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Super reducing reliance on the pension

Fewer Australians are relying on the age pension than 20 years ago, an indication that the national retirement scheme is successful, the peak superannuation body says. Association of Superannuation Funds of Australia chief executive Martin Fahy said there are six common myths associated with superannuation that have been eroding public confidence in the $2.5 trillion…

Gold edges up after Fed chair confirmation

Gold prices inched higher but were still below the previous day’s six-week high, mirroring an advance in the US dollar following a confirmation hearing for US Federal Reserve chair nominee, Jerome Powell. The US Federal Reserve is likely to raise interest rates again next month, Powell told the Senate Banking Committee. He said the Fed…

Youi to pay $164,000 over sales practices

Youi will pay $164,000 after the corporate watchdog raised concerns the insurer had been charging people for policies they hadn’t agreed to buy. The company will refund approximately $14,000 to 102 consumers and pay $150,000 to an advocacy group for people in financial stress. The Australian Securities and Investments Commission on Wednesday said Youi’s remuneration…

Stocks to watch

Stocks to watch on the Australian stock exchange: SEK – SEEK LIMITED Online job ads portal SEEK Limited is due to hold its annual general meeting on Wednesday. CKF – COLLINS FOOD LIMITED KFC franchisee, Collins Food, is slated to release its half-year results. BHP – BHP BILLITON FMG – FORTESCUE METALS GROUP RIO –…

Gains lift market back above 6,000 points

Gains by the major banks, miners and energy companies have pushed the share market’s benchmark index past 6,000 points for second time this month. The benchmark S&P/ASX200 stock index gained 26.8 points, or 0.45 per cent, to 6,011.1 points, as the banking and mining heavyweights took advantage of positive offshore data and a swing in…

US Fed nominee Powell: Case for raising rates in Dec ‘coming together’

President Donald Trump’s pick to lead the US Federal Reserve said Tuesday there is a strong case for raising the benchmark interest rate at the central bank’s December policy meeting.In an unusually direct comment for normally-reticent central bankers, Fed governor Jerome Powell told the Senate Banking Committee, ‘I think that the case for raising interest…

US stocks end at records as Senate panel advances tax cut

Wall Street stocks surged to fresh records Tuesday after a key Senate committee advanced the Republican tax cut plan, moving the long-awaited measure closer to the finish line.All three major US indices set new records, with the Dow Jones Industrial Average finishing up 1.1 percent to close the session at 23,836.71.The broad-based S&P 500 gained…

US launches trade investigation into Chinese aluminum imports

The United States on Tuesday stepped up its trade confrontation with China, ordering an investigation into imports of aluminum sheet worth hundreds of millions of dollars a year.For the first time since 1991, the Commerce Department said launched the investigation on its own initiative, rather than responding to a request from a US company.The department…

UK car sector wants Brexit transition without time limit

A UK lobby group representing the country’s key car sector is demanding a Brexit transitional deal with no time limits, its president said in a speech on Tuesday.Tony Walker, president of the Society of Motor Manufacturers and Traders (SMMT), said uncertainty over Britain’s exit from the European Union was already taking its ‘toll’, as he…

IG Research – The long and the short of it

When in doubt buy risk assets has been the message we have been provided with once again.One can extend this too Bitcoin too, as the wall of money continues to pour into the space and although price has pulled back a touch from the overnight high of 9975, it feels as though there is a…