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BOQ to defer dividend after APRA advice

Bank of Queensland will defer paying dividends to shareholders after the Australian Prudential Regulation Authority urged banks to consider doing so due to the coronavirus impact. The regional lender on Wednesday said it would defer a decision on paying its interim dividend until the economic outlook is clearer. The decision comes as BoQ reports a…

Copper rises on hopes of slowing pandemic

Copper prices surged to their highest in nearly three weeks on some signs that the coronavirus pandemic may be slowing and on hopes that heavy bouts of stimulus will repair economic damage. Some analysts were wary, however, of the rally that swept industrial metals higher for a second day along with other risk assets such…

Virgin seeks ‘statement of confidence’

Virgin Australia has warned the nation cannot afford to emerge from the coronavirus pandemic with a monopoly airline as it attempts to raise $1.4 billion and calls on the federal government to back its future. Chief executive Paul Scurrah is seeking “a statement of confidence from government as quickly as we can, in much the…

ASX set to dive as Wall St rally fades

The Australian share market is expected to slide at the open after Wall Street shed its early gains on a steepening oil price decline. The SPI200 futures contract was down 52 points, or 0.99 per cent, at 5,190.0 points at 0800 AEST on Wednesday, suggesting local stocks will extend losses the start of trade. The…

Gold drops on hopes of a virus slowdown

Gold prices have fallen over 1.0 per cent, retreating from a near one-month high hit earlier in the session, as signs of slowdown in coronavirus cases in major epicenters boosted equity markets, drawing away some of the bullion’s safe-haven appeal. Spot gold fell 1.0 per cent to $US1,644.51 an ounce after touching $US1,671.40. “What we’re…

Aussie shares close down after early gains

The Australian share market has been unable to sustain its early gains, closing down after officials in the US ruled out a return to normalcy until a coronavirus vaccine is found. The S&P/ASX200 benchmark index touched a high of 5,423.1, a gain of 2.7 per cent, in the first 10 minutes of trade but ended…

Consumer spirits lift; Job ads fall by over 10%

Consumer spirits lift; Job ads fall by over 10% Consumer confidence; Job ads; Trade; Services gauge; COVID-19 survey Consumer confidence: The weekly ANZ-Roy Morgan consumer confidence rating rose by 10.1 per cent to 71.9 points – the biggest lift since August 31 2008. Sentiment was up from a record low of 65.3 points. Job advertisements:…

CommSec Daily Report Tuesday

Latest news The solid start to the holiday-shortened week was short lived, with the ASX 200 fading from the morning’s gains in excess of 2 per cent. At lunch, the index is down 21.5pts or 0.41 per cent to 5,265.3. Some early positive signs that lockdowns are working to slow the pace of infection and…

BlueScope slows work to expand US mill

BlueScope Steel is rescheduling building work on the $1 billion expansion of its North Star steel mill in the US amid the economic fallout of the coronavirus. The steel maker told the share market on Tuesday that construction and installation work were being rescheduled for the next six months to reduce costs. The Australian operator…

Worker protections added to wage subsidies

The Morrison government has struck a historic deal with unions to put the finishing touches on $130 billion in wage subsides designed to save six million jobs. Industrial Relations Minister Christian Porter on Tuesday announced an agreement with Australian Council of Trade Unions secretary Sally McManus. “I’m not pretending that they love everything in the…