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Wall St hits new highs after strong week

Wall Street climbed to record highs on Friday, with major indexes turning in their strongest weekly gains since August, after strong US housing data and signs of resilience in the Chinese economy raised hopes of a rebound in global growth. Market sentiment brightened further this week after the United States and China sealed a Phase…

Oil steadies after China economy news

Oil prices steadied after sluggish economic growth in China, the world’s biggest crude importer, raised concerns over fuel demand and countered optimism from the signing of a China-US trade deal. Brent crude futures rose US 23 cents to settle at $US 64.85 a barrel on Friday. US West Texas Intermediate (WTI) crude futures rose 2…

Palladium’s rally pushes it above $2,500

Palladium soared over 9 per cent to power above the key $US 2,500 an ounce level for the first time on Friday, boosted by a chronic shortage of the metal in the market and hopes the global economy might be turning the corner. Spot palladium was 6.9 per cent higher at $US 2,472.80 per ounce…

Fourth day of record-setting gains for ASX

Australian shares have reached fresh all-time highs for a fourth consecutive day following the signing of a trade deal between the US and China earlier this week. The benchmark &P/ASX200 index hit an all-time intraday high of 7,088.1 points, finishing Friday up 22.3 points, or 0.32 per cent, to an all-time closing high of 7,064.1…

The Week Ahead Friday,17January 2020

The fourth week of the year looks to be a quiet one for economic data both in Australia and the US. In Australia consumer sentiment and employment data dominate the list of scheduled releases. The week kicks off on Tuesday when the Commonwealth Bank releases the December Household spending intentions report. A quiet week is…

CommSec Daily Report Friday

Latest news Aussie shares are hitting fresh record highs for a fourth day as the ASX 200 improves by 38 pts or 0.55 per cent and is consolidating above the key 7000pt level, which it cracked for the first time yesterday. The market is continuing to enjoy its best start to the year in 26…

Rio’s iron ore drops after cyclone, fire

Rio Tinto has posted a 3 per cent drop in iron ore shipments in 2019 as the Anglo-Australian miner’s operations faced disruptions due to cyclone and a fire at a port facility. Iron ore shipped from Australia’s Pilbara region in 2019 was 327.4 million tonnes, the company said, well within its forecast of 320 million…

Farmer has no time to grieve after fires

Aaron Salway has been so busy fencing and feeding cattle that he hasn’t had time to grieve. He lost his younger brother Patrick, 29, and his father Robert, 63, to a firestorm that ravaged the far south coast of NSW on New Year’s Eve. “I just keep thinking they’re going to walk around the corner…

Nufarm says Aust operations hit by climate

Nufarm’s Australia and New Zealand segment is expected to post a first half loss after the agricultural and chemical company was hammered by climate extremes in Australia during the bushfire crisis. Nufarm has updated the market on the last two months of trading since its warning in November that weak demand and unforeseen sales rebate…

Qld govt savaged for offshore deal on milk

An award-winning Queensland milk company has accused the state government of “hogwash” after a lucrative contract to supply hospitals went to foreign-owned companies. Sunshine Coast dairy company Maleny Dairies is seeking an urgent meeting with Premier Annastacia Palaszczuk to explain why it was overlooked in favour of offshore interests. “The Queensland government has spent last…