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ASX closes down, biggest loss of April

SYDNEY, AAP – Australia’s share market has pulled back from near-record heights, after its biggest loss of the month. The benchmark S&P/ASX200 index closed down 47.8 points, or 0.68 per cent, to 7017.8. The index on Monday had its best close since February 2020, and is 144 points from its record close. The All Ordinaries…

PM promises industry shield from net zero

CANBERRA, AAP – Scott Morrison has pledged to protect industry on the road to net zero and shows no signs of increasing Australia’s emissions reduction targets for 2030. The prime minister is days away from a global climate summit organised by the United States where Australia will join other major emitters. US President Joe Biden…

Consumer views on the economy hit 20-month high

Consumer views on the economy hit 20-month high Weekly consumer confidence; CBA Household Spending Intentions (HSI) Consumer confidence: The weekly ANZ-Roy Morgan consumer confidence rating edged lower by 0.1 per cent from a 17-month high of 114.1 to 114.0 (long-run average since 1990 is 112.6). Confidence is up by 74.6 per cent since hitting record…

RBA sticks to script of low rate outlook

CANBERRA, AAP – The minutes of the Reserve Bank’s April board meeting stuck to the script of maintaining low interest rates until its goals of low unemployment and an inflation rate in line with its target are met.That meeting left the cash rate, and the rates on the central bank’s toolkit of policies, unchanged at…

Afterpay closer to US listing, sales climb

SYDNEY, AAP – Afterpay has confirmed it is closer to listing on a US stock market after North America overtook Australia and New Zealand as the biggest region for sales. The buy now, pay later provider on Tuesday published sales figures which showed people in Canada and the US spent $2.6 billion using the service…

Asian shares up on China gains

HONG KONG, RAW – Asian shares have risen, led by a stronger Chinese opening and shaking off the initial drag from tech-driven Wall Street losses, while the US dollar stayed at multi-week lows against other major currencies. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2 per cent in morning trade on Tuesday, swinging…

CommSec Daily Report Tuesday

Latest News The ASX 200 was weaker this morning, down 28.5 points, or 0.4 per cent to 7,037.9 at midday, breaking a five-day winning streak. The decline followed softer performance from Wall Street overnight, as investors awaited key earnings results. Most sectors were weaker at midday, with health care leading the decline. Consumer staples and…

House price boom good for banks: Moody’s

CANBERRA, AAP – Australia’s strong housing market is a bonus for banks, developers and material suppliers, a global credit rating agency says. Moody’s Investors Service says for banks, robust residential mortgage growth will support their revenues, particularly at a time when low interest rates and intense competition are weighing on net interest margins. The earnings…

Rio iron WA ore output falls after big wet

SYDNEY, AAP – Rio Tinto’s iron ore production in the West Australia Pilbara has fallen after wet weather and labour shortages impacted output.But the two per cent decline in the first quarter to 76.4 million tonnes, from the same period last year, won’t impact the resources giant’s optimistic full-year outlook. “We achieved an overall solid…

Aust shares fall, banks and miners down

SYDNEY, AAP – Shares on the Australian market have eased from post-pandemic heights, and the banks and miners are lower.The benchmark S&P/ASX200 index was down 25.9 points, or 0.36 per cent, to 7039.7 at 1200 AEST. The index on Monday had its best close since February 2020, and is a little more than 100 points…