Chinese yuan weakens to 6.7482 against USD Tuesday
BEIJING, – The central parity rate of the Chinese currency renminbi, or the yuan, weakened 300 pips to 6.7482 against the U.S. dollar Tuesday, according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each…
3,500 registered general aviation airplanes
BEIJING, – China will strive to have 3,500 registered airplanes for general aviation by the end of the 14th Five-Year Plan (2021-2025) period, according to the country’s civil aviation regulator. A new plan on general aviation unveiled by the Civil Aviation Administration of China states that the number of registered airports for general aviation will…
CommSec Morning Report
Latest news • In US economic data, consumer inflation expectations rose from 6.3% to 6.6% in May (survey: 6.2%). • European sharemarkets fell on Monday. Investors fear that aggressive rate hikes by the US Federal Reserve to control inflation could sharply slow global economic growth. Travel & leisure fell 5.3%, automakers fell by 4.5% and…
Powell to follow Volcker + Oil Traders quick to take profits
MARKETS With the market sensing that a hawkish FED knows full well they are behind the curve and have little option but to step on the rate hike pedal, a significant repricing has gone through the front-end market in the US afternoon. The Fed Fund strip is pricing 70bp for the next two Fed meetings….
The Rude Inflation Wake Up Call
MARKETS US CPI for May was a nightmare for risk markets as the headline came in well above the consensus. Inflation is back on the highs; critically, it is across the board. Just education services were negative at -0.1%. The Fed’s policy is influencing financial conditions- the housing market is slowing in terms of mortgages…
Economic trends to watch in the second half of 2022
Rate hikes may slow growth this year, but the longer-term outlook could strengthen as monetary policy shifts to neutral and prices stabilize. The war in Ukraine has driven up the price of oil, gas and other commodities—leading to weakened global growth. Add soaring inflation and tight monetary policies to the mix, and the economic outlook…
The Australian housing game has changed
The Reserve Bank has lifted the cash rate for the second time in two months, this time by 0.50 points to 0.85%. It won’t be the last such hike. Forecasters expect the cash rate to hit 2.5% by the end of next year. This would lift the typical variable mortgage rate to near 5%. Cue…
Evening report Friday
The Aussie sharemarket finished lower for the fourth time this week after the ASX 200 shed another 1.25 per cent or 87.7 pts, to 6932. All sectors finished lower for the 13th time this year. The Financials sector posted its fifth straight decline after it lost another 1.6 per cent. Mining stocks also weighed on…
Cyber safety a company culture matter
Listed businesses must be ready to respond when their operations are threatened by online criminals. Earlier this year, the World Economic Forum released its annual Global Risks Report 2022. Failure of cyber security measures was the number one risk for Australian executives, even before Russia’s invasion of Ukraine and the resultant increase in global instability….
Chinese-invested uranium mine exceeds production
WINDHOEK – Rossing Uranium, a Chinese-invested company in Namibia, exceeded budgeted production targets by a significant margin, as the 2,882 tonnes of U3O8 produced during 2021 represented a 16 percent increase compared to 2020, the company’s managing director Johan Coetzee said. To produce the product, the miner had to mine 20.7 million tonnes of rock…
