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Gold edges up after Fed chair confirmation

Gold prices inched higher but were still below the previous day’s six-week high, mirroring an advance in the US dollar following a confirmation hearing for US Federal Reserve chair nominee, Jerome Powell. The US Federal Reserve is likely to raise interest rates again next month, Powell told the Senate Banking Committee. He said the Fed…

Energy plan too important to rush: Finkel

Energy companies won’t get investment certainty for new projects until at least April, but Chief Scientist Alan Finkel says the Turnbull government’s new energy policy is too important to rush. He wants to see the details of the new plan, saying getting it right is crucially important for Australian households and businesses. ‘As long as…

Youi to pay $164,000 over sales practices

Youi will pay $164,000 after the corporate watchdog raised concerns the insurer had been charging people for policies they hadn’t agreed to buy. The company will refund approximately $14,000 to 102 consumers and pay $150,000 to an advocacy group for people in financial stress. The Australian Securities and Investments Commission on Wednesday said Youi’s remuneration…

Stocks to watch

Stocks to watch on the Australian stock exchange: SEK – SEEK LIMITED Online job ads portal SEEK Limited is due to hold its annual general meeting on Wednesday. CKF – COLLINS FOOD LIMITED KFC franchisee, Collins Food, is slated to release its half-year results. BHP – BHP BILLITON FMG – FORTESCUE METALS GROUP RIO –…

Gains lift market back above 6,000 points

Gains by the major banks, miners and energy companies have pushed the share market’s benchmark index past 6,000 points for second time this month. The benchmark S&P/ASX200 stock index gained 26.8 points, or 0.45 per cent, to 6,011.1 points, as the banking and mining heavyweights took advantage of positive offshore data and a swing in…

OECD predicts robust Australian growth

A new report has brought some good news for Treasurer Scott Morrison as he puts together the mid-year budget review. The Organisation for Economic Cooperation and Development expects the Australian economy will continue to grow at a robust pace, with the jobs market strengthening further. In its latest economic outlook, the OECD expects business investment…

AAP Markets Report

Stock Market Wrap 0700 INDEX LAST MOVE PREVIOUS Dow Jones 23753.37 172.59 23580.78 S&P500 2616.83 15.41 2601.42 Nasdaq 6900.63 22.109 6878.521 FTSE100 7460.65 76.75 7383.9 DAX 13059.53 59.33 13000.2 Shanghai 3333.657 11.4272 3322.2298 Hang Seng 29680.85 -5.34 29686.19 NIKKEI225 22486.24 -9.75 22495.99 NZSE 50 8141.49 N/A 8141.49 CURRENCY SNAPSHOT AT 0700 AEDT: One Australian dollar…

Britain, EU agree on Brexit divorce bill

British and European negotiators have reached a deal for Britain to pay tens of billions of euros to leave the European Union, according to media reports Tuesday.London and Brussels have agreed on Britain’s financial obligations but had not settled on an exact amount for the so-called divorce bill, both the Daily Telegraph and the Financial…

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…

US Fed nominee Powell: Case for raising rates in Dec ‘coming together’

President Donald Trump’s pick to lead the US Federal Reserve said Tuesday there is a strong case for raising the benchmark interest rate at the central bank’s December policy meeting.In an unusually direct comment for normally-reticent central bankers, Fed governor Jerome Powell told the Senate Banking Committee, ‘I think that the case for raising interest…