Global stocks mostly fall as oil-linked shares retreat
World stocks mostly fell Monday on weakness in petroleum-linked equities and as a strong euro weighed on European bourses.Equity markets in London, Paris, Frankfurt and Tokyo all fell, while the S&P 500 and Nasdaq retreated from records in the US.Eurozone stocks fell, as the euro, though pulling back a bit from Friday’s level against the…
Bezos a $100 bn man as Amazon rises on cyber shopping
Amazon founder Jeff Bezos was a $100-billion man on Monday as the online retail colossus raked in cash from the holiday weekend’s cyber shopping spree.Forbes magazine’s real-time ranking of the richest people had Bezos on top, with a personal net worth of $100.3 billion.Microsoft co-founder Bill Gates saw his net worth climb to a dizzying…
Tumblr founder leaving Yahoo-owned blogging platform
Tumblr founder and chief David Karp on Monday announced he is leaving the nearly 11-year-old blogging platform – with his departure coming in the wake of Verizon buying parent-company Yahoo.Karp said that he will leave by the end of this year and chief operating officer Jeff D’Onofrio will take his place at the helm of…
Federal Reserve nominee Powell defends bank regulation, sees higher interest rates
President Donald Trump’s pick to lead the US central bank on Monday defended regulations that have made the financial system more crisis-proof, and said interest rates are likely to rise a bit more.But Federal Reserve Governor Jerome Powell, a former investment banker, said the Fed will continue to look for ways to ease the regulatory…
ECB joins calls for digital platform to trade bad loans
Eurozone authorities should create a an electronic platform to trade ‘non-performing’ loans weighing down the single currency area’s banks, the European Central Bank urged Monday.‘Market failures’ are hobbling trade in debt in or close to default in the 19-nation currency zone, ECB economists found in a paper, with a too-small number of buyers pushing down…
CommSec Daily Report Tuesday
Latest newsThe Australian market is off to a firmer start, with the ASX 200 lifting by 0.14 per cent, rising back above 6000pts earlier and remaining near two-week highs. It will be important to see if the index can close above 6000pts as it failed to do so yesterday due to fading enthusiasm in the…
Consumer Confidence moderates
Confidence moderates from 4-month highConsumer sentimentConsumer confidence: The weekly ANZ/Roy Morgan consumer confidence rating fell by 1.2 per cent to 115.0 last week. Confidence remains above the average of 113.2 since 2014 and its long-run monthly average of 112.9 since 1990. The consumer confidence figures have implications for retailers, and other consumer-focussed businesses.What does it…
Extension of cuts expected at OPEC meeting
With oil prices nudging steadily higher, market expectations are for crude-pumping countries to prolong their deal to curb output at a meeting at OPEC headquarters in Vienna on Thursday.Markets could be disappointed, however, with Russia reportedly not yet fully on board about signing up to extending the agreement, due to expire on March 31, until…
Top carbon-fibre maker Toray admits unit falsified product data
A subsidiary of world’s top carbon-fibre supplier Toray Industries falsified product data, the company said Tuesday, making it the latest major Japanese firm to become embroiled in quality control problems.Toray Hybrid Cord had discovered 149 cases of falsifying data between 2008 and 2016, the parent said, but added it had so far found no safety…
Telstra shares sink on NBN rollout delay
Telstra shares have sunk after NBN Co said it will temporarily suspend the national broadband network rollout so it can work on improving the quality of the service. The company tasked with building the NBN says it will suspend the rollout of the hybrid coaxial-fibre (HFC) network for six to nine months, from December 11,…
