CommSec Morning Report Tuesday
Latest news • In US economic data, consumer inflation expectations fell from rose from 6.6% to 6.3% in April (survey: 6.8%). Wholesale inventories rose by 2.3% in March (survey: +2.3%). • European sharemarkets were weaker on Monday on fears of prolonged Covid-19 curbs in China. Travel & leisure lost 6% with technology down 5% and…
The Week Ahead
Australia: An eclectic mix of economic data is expected Over the coming week, survey results are expected on business and consumer confidence with data on overseas arrivals and departures and new home sales. Recently appointed Reserve Bank (RBA) Deputy Governor Michele Bullock participates in a panel discussion. The week kicks off on Tuesday with Roy…
Yuan weakens against Dollar
BEIJING – The central parity rate of the Chinese currency renminbi, or the yuan, weakened 660 pips to 6.6332 against the U.S. dollar Friday, 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…
Shanghai’s major enterprises resume production
SHANGHAI – Over 70 percent of Shanghai’s 1,800-plus major enterprises have resumed work and production amid the city’s COVID-19 resurgence, according to a press conference on COVID-19 prevention and control held on Thursday. The industrial enterprises in Shanghai have made steady progress in resuming production, with the resumption rate of the first batch of more…
OPEC to increase oil output
KUWAIT CITY – The decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies to raise oil output will help restore market balance, Kuwait’s Deputy Prime Minister and Oil Minister Mohammad Al-Fares said on Thursday. The minister said that the decision aims to “restore market balance through a monthly increase,” and will…
CommSec morning report Friday May 6, 2022
Latest news In US economic data, according to Challenger, US-based companies announced plans to cut 24,286 jobs from payrolls in April (survey: 22,000). New claims for unemployment insurance rose by 19,000 to 200,000 in the past week (survey: 182,000). Unit labour costs rose by 11.6% in the March quarter (survey: +9.9%). Non-farm productivity fell 7.5%…
Evening report 5 May 2022
Latest News The Aussie sharemarket snapped a three-day losing streak, with the ASX 200 climbing 0.8 per cent or 60 pts, to 7365. Today’s lift was driven by the US market’s performance, where major indices staged a solid rally after the US Federal Reserve – as expected – increased the Federal Funds rate by 50…
Reserve Bank lifts rates for first time in 11 years
Reserve Bank Board meeting The Reserve Bank (RBA) Board has lifted the target rate for the cash rate by 25 basis points (0.25 percent) to 0.35 per cent. The RBA chose a 25 basis points rate move to signal ‘getting back to usual’. The RBA increased the interest rate on Exchange Settlement balances from zero…
How long until mortgage rates climb?
Australian consumer prices jumped an extraordinary 2.1% in the first three months of the year, the biggest quarterly jump since the introduction of the 10% goods and services tax at the start of the century. The outsized increase, together with a larger than normal increase in the months to December, pushed Australia’s annual inflation rate…
Mining stocks buoyed by base metal strength
Stellar performances by nickel, lithium, uranium and iron ore in March drove some metal prices to new highs while zinc, copper and aluminium all closed the month stronger. Clarke Wilkins, Senior Australian Equities Analyst, responsible for the resources and energy sectors, looks at the major commodities and the sectors and stocks that have caught his…
