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ASX drops 0.78pc as miners, banks tumble

SYDNEY, AAP – Investors have had their biggest loss in a week on the Australian share market, after the materials and financial sectors slipped by more than one per cent. The S&P/ASX200 benchmark index closed lower by 52.4 points, or 0.78 per cent, to 6663.0 on Monday. The All Ordinaries closed lower 51.4 points, or…

Morrison increases criticism of US riots

CANBERRA, AAP – Prime Minister Scott Morrison has increased his criticism of the deadly riot at the US Capitol by Donald Trump supporters without directly condemning the outgoing president. Mr Trump last week made history as the only US president to be impeached twice and is due to face a Senate trial to decide if…

China’s economy picks up speed in Q4

BEIJING, RAW – China’s economy picked up speed in the fourth quarter, with growth beating expectations as it ended a rough coronavirus-stricken 2020 in remarkably good shape. It remains poised to expand further this year even as the global pandemic rages. The world’s second-largest economy has surprised many with the speed of its recovery from…

East Coast petrol prices spike; Used car prices lift;

East Coast petrol prices spike; Used car prices lift China’s ‘V’-shaped recovery; Aussies return home Petrol Prices; Used car prices; Tourism; Chinese economic data Fuel prices: The national average price of unleaded petrol fell by 0.2 cents to 119.6 cents a litre last week according to the Australian Institute of Petroleum. But daily unleaded retail…

European worries weigh on the Euro

Last week’s sudden shift in Euro sentiment was due to the confluence of continental dilemmas that piled on the pressure. Be it Italy’s political meltdown or the European Central Bank’s (ECB) FX deflationary concerns, it made for a for few “Nervous Neelie” moments as stop loses cascaded in the overly subscribed consensus trade of the…

CommSec Daily Report Monday

Latest News The Aussie market is softer to start the new weak as the ASX 200 trades 33 points or 0.5% lower to 6,682 at lunch. The index was down as much as 54 points or 0.8% in the opening hour of the session. Local declines follow what was a rather weak lead from Wall…

Labor concerned wages weak in recovery

CANBERRA, AAP – The end of the JobKeeper wage subsidy is looking less dangerous than previously thought because the economy is in recovery and the jobs market is doing so well, a leading economist believes. But federal Labor argues there will be no decent economic recovery unless there is also an improvement in wages growth….

ASX down 0.46 per cent, big sectors lower

SYDNEY, AAP – Materials and energy were the two biggest burdens on the Australian share market, which was lower, following a weaker Wall Street. The S&P/ASX200 benchmark index was lower by 31.2 points, or 0.46 per cent, to 6684.2 at 1200 AEDT on Monday. The All Ordinaries was lower by 30.5 points, or 0.43 per…

Super Retail, JB Hi-Fi’s H1 earnings boom

SYDNEY, AAP – Two retail groups which own the Supercheap Auto and JB-Hi-Fi stores have reported bumper first-half earnings during the pandemic. Super Retail Group, which owns BCF, Macpac, Rebel and Supercheap Auto, on Monday said net profit after tax was expected to rise by up to 201 per cent to $173 million, based on…

Sluggish open for markets

Asia investors are poised for a sluggish start after a weaker close on Wall Street Friday. The big miss on US retail spending in December set a dour timbre on Friday. The much softer than expected data tone adds gravity to President-elect Bidens $1.9 trillion stimulus package pushed forward last Thursday. Even so, the package…