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Business still lacking ‘animal spirits’

Former Reserve Bank governor Glenn Stevens once told parliamentarians that the Australian business community was lacking the “animal spirits” that were needed to drive economic growth. Six years on, little appears to have changed. Business investment fell further in the September quarter to stand almost 14 per cent lower than a year earlier. While firms…

No virus cases in Victoria for four weeks

Once overrun with almost 8000 active cases, Victoria has officially eliminated COVID-19. Friday marks four weeks without a new case of coronavirus. Some 9828 Victorians were tested in the past 24 hours. Health authorities say 28 days with no new cases means the virus has been eliminated from the community, given that period represents two…

Intercity train strike in NSW called off

The NSW Rail, Tram and Bus Union has called off a snap 24-hour strike after the state government cancelled test runs for its new intercity trains. The New Intercity Fleet comprises 55 trains that will operate on the Central Coast and Newcastle, Blue Mountains and South Coast lines. A report by Klaus Clemens Engineers has…

World shares hold close to all-time highs

European shares were mixed on Thursday and world shares held near all-time highs after a strong Asian session in which market euphoria around COVID-19 vaccines, Joe Biden’s US presidential election win and hopes for further stimulus outweighed worsening US data. World shares are having their best month on record this November, boosted by a slew…

CommSec Daily Report Thursday

Latest News Local shares are easing a touch at lunch on Thursday. The ASX 200 is trading in a narrow range for the first few hours of the session and is down 16 points or 0.25% to 6,666 at lunch. This follows a decline on US markets overnight with losses for the Dow Jones and…

ASX flat, dollar buys 73.66 US cents

Investors have eased off the Australian share market, which was little changed, after discouraging economic data from the US. The S&P/ASX200 benchmark index was lower by 7.1 points, or 0.1 per cent, to 6676.2 at 1200 AEDT on Thursday. The All Ordinaries was lower by 4.5 points, or 0.06 per cent, to 6883.7. Financials, materials,…

US unemployment a sign of slowing recovery

The number of Americans filing first-time claims for jobless benefits increased further last week, suggesting an explosion in COVID-19 infections and business restrictions are boosting layoffs. Still, the economy got off to a solid start in the fourth quarter, with consumer spending and business investment in equipment topping analysts’ expectations in October. Businesses also reported…

Metro Trains Sydney workers win back pay

Metro Trains Sydney maintenance workers have won a long-running battle for more than $500,000 in unpaid wages. Unions NSW says it lodged the dispute in September, after MTS refused to pay more than nine months worth of allowances and leave loading, originally promised to 32 staff in the lead-up to a finalised employment agreement. The…

Stocks move sideways but investors remain confident

Investors are still inoculated from iffy data this week, revelling in the vaccine pipeline. Still, they might need to be concerned with more days like this as the virus hits the economy faster than the vaccine roll-out evolves. US equities moved sideways overnight, likely a much need hiatus after the record close the day prior….

Australian coal held up off Chinese ports

Australian coal worth more than $700 million is being held up at Chinese ports because of apparent problems with environmental standards. Dozens of bulk carriers have been stuck off the Chinese coast for months due to safety and quality inspections that appear to be aimed squarely at Australian exports. Resources Minister Keith Pitt is working…