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CommSec Daily Report Tuesday

Latest news Aussie shares are bouncing back strongly from Monday’s slump, with the ASX 200 lifting by 1.4 per cent at midday thanks to gains across almost all sectors and a lift from the US bourse overnight. This follows Monday’s 1.8 per cent tumble, which was the Aussie market’s largest decline in a month and…

Stocks bounce from four-week lows

SINGAPORE, RAW – Global shares have extended their recovery, with Asian markets bouncing from four-week lows as investor focus on economic growth partly offset worries about any near-term rise in US interest rates. The early momentum in the region was supported by a rally on Wall Street, with the Dow registering its strongest session in…

Consumer inflation expectations hit 14-month high

Consumer inflation expectations hit 14-month high Consumer sentiment; Weekly payroll & jobs • What happened? The weekly ANZ-Roy Morgan consumer confidence rating rose by 1.3 per cent to 112.4 (long-run average since 1990 is 112.6). Consumer inflation expectations over the next two years rose from 3.9 per cent to a 14-month high of 4.2 per…

Banks, miners lead ASX rebound

SYDNEY, AAP – Australian shares jumped more than one per cent as the ASX rebounded from its biggest loss in more than four weeks. The benchmark S&P/ASX200 index was higher by 96.7 points, or 1.33 per cent, to 7332.0 at 1200 AEST on Tuesday. The All Ordinaries was up by 99.8 points, or 1.33 per…

Crypto allowed at rare diamond auction

LOS ANGELES, PAA – International auction house Sotheby’s says it will accept cryptocurrency as payment for a rare 101-carat diamond expected to fetch up to $US15 million ($A20m). The world-famous broker said it was the first time a stone of such value had been offered for purchase by cryptocurrency, and hailed the move as a…

NSW delivers ‘budget with a heart’

SYDNEY, AAP – The worst is yet to come for NSW’s COVID-hit bottom line, but the state government insists green shoots will have the budget back in black by mid-2025. Tuesday’s 2021/22 budget confirmed a deficit of $7.9 billion for the current year, jumping to $8.6 billion for the following 12 months. But if the…

Confidence lifts after jobless rate fall

CANBERRA, AAP – The sharp drop in the unemployment rate has given Australians an injection of renewed optimism, overcoming the cloud of uncertainty generated by Victoria’s most recent COVID-19 lockdown. The weekly ANZ-Roy Morgan consumer confidence index has risen 1.3 per cent to 112.4 points, just a shade under its long-running average. The boost followed…

Britain bids to join Pacific trade deal

LONDON, RAW – Britain is poised to begin negotiations to join a trans-Pacific trade deal it sees as crucial to its post-Brexit pivot away from Europe and towards geographically more distant but faster-growing economies. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) removes 95 per cent of tariffs between its members: Japan, Canada, Australia,…

Wall Street jumps amid recovery hopes

NEW YORK CITY, RAW – Wall Street has rallied, with the Dow completing its strongest session in over three months as investors piled back in to energy and other sectors expected to outperform as the economy rebounds from the pandemic. The small-cap Russell 2000 and the Dow Jones Transports Average, considered a barometer of economic…

Mixed retail spending; Crude oil prices march higher

Mixed retail spending; Crude oil prices march higher Preliminary retail trade; Oil market What happened? ‘Preliminary’ retail trade rose by 0.1 per cent in May to be 7.4 per cent higher than a year ago. Victorian sales fell by 1.5 per cent in May, but spending rose by 1.5 per cent in both Queensland and…