Evening markets report Tuesday 25 October
The local market lifted for a second straight day, and despite climbing by as much as 0.8 per cent in early trade, the ASX 200 erased some of its gains and finished up 0.28 per cent or 19.2 points to 6798.6. Nine sectors and around 67 per cent of stocks in the ASX 200 gained…
Chinese yuan continues to weaken against USD
The central parity rate of the Chinese currency renminbi, or the yuan, weakened 438 pips to 7.1668 against the U.S. dollar Tuesday, 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 trading day….
NSW leads the way with apartment defect insurance
NSW is the first jurisdiction in Australia to introduce a new insurance product that offers 10 years’ protection for buyers of residential apartments. Minister for Fair Trading Victor Dominello said the NSW Department of Customer Service has accepted the application of Resilience Insurance to offer decennial liability insurance as a form of security under the…
Retail spending on the rise
The measure used was real (inflation-adjusted) retail trade in seasonally adjusted terms with June quarter data the latest available. Victoria leads on ‘real’ retail spending A solid job market, record wealth, elevated home purchases, excess household savings and strong construction and renovation activity have supported retail spending over the past quarter. Spending has lifted despite…
Geoscience unlocks critical data across Western Australia
In a world-first, the largest survey of airborne electromagnetic (AEM) data has been collected across all of Western Australia. This data collection will increase our understanding of the State’s geology and resource potential – offering industry important insights to inform more targeted surveying. Minister for Resources and Northern Australia Madeleine King said she was very…
Managed funds industry invited to provide feedback
ASIC is inviting the Australian funds management industry to contribute to a review of the Asia Region Funds Passport (ARFP) through a short survey. The ARFP is a multilateral framework intended to support the development of an Asia-region funds management industry through improved market access and regulatory harmonisation. It allows collective investment products offered in…
China’s economy sees steady Q3 growth
China’s economy is on more solid ground in the third quarter of this year with major indicators showing positive signs of stabilization, backed by the country’s efforts to balance epidemic control and economic and social development. The country’s gross domestic product (GDP) grew 3.9 percent year on year to 30.76 trillion yuan (about 4.32 trillion…
New auto sales on the rise
Timely data on new vehicle sales is available on a monthly basis. The latest data covers September 2022. We don’t include vehicle sales in assessing overall economic performance as we assess other data on consumer spending. But the data is worth noting. In all of the states and territories, rolling annual new vehicle sales are…
CommSec morning report Tuesday 25 October
In US economic data, the S&P Global manufacturing purchasing managers’ index (PMI) fell from 52 to 49.9 in October (survey: 51). The S&P Global services PMI eased from 49.3 to 46.6 in October (survey: 49.5). And the Chicago Fed national activity index was steady at 0.10 in September (survey: -0.10). European sharemarkets rose on Monday,…
Evening markets report Monday
Strong buying sentiment seen on Wall Street on Friday helped the local market kick the week off on a strong note, after the ASX 200 rose 102.6 points or 1.54%, to 6779.4. All sectors and roughly 87 per cent of stocks gained ground. Miners did most of the heavy lifting, with the sector rising by…
