Evening markets report 1 February 2023
Australian shares rose on Wednesday, supported by stronger industrial metals prices, with mining shares performing well on the benchmark S&P/ASX 200 index. The index rose 25 points or 0.3 per cent to 7,501.70 points, the highest closing level since April 21, 2022. The advance comes after Wall Street ended January on a positive note, with…
Building on payment protections for subcontractors
Latest stage of security of payment reforms to protect building and construction subcontractors now in effect McGowan Government retention trust scheme election commitment delivered Increased powers to ensure good commercial behaviour in the building sector The McGowan Government has further improved payment protections for building and construction subcontractors, with new trust account requirements and strengthened…
China’s Spring Festival travel boosts economic recovery
With most of the COVID-19 restrictions lifted in China and the infection peak now passed, the hustle and bustle of Spring Festival has returned and the world’s second-largest economy is poised for economic recovery. Hundreds of millions of Chinese people joined the Spring Festival travel rush around the nation’s most important traditional holiday, reuniting with…
CommSec morning report 1 February 2023
In the US, the employment cost index rose 1.0% in the December quarter (survey: +1.1%). The FHFA house price index fell 0.1% in November (survey: -0.5%). S&P Case-Shiller home prices fell 0.8% in November (survey: -1%). The Conference Board consumer confidence index fell from 109 to 107.1 in January (survey: 109). The Chicago purchasing managers’…
Soybean futures close lower
No.1 soybean futures closed lower on Tuesday in daytime trading at the Dalian Commodity Exchange (DCE). The most active No.1 soybean contract for May 2023 delivery dipped 9 yuan (about 1.33 U.S. dollars) to close at 5,522 yuan per tonne. On Tuesday, the total trading volume of six listed No.1 soybean futures contracts on the…
Victorian director disqualified from managing corporations
ASIC has disqualified Mr Kevin Prakash Verapen, of Montmorency, Victoria, from managing corporations for three years due to his involvement in the failure of three companies. Between August 2015 and April 2017 Mr Verapen was the director of: Hygrade Management & Software Pty Ltd ACN 133 366 453 (HMS); A&S Services Australia Pty Ltd ACN…
Evening markets report 31 January 2023
The Australian share market eased for a second day, with the ASX 200 giving up this morning’s gains to slide by 5 pts or 0.07 per cent to 7476.7. Despite the losses, January was the best start to a year in close to four decades (1986), with markets encouraged by the reopening of China’s economy…
$1 million for new environmental solutions
Environmental projects that will help protect threatened species and address the impacts of climate change are receiving more than $1 million in grants from the NSW Liberal and Nationals Government. Minister for Environment James Griffin said 6 ground breaking research projects are receiving funding through the Environmental Research Grants Program. “Big environmental challenges need innovative…
$3 million investment in precision manufacturing
A $3 million investment is set to build Australia’s manufacturing capability and create around 300 jobs at an advanced technology manufacturer in east Melbourne. ANCA will establish a precision manufacturing cell at its Bayswater headquarters, using the grant delivered through the Modern Manufacturing Initiative. The company supplies advanced tool-making machines and technology to aerospace, medical,…
China’s economy gets off to a good start
With long queues outside restaurants, crowded subway cars, and active machines in factories and on building sites, the Chinese economy is shaking off its COVID shadow and has gotten off to a good start in 2023. ROBUST CONSUMPTION During the weeklong Spring Festival holiday, which ended last Friday, cinemas, restaurants, and tourist attractions were swamped…
