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The Week Ahead

The month of December begins in Australia with the Reserve Bank meeting, economic growth, retail and international trade data being released. The US employment report, together with China inflation and trade data feature overseas.Originally published by Ryan Felsman, Senior Economist, CommSec

Bitcoin could threaten financial stability: Fed governor

Digital currencies like bitcoin could pose a threat to financial stability as they gain wider use, a chief Federal Reserve banking oversight official said Thursday.The remarks from newly-installed Fed Vice Chairman for Supervision Randal Quarles came as bitcoin took a vertiginous dive on Thursday after skyrocketing earlier in the week to more than 10 times…

As key tax vote nears, Trump pressing for a major victory

Donald Trump closed in on a major political victory Thursday in the US Senate, where his controversial tax reform bill received a boost from the influential John McCain, even though he is often at odds with the president.The Republican majority appeared likely to adopt the bill – in what would be the first-year president’s most…

CommSec Daily Report Friday

Latest NewsLocal shares are off to a buoyant start to the last month of 2017 as it rebounds from yesterday’s weakness. The ASX 200 has recouped a fair chunk of the 41 point loss from the day before. The index is 30 points or 0.5% higher and just a touch above 6000pts at the time…

Oil producers keep output squeeze despite Russia concerns

Nations that supply a majority of the world’s oil agreed Thursday to keep a lid on output for all of 2018, despite Russia starting to get cold feet and tensions between Iran and Saudi Arabia in the Middle East.The 24 nations, which account for some 60 percent of global supply, will maintain production curbs of…

Freedom Foods shares up on FY18 guidance

Freedom Foods Group shares are at a record high after the health food company upgraded its sales guidance for the 2018 financial year. The company on Thursday increased its sales guidance to between $360 million and $380 million, from between $340 million and $360 million announced in September, on the back of ongoing benefits from…

Royal commission shock shakes ASX

The Australian share market has closed lower following the shock announcement of a royal commission into the finance industry, with banks and insurers hit by the news – Commonwealth Bank and ANZ recording the biggest falls. The benchmark S&P/ASX200 stock index closed down 0.69 per cent at 5,969.9 points at on Thursday with the finance…

Building approvals surprise in October

Building approvals rose by a surprise 0.9 per cent in October, boosted by a jump in construction activity in Victoria and Queensland. The increase was far better than market expectations of a 1.0 per cent decline. Approvals for private sector houses were up by 10,063, or 1.5 per cent in the month, and have now…

Banks wobble on news of royal commission

The announcement of a banking royal commission has shaken Australia’s financial sector and could land the big banks with a bill of up to $100 million each. Shares in Commonwealth Bank, Westpac, National Australia Bank, ANZ and Macquarie tumbled on Thursday as investors took fright at news the big lenders had, after months of resistance,…

Brisbane apartment market has BOQ on alert

Bank of Queensland says moderating house prices across Australia’s east coast are welcome but the institution is bracing for any collapse, especially in Brisbane’s oversupplied apartment market. BOQ chairman Roger Davis said while Brisbane was at the forefront of speculation around a housing bubble bursting, the bank was well-positioned in the event of any volatility….