbimby Rail Corridor to deliver affordable housing and…
Shanghai’s foreign investment hits record high
China’s financial hub Shanghai saw a record actual use of foreign investment of 23.9 billion U.S. dollars, according to the municipal commission of commerce. The metropolis in east China is now home to 891 regional headquarters of multinational corporations and 531 foreign R&D centers. The commission said Shanghai would make every effort to foster a…
