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ASX drops 0.74pc, but higher for week

SYDNEY, AAP – Shares on the Australian market closed lower to end the week after big falls in the health, materials and information technology sectors. The S&P/ASX200 benchmark index closed lower by 49.9 points, or 0.74 per cent, to 6710.8 on Friday. The All Ordinaries closed lower by 57.6 points, or 0.82 per cent, at…

Government to ‘partly privatise’ VicRoads

MELBOURNE, AAP – The Victorian government will “partly privatise” VicRoads by handing over the registration and licensing side of the agency to a private company. Treasurer Tim Pallas said the joint venture will likely be a 40-year arrangement, with the company to be responsible for upgrading VicRoads’ IT system. “This is not a privatisation, it’s…

CommSec Daily Report Friday

Latest News The Aussie market is suffering its first back to back loss in a fortnight as bond market volatility continues to impact investor decision making amid rising longer term yields driving expectations of rising inflation and interest rates. The ASX 200 hit session lows earlier this morning, down roughly 100 points or 1.5% and…

Royal commission into Crown Perth unveiled

PERTH, AAP – Western Australia’s government has unveiled details of a royal commission into Crown Perth’s suitability to continue operating its Burswood casino. It comes after a bombshell NSW report into the company’s operations found Crown was not suitable to hold the licence for a Sydney casino because it had facilitated money laundering through bank…

Former chief scientist spruiks on climate

CANBERRA, AAP – Former chief scientist Alan Finkel has been spruiking Australia’s emissions reduction plans to key partner nations like the United Kingdom and the United States. Dr Finkel finished his five-year stint as chief scientist last year and has stayed in the public service at a time when Australia’s emissions reduction goals are under…

ASX, dollar fall as inflation fear lingers

SYDNEY, AAP – Shares on the Australian market were down by more than one per cent after big losses on Wall Street following comments from US Federal Reserve Chairman Jerome Powell. The S&P/ASX200 benchmark index was lower by 78.5 points, or 1.16 per cent, to 6682.2 at 1200 AEDT on Friday. The All Ordinaries was…

Bond yield rise, dollar slug Asian shares

NEW YORK, RAW – Asian stocks have skidded as rising US Treasury yields again rattle equity investors while hoisting the dollar to a three-month high, which in turn has dragged the Japanese yen to an eight-month trough. Energy markets were not spared volatility either, with oil prices surging more than 5 per cent overnight to…

Local groups seek more NSW renter support

SYDNEY, AAP – The looming end of the NSW government’s COVID-19 eviction moratorium could force low-income renters into homelessness if they are not offered more financial support, a group of 40 organisations have warned. The groups, including housing, homelessness, community and faith-based organisations, sounded the alarm in a letter to two NSW government ministers on…

US equities fall; oil jumps and gold losses shine

A no push back delivery from Federal Reserve Chairman Powell seems to be giving fixed income and stocks a bit of a fright, sending investors reeling who were likely looking for a little more hand-holding. On rate hikes, he said the Fed would need to see maximum employment and inflation at and heading above 2%…

Wall Street mixed as tech stocks slip

NEW YORK CITY, RAW – The S&P 500 and the Nasdaq have slipped in choppy trading as jittery investors looked to remarks from Federal Reserve Chair Jerome Powell on rising bond yields while data points to a staggering recovery in the labour market. The number of people in the US filing for jobless benefits rose…