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CommSec Daily Report Wedneday

Latest News The Aussie market is managing to just hold onto its earlier advances with the ASX 200 inching 1 point higher at 6,186. The benchmark index has been trading in a narrow 22 point range over the first few hours of the session. Local gains follow an improved session on Wall Street with major…

Business SA wants budget tourism package

Business SA has called on the state government to include a dedicated support package for the tourism and events sector in its upcoming budget. Chief Executive Martin Haese says the sector has been hit hard by ongoing COVID-19 restrictions and South Australia has fallen behind other states in the level of government assistance. “South Australia…

ASX flat after drop in retail trade

Australia’s share market dropped to being flat after retail sales figures for September showed a surprise drop in trade. The S&P/ASX200 benchmark index was up by 1.2 points, or 0.01 per cent, to 6185.8 at 1200 AEDT on Wednesday. The All Ordinaries was better by 0.1 points, or 0 per cent, to 6396.9. The indices…

Vaccine and stimulus hopes prop the markets

With investors peering down the stimulus wishing well, US stocks have remained perilously perched but onside for the day. The hope is that the US Congress would reach an agreement on a spending package to brace American households and businesses against the economic fall out from the pandemic as a third coronavirus surge has unswervingly…

Australia watching US case against Google

Australia’s competition watchdog is closely watching a United States case against internet search and advertising giant Google. The US government has filed a lawsuit against Google, accusing the company of illegally using its market power to fend off rivals. The Justice Department has warned nothing is off the table, including breaking up the online behemoth….

Netflix short on subscriptions, earnings

Netflix’s growth in the third quarter cooled considerably after its blockbuster COVID-fueled bump in the first half of 2020. The company netted 2.2 million Q3 subscribers in 2020 – below Wall Street’s expectations and under Netflix’s own previous forecast. The streaming giant also posted net earnings below analyst consensus estimates. Shares were down 6 per…

Bank worker charged over $21 million fraud

A former NSW bank employee is facing a raft of charges over an attempted fraud against the National Australia Bank valued at more than $21 million. Detectives from the State Crime Command’s Financial Crimes Squad uncovered fraudulent bank deposit guarantees had been used to buy properties across the state, for an inflated commission. On August…

Morrison pitches digital economic recovery

Scott Morrison wants Australia to become one of the world’s leading digital economies within the next 10 years. The prime minister says consumers and businesses have adopted to online technologies at warp speed during the coronavirus pandemic. He wants to springboard off the health and economic crisis to drag the country out of recession. “Our…

ASX lower, dollar eases on rate cut talk

Australia’s share market finished lower and the Aussie dollar edged down towards 70 US cents as the Reserve Bank gave further suggestions of a rate cut next month. The S&P/ASX200 benchmark index fell by 44.8 points, or 0.72 per cent, to 6184.6 on Tuesday. The index closed above 6200 on Monday, but failed to rise…

AUSTRAC warned Crown on SunCity: NSW probe

The Australian financial crime watchdog warned Crown Resorts in June 2017 that the boss of one of its high-roller junket partners was a foreign “politically-exposed person” with a criminal history, a NSW inquiry into the casino operator has heard. Some two years later, the organisation’s board signed an Australian stock exchange statement falsely stating the…