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Ten consecutive months of gains for ASX

SYDNEY, AAP – The ASX200 has had its tenth consecutive month of gains, equalling its record streak. A July gain of little more than one per cent helped the market’s run match the best, dating back to the index forming in 1992. Central banks have provided plenty of support to economies to help them through…

Mixed cabinet views about second recession

CANBERRA, AAP – Australia’s most senior government ministers have mixed views about whether the nation could fall into a second recession. Treasurer Josh Frydenberg has warned a return to recession could be coming if the lockdown in Sydney and surrounding regions failed to contain a worsening coronavirus outbreak. Defence Minister Peter Dutton, who is also…

Green bank offered another bite at fossils

CANBERRA, AAP – Australia’s green bank has been offered a second chance to invest in fossil fuels as the climate wars continue in Canberra. The federal government has redrafted rules to expand the remit of the Australian Renewable Energy Agency after its first attempt was quashed by Labor and the Greens. The regulations allow ARENA…

More than 38,000 Aussies stranded overseas

CANBERRA, AAP – More than 38,000 Australians stranded overseas have registered to come home as the coronavirus pandemic rages on. Senior foreign affairs official Tony Sheehan on Friday revealed 4569 on the list of 38,523 people are considered vulnerable. About 6000 people have indicated they do not wish to return to Australia until the final…

Inflation winners & losers

Inflation winners & losers Producer prices; Export & import prices What happened? The “final demand” component of producer prices (business inflation) rose by 0.7 per in the June quarter to be up 2.2 per cent on a year ago – the strongest annual growth in almost seven years. Other economic data: Import prices rose by…

Biggest lift in housing credit growth in 11 years

Biggest lift in housing credit growth in 11 years Private sector credit What happened? Private sector credit rose by 0.9 per cent in June – the most in 15 months – to be up 3.1 per cent on the year. Housing credit lifted 0.7 per cent – the most in 11 years – to be…

CommSec Daily Report Friday

Latest news The Australian sharemarket has faded from this morning’s firmer start, with the ASX 200 down 0.14 per cent to 7,407.1 as losses from Fortescue (FMG), Afterpay (APT), Origin (ORG) and CSL weigh most heavily. Keep in mind that while this keeps the market just shy of Tuesday’s all-time high, it is just hanging…

Asia shares down, set for bad month

SHANGHAI, RAW – Asian shares have slipped on Friday, with a gauge of regional equities set for its biggest monthly drop since the height of global pandemic lockdowns last March, while the dollar lagged near one-month lows on expectations of continued Fed stimulus. But the stock market losses were moderate compared with sharp falls earlier…

Qantas workers in outsourcing case victory

SYDNEY, AAP – Airline ground workers who were dismissed by Qantas after their jobs were outsourced have won a partial victory against the airline giant. The Federal Court on Friday found that Qantas had failed to prove its decision in November 2020 to outsource more than 2000 jobs was not partly made to prevent the…

NAB share buy back helps limit ASX losses

SYDNEY, AAP – National Australia Bank declared a $2.5 billion share buy back for investors but the ASX was being let down by technology and healthcare stocks. NAB on Friday revealed it will buy back shares to reduce additional capital and improve its balance sheet. The bank was the best performing of the big four…