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Wall Street rises as tech shares gain

US stocks have risen and the Nasdaq has hit a record closing high, supported by technology shares as early signs of an economic rebound offset concern about further lockdowns due to a jump in coronavirus cases across the country. Apple Inc and Microsoft Corp provided the biggest boosts to the Dow and S&P 500, with…

Facebook cuts network tied to Bolsonaro

Facebook Inc has suspended a network of social media accounts it says are used to spread divisive political messages online by employees of Brazilian President Jair Bolsonaro and two of his sons. The company said that despite efforts to disguise who was behind the activity, it had found links to the staff of two Brazilian…

Gold smashes $1,800 in rush for safety

Gold soared past the technical $US1,800 threshold overnight, scaling its highest since September 2011, as investors bolted for safety from the novel coronavirus and central banks poured in powerful stimulus to cushion its economic fallout. Spot gold rallied 0.9 per cent to $US1,811.01 per ounce by 1739 GMT. US gold futures settled 0.6 per cent…

Oil higher on improving US gasoline demand

Oil prices settled higher overnight as US gasoline consumption showed signs of a recovery, but price gains were limited by rising crude inventories and an increase in coronavirus infections. Brent crude futures settled up 21 US cents at $US43.29 a barrel. US West Texas Intermediate (WTI) crude futures rose 28 US cents to settle at…

Tighter watch over Vic energy retailers

Back-billing for energy use after more than four months will not be allowed in Victoria from next year. A ruling from Victoria’s energy regulator has capped the time for retailers to properly bill customers, tightening it from nine months to four. Essential Services Commission chief executive John Hamill said the new rule means Victorians can’t…

Shares slip 1.5pct amid rising virus fears

The Australian share market has suffered its worst drop in nearly two weeks amid worries about rising virus cases in Victoria and overseas and following a drop in US markets. The benchmark S&P/ASX200 index closed Wednesday down 92.6 points, or 1.54 per cent, at 5,920.3 points, while the All Ordinaries index dropped 92.4 points, or…

Aged care royal commission being extended

An ongoing royal commission into Australia’s struggling and scandal-prone aged care sector is being extended by several months. The federal government is also funding another 6100 in-home aged care packages, which have been massively oversubscribed for years. “We will take every opportunity in the future, including the budget and the mid-year statement that follows, to…

Luxury vehicle sales at record highs

Luxury vehicle sales at record highs Economic perspectives Luxury vehicle sales: Sales of new luxury vehicles hit record highs last month. The CommSec luxury vehicle sales index, a sample of 17 luxury marques, shows that sales totalled 12,235 units in June, double the level of May and up from the 11-year low set in April….

CommSec Daily Report Wednesday

Latest News It has been another choppy session of trade so far on Wednesday with the ASX 200 index swinging between losses and gains in the opening few hours of trade. The benchmark index is now down 32 points or 0.5% to 5980 after midday and trading near the lows of the session. It was…

Afterpay stock slips after share sale

Afterpay shares have resumed trading after institutional investors bought $650 million worth of stock in an equity raising. The sought-after shares were trading at $66.97 per share, down 1.51 per cent at 1145 AEST but still higher than the $66 price in the institutional placement. The placement had a floor price of $61.75, a 9.2…