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Oil rises as US inventory levels fall

Oil prices appear to be in the right spot, possibly poised to take the next step higher and forge a new trading range above Brent $45.00 after US crude stocks fell for the third consecutive week and are clearly on a downwards trajectory. And with product stocks decreasing, favourably for global oil prices, it suggests…

Telstra profit down, extends job cut pause

Telstra has posted a 15.6 per cent fall in annual profit and extended a pause on planned job cuts after a challenging year marked by the coronavirus pandemic and the summer bushfire crisis. The telecommunications giant’s net profit for 2019/20 was $1.82 billion, down from $2.15 billion in the previous year, on revenue of $23.7…

US deficit climbs to record $A3.9 trillion

The US budget deficit climbed to $2.81 trillion ($A3.9 trillion)in the first 10 months of the budget year, exceeding any on record. The nation’s budgetary shortfall is expected to eventually reach levels for the fiscal year that ends September 30 more than double the largest annual deficit on record. The federal government rang up a…

S&P 500 finishes close to record high

The S&P 500 has jumped but finished just short of its February record closing high, in a broad rally led by tech stocks. The index during the session traded above its record high close of 3,386.15 from February 19, before the onset of the coronavirus crisis in the United States that caused one of Wall…

MPs to trial remote parliamentary debates

Federal politicians could debate virtually during the upcoming sitting fortnight despite ongoing squabbling between the major parties over videoconferencing. The Morrison government remains concerned about technology and potential implications on the legal protection of parliamentary privilege. The coalition is also worried the proposal could lead to MPs and senators choosing to dial in to parliament…

UK economic output drops 20.4% in Q2

Britain’s economy shrank by a record 20.4 per cent between April and June, when the coronavirus lockdown was tightest, the largest contraction reported by any major economy so far, official figures show. The data released on Wednesday showed the world’s sixth-biggest economy entered a recession as it shrank for a second quarter in a row….

NSW to revamp boarding house regulations

The NSW government says it will revamp sharehouse and boarding house regulations to install minimum notice periods and “fit for habitation” property requirements. NSW Better Regulation Minister Kevin Anderson on Wednesday said the Boarding Houses Act 2012 would be redrafted to boost resident protections. It comes after a statutory review of the Act this month…

ASX down after CBA cash profit drops

Shares have closed slightly lower on the Australian market thanks to an 11.3 per cent drop in the Commonwealth Bank’s full-year cash profit and concern in the US that economic stimulus may not come. The S&P/ASX200 benchmark index closed lower by 6.7 points, or 0.11 per cent, at 6132.0 points on Wednesday. The All Ordinaries…

Wages barely grow as consumer mood sours

Wages have grown at their slowest pace in more than 20 years as a result of the coronavirus pandemic. Consumer confidence has also slumped on fears the second wave will not be contained within Victoria, signalling trouble ahead for retail spending. The June quarter wage price index grew just 0.2 per cent, the slowest rate…

CommSec Daily Report Wednesday

Latest news The Australian sharemarket is slipping for the first time this week, with the ASX 200 down 0.4 per cent to 6,115.7 due mainly to losses across the mining sector. Keep in mind that this follows our market hitting a two-month high on Tuesday and was only ~0.3 per cent away from hitting the…