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Oil recovers from session lows

Brent recovered from session lows and is anchored to $40 per barrel into the New York close, but traders are still waiting for clarification on OPEC free-rider dispute. The primary point of contention is centred on Iraq and Nigeria’s long-standing non-compliance to virtually all of OPEC + production deals as Russia and Saudi are right…

Shares to slip early after US rally ends

Shares on the Australian market are poised to slip in early trade after Wall Street ended its four-day run of gains. The SPI 200 futures contract was down 14 points, or 0.23 per cent, to 5,986.0 at 0800 AEST on Friday, indicating losses early. In the US overnight, a report showed that the number of…

Copper inches higher on Europe stimulus

Copper prices rose overnight towards 2-1/2 month highs reached in the previous session as the European Central Bank and German government announced big stimulus packages and US data showed unemployment growth slowing sharply. Benchmark copper on the London Metal Exchange (LME) was up 0.1 per cent at $US5,528 a tonne at 1600 GMT after touching…

Gold gains 1% as Wall Street rally fizzles

Gold rose more than 1 per cent on Thursday as the dollar retreated and Wall Street paused its recent rally as dismal US trade data overshadowed slightly upbeat labor market numbers and optimism about an economic rebound. Spot gold was up 1.3 per cent to $US1,719.42 per ounce by 1834 GMT. US gold futures settled…

S&P 500 slips, snapping four-day rally

The S&P 500 has lost ground as investors took profits in advance of Friday’s jobs report, ending a four-day rally driven by rising economic sentiment. The Nasdaq joined the S&P 500 in negative territory while the blue-chip Dow posted a nominal gain. “We were pretty overvalued going into this week,” said Chris Zaccarelli, chief investment…

Retail spending falls by record levels

Retail spending still bouncing to COVID beat Retail trade Retail trade: Retail trade fell by a record 17.7 per cent in April after rising by a record 8.5 per cent in March. Retail trade data is important for consumer-focussed companies. What does it all mean? • Up one month, down the next. Panic buying of…

Travel exports hit 6½-year low

Travel exports hit 6½-year low; Record exports to US & China; Home building stimulus boost International trade; Government stimulus Foreign trade: The trade surplus eased to $8.8 billion in April (consensus: $7.5 billion surplus) from a record high of $10.4 billion in March (previously: $10.602 billion). The rolling annual surplus was a record high $76.1…

ASX up again, hits fresh 13-week high

The local bourse has risen for the fourth day this week, rising to its highest level since March 6 just a day after federal officials declared the country was in recession. The S&P/ASX200 benchmark index finished Thursday up 50.2 points, or 0.84 per cent, at 5,991.8 points, while the All Ordinaries index was 47.1 points,…

Here’s a bottler of an idea: freeze tax

Brewers, wine and spirit makers, hotels and clubs have joined forces to lobby the federal government to freeze tax on alcohol. If they are successful, it would be the first time in 37 years that Australians have been spared automatic six-monthly excise increases on having a drink. The industry groups say the tax freeze would…

Calls for social housing in building plan

The Morrison government’s plan for a tradie-led recovery from the coronavirus has received a mixed response, with calls for social housing to be included in the scheme. Home owners will get $25,000 cash handouts for major projects under the plan to save the hammered construction sector. New house and land packages worth up to $750,000…