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UK car sector wants Brexit transition without time limit

A UK lobby group representing the country’s key car sector is demanding a Brexit transitional deal with no time limits, its president said in a speech on Tuesday.Tony Walker, president of the Society of Motor Manufacturers and Traders (SMMT), said uncertainty over Britain’s exit from the European Union was already taking its ‘toll’, as he…

IG Research – The long and the short of it

When in doubt buy risk assets has been the message we have been provided with once again.One can extend this too Bitcoin too, as the wall of money continues to pour into the space and although price has pulled back a touch from the overnight high of 9975, it feels as though there is a…

Nearly 175 mn US shoppers hit stores over holiday

The 2017 US holiday shopping season remains on track to produce solid growth after more than half the US population made purchases over the Thanksgiving weekend, the National Retail Federation said Tuesday.NRF officials cited strong US economic data, good weather and an enterprising approach by retailers to discounting both in store and online as factors…

Mayne Pharma expects “soft” H1 to improve

Drugs manufacturer Mayne Pharma is still feeling the impact of tough competition and lower prices in the generic drugs market in the US, but expects the release of new drugs and restructuring initiatives will boost the company’s financial performance. Chief executive Scott Richards says the company’s first half is expected to be “soft” but that…

Telstra, banks and miners weigh on market

The share market ended a day of fluctuating fortunes slightly weaker, amid falls for the heavyweight banks, miners and telcos. The benchmark S&P/ASX200 stock index dropped 4.5 points, or 0.1 per cent, to 5,984.3 points. A lack of momentum is making it difficult for the market to leave the 6,000 point level behind, Macquarie Private…

Confidence slips, but outlook is festive

Consumer confidence eased in the past week but the ongoing improvement in labour market conditions may yet spell good news for retailers over the holiday season. The latest ANZ-Roy Morgan Consumer Confidence Index showed a 1.2 per cent slip to 115 in the week to November 26 on doubts about the current and future state…

Global stocks mostly fall as oil-linked shares retreat

World stocks mostly fell Monday on weakness in petroleum-linked equities and as a strong euro weighed on European bourses.Equity markets in London, Paris, Frankfurt and Tokyo all fell, while the S&P 500 and Nasdaq retreated from records in the US.Eurozone stocks fell, as the  euro, though pulling back a bit from Friday’s level against the…

Bezos a $100 bn man as Amazon rises on cyber shopping

Amazon founder Jeff Bezos was a $100-billion man on Monday as the online retail colossus raked in cash from the holiday weekend’s cyber shopping spree.Forbes magazine’s real-time ranking of the richest people had Bezos on top, with a personal net worth of $100.3 billion.Microsoft co-founder Bill Gates saw his net worth climb to a dizzying…

Federal Reserve nominee Powell defends bank regulation, sees higher interest rates

President Donald Trump’s pick to lead the US central bank on Monday defended regulations that have made the financial system more crisis-proof, and said interest rates are likely to rise a bit more.But Federal Reserve Governor Jerome Powell, a former investment banker, said the Fed will continue to look for ways to ease the regulatory…

CommSec Daily Report Tuesday

Latest newsThe Australian market is off to a firmer start, with the ASX 200 lifting by 0.14 per cent, rising back above 6000pts earlier and remaining near two-week highs. It will be important to see if the index can close above 6000pts as it failed to do so yesterday due to fading enthusiasm in the…