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Super changes to benefit older Australians

CANBERRA, AAP – More older Australians will be able to use some of the profit from the sale of the family home to top up their superannuation, under changes to be announced in the federal budget. Currently, people older than 65 years who sell the asset can make a one-off contribution to their retirement savings…

Wall St up as jobs data eases rate worries

NEW YORK, RAW – The S&P 500 and the Dow have hit record highs while megacap growth stocks drove a recovery on the Nasdaq after US jobs data eased concerns over prospects for rising rates. US job growth unexpectedly slowed in April, likely restrained by shortages of workers, the Labor Department report on Friday showed….

Restart for India rescue flights confirmed

CANBERRA, AAP – Australians in India who fail a pre-flight coronavirus test will be barred from boarding when rescue planes restart from May 15. Prime Minister Scott Morrison on Friday announced the India travel ban would end on its planned expiry date, following a fierce backlash against the harsh measures. “All of this is about…

Iron ore record helps ASX higher for week

SYDNEY, AAP – Iron ore miners have helped Australian shares to their first week of gains in three as the steel-making commodity fetched a record price. Fortescue Metals and Rio Tinto gained about one per cent after iron ore prices topped $US200 per tonne in futures trading due to Chinese steelmakers’ demand. The benchmark S&P/ASX200…

China trade surge as global demand returns

BEIJING, AP – China’s trade with the United States and the rest of the world surged by double digits in April as consumer demand recovered, but growth appeared to be slowing. Global exports rose 32.3 per cent over a year ago to $US263.9 billion, in line with March but down from the explosive 60.6 per…

CommSec Daily Report Friday

Latest News The Aussie market is rebounding from Thursday’s losses. After a sluggish start to Friday’s session, the Aussie market is trading firmer around lunch with the ASX 200 lifting 30 points or 0.4% to 7,092. The benchmark index opened flat and even dipped into negative territory briefly this morning but was buoyed on news…

Macquarie FY profit up 10 per cent

SYDNEY, AAP – Macquarie Group has reported a 10 per cent rise in full-year profit, helped by its markets trading. The group on Friday revealed net profit after tax of $3.01 billion for the 12 months to March 31. Macquarie’s markets activities had a 39 per cent rise in profit to $2.78 billion. Shareholders will…

No surprise as RBA details speedy recovery

CANBERRA, AAP – The Reserve Bank has surprised no one with more upbeat expectations for Australia’s economic recovery. But significant monetary support will continue, supporting the creation of wealth by home buyers who can bank on low interest rates for some years. The latest statement on monetary policy released on Friday said monetary policy will…

Miners lift ASX on record iron ore price

SYDNEY, AAP – Record prices for iron ore were helping miners and Australian shares, as the market edged closer to its highest level. The benchmark S&P/ASX200 index was higher by 31.5 points, or 0.44 per cent, to 7093.2 at 1200 AEST. The index is nearing its record, 7197.2, set in February last year days before…

Global stocks rally into US jobs report

TOKYO, RAW – Global stocks are headed for their first weekly gain in three amid a surge in commodity prices, while traders have braced for a key US jobs report that could provide clues on when the Federal Reserve will ease back on monetary stimulus. MSCI’s benchmark for global equity markets, which tracks stocks in…