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Aust shares flat, US leaders’ debate looms

Australia’s share market finished flat as global investors traded cautiously ahead of a big risk event for financial markets – the first US presidential debate between Donald Trump and Joe Biden. The S&P/ASX200 benchmark index reached a session high of 5995.4 in the first hour, but then mostly fell away to finish lower by 0.2…

CommSec Daily Report Tuesday

Latest news Aussie shares are lifting slightly at lunch, with the ASX 200 up by just 0.14 per cent to 5,960.7 as gains from Tech, Industrials, Financials and Telcos are being mostly offset by Materials and Consumer Staples. Early in the day, the Aussie market hit a near three-week high and got to within 5pts…

Difficult to resist Packer, inquiry told

A director of Crown Resorts and James Packer’s private investment company says it would have been “difficult” to resist the billionaire’s instructions, even after the casino mogul withdrew his active involvement in operations. Michael Johnston on Tuesday said he approved the sale of a major stake in Crown from private company CPH Crown Holdings to…

Airport deal won’t happen again: Morrison

Prime Minister Scott Morrison has promised taxpayers’ money will not be wasted on over-the-odds land purchases after a debacle at the Western Sydney Airport. The federal government paid $30 million for a 12-hectare plot of land worth $3 million under a deal uncovered through a scathing auditor-general’s report. Deputy Prime Minister Michael McCormack raised eyebrows…

Bank of QLD reveals $175m FY loans expense

Bank of Queensland expects to book a $175 million expense from bad loans, mostly due to COVID-19, for the full year. The pre-tax figure will include $133 million attributed to the economic impact of the pandemic after some borrowers lost work and struggled to make repayments. The bank had set aside $10 million in the…

Australia’s deaths low amid global toll

The global death toll from coronavirus has eclipsed one million people nine months into the pandemic, but Australia’s new case numbers remain low. The number of worldwide cases has topped 33.2 million. Prime Minister Scott Morrison said the death toll milestone was a number nobody wanted to see. “It is a reminder that we are…

Aust shares up slightly but easing

Australia’s share market has shot up early, following US markets’ lead, but eased to be only slightly higher. The S&P/ASX200 benchmark index reached a session high of 5995.4 in the first hour of trading but trimmed gains to be better by 10.5 points, or 0.17 per cent, to 5962.8 points at 1200 AEST on Tuesday….

Consumer confidence hits 14-week high.

Consumer confidence hits 14-week high More Queensland and NSW restaurant diners Consumer confidence; CBA card spending; Restaurant reservations; Public transportation Consumer confidence: The weekly ANZ-Roy Morgan consumer confidence rating rose by 1.6 per cent to a 14-week high of 95 (long-run average since 1990 is 112.6). Confidence has lifted in six of the past seven…

Trader thoughts as we roll into Asia

It’s been a solid day for risk, and traders have feasted on reflation assets. Perhaps there has been some month- and quarter-end flow playing out, or maybe traders are looking out the S&P500 options term premium and seeing higher implied volatility post the US election and saying, regardless of who is President, or what we…

Risk-on sentiment pushes stocks higher

With the prevailing attitude in the market that stocks can not fly unless banks take off, financials did not disappoint overnight, leaving a chorus of unsuspecting but welcoming investors agog as the S&P500 roared +1.6%, with bank stocks among the better performers. A similar theme in Europe, with a 2.2% rise in the Stoxx600, the…