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Aussie retail shares supported by strong consumer spending

Aussie retail shares supported by strong consumer spending Consumer sentiment; Overseas arrivals & departures; ABS household survey What happened? The weekly ANZ-Roy Morgan consumer confidence rating rose by 0.3 per cent to 111.0 (long-run average since 1990 is 112.6). Consumer views on whether it’s a ‘good time to buy a major household item’ jumped by…

ASX record joy tempered by mining losses

SYDNEY, AAP – Australia’s share market has notched a second consecutive all-time high, but mining shares plunged late and limited gains. The ASX200 rose to a record 7406.2 points early, helped by energy and financial shares. The market was higher by about 0.3 per cent after the first two hours of trading, but mining shares…

Minimum wage set to rise by $18.80 a week

CANBERRA, AAP – Australia’s lowest-paid workers will receive an $18.80-a-week wage increase. The Fair Work Commission revealed on Wednesday the national minimum wage will rise 2.5 per cent to $772.60 per week or $20.33 an hour. Sectors still under pressure from coronavirus restrictions will have the increase delayed beyond July 1. More than two million…

CommSec Daily Report Wednesday

Latest news The Australian sharemarket hit a fresh record high this morning, with the ASX 200 extending its winning streak to a fourth day while also jumping above 7,400pts for the first time. While most sectors are lifting, gains from the major banks, energy stocks, consumer staples and Wesfarmers (WES) are helping keep the market…

Rio Tinto to trial low-emissions refining

CANBERRA, AAP – Resources giant Rio Tinto is set to trial the use of hydrogen to replace natural gas in a bid to cut emissions from an alumina plant in Queensland. Alumina refining accounts for about a quarter of Australia’s direct, non-electricity manufacturing emissions, or 14 million tonnes a year. The federal government is providing…

Aust-UK trade deal to boost jobs, business

CANBERRA, AAP – AUSTRALIA-UK FREE TRADE DEAL * Australia and the United Kingdom have agreed on the broad outline of a free trade agreement * Citizens in both countries will get better access to products and more freedom of movement * Australia says producers and farmers will benefit the most KEY DETAILS: * Australia will…

Energy shares lead ASX to record high

SYDNEY, AAP – A big jump in oil prices and energy shares have helped the Australian market reach a record high level early in trade. Oil prices rose nearly two per cent to their highest level in more than two years as investors expect more demand in the second half of the year. The world’s…

IKEA fined for spying on French employees

PARIS, RAW – A French court has ordered IKEA to pay a one million euro ($A1.6 million) fine for spying on its French staff after the world’s biggest furniture retailer was found guilty of improperly gathering and storing data on its employees. The French branch of Ingka Group, which owns most IKEA stores worldwide, was…

Confidence posts limp rise in past week

CANBERRA, AAP – Australians were hardly punching the air following the easing of COVID-19 restrictions in Victoria with only a tiny rise in consumer confidence posted in the past week. The weekly ANZ-Roy Morgan consumer confidence index rose just 0.3 per cent, coming off a three per cent national drop in the preceding two weeks…

Wall St dips as investors await Fed report

NEW YORK CITY, RAW – Wall Street’s main indices closed lower as data showing stronger inflation and weaker US retail sales in May spooked already-jittery investors awaiting the results of the Federal Reserve’s latest policy meeting. Assurance from the Fed that rising prices are transitory and falling US Treasury yields have helped ease some concerns…