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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…

Worst day for ASX in more than four weeks

SYDNEY, AAP – Stocks have had their worst day in more than four weeks on the Australian market as investors began believing warnings of higher rates in a year or two. The ASX200 fell 1.81 per cent and its biggest category, financial stocks, shed 3.42 per cent. The market’s biggest player, the Commonwealth Bank, lost…

Net zero target in doubt as Joyce leads

CANBERRA, AAP – Scott Morrison may want net zero emissions by 2050 but the incoming deputy prime minister Barnaby Joyce has form against the transition to “new energy”. Australia has been “taken for a ride” by subsidised wind turbines from China and by environmental activists who argue expanding renewable energy here can cut global emissions,…

Asian stocks drop, Fed shift reverberates

TOKYO, RAW – Asian stocks have dropped as investors mulled the implications of a surprise hawkish shift last week by the US Federal Reserve, while the Treasury yield curve flattened further with 30-year yields dropping below two per cent. Japan’s Nikkei led declines with a 3.3 per cent drop and dipped below 28,000 for the…

CommSec Daily Report Monday

Latest News The Aussie market has started the new week well in the red with the ASX 200 slumping by 146pts or 2% to 7,222 near midday. The index is on track for its worst daily decline since February 26 this year where it dropped 2.35%. Even with today’s falls, the ASX 200 is still…

ASX drops almost two per cent, banks sink

SYDNEY, AAP – Stocks were in freefall and down nearly two per cent as the Australian market followed a Wall Street plunge. Financial shares fell most, 3.37 per cent. Market heavyweight the Commonwealth Bank shed 4.54 per cent to $98.98. All industry categories were down. There were losses of more than one per cent for…

Central banks and the reverse rotation trade

Central banks and the reverse rotation trade What happened? At its June 15-16 meeting the US Federal Reserve Open Market Committee (FOMC) left its target range for the federal funds rate unchanged at 0-0.25 per cent. But in its ‘dot plot’ forecasts, 11 of 18 policymakers signalled two rate increases in 2023. And several officials…

CBA sells insurance business for $625m

SYDNEY, AAP – The Commonwealth Bank is offloading its general insurance business to the Hollard Group, which will then sell home and vehicle insurance to CBA customers. Hollard will pay $625 million for CommInsure General Insurance, and then pitch products to CBA customers through channels such as the CommBank app. Hollard and the bank have…