Investors hope for ASX momentum to resume
SYDNEY, AAP – Australian shares faltered as investors watch to see whether the rousing run from the previous week will resume. Investors had minor losses on Monday after talk of a peace deal in Ukraine helped produce the best ASX week in more than 12 months. Ukraine President Volodymyr Zelenskiy is ready to talk to…
Petrol prices continue to soar due to war
CANBERRA, AAP – Petrol prices galloped to fresh record highs in the past week as global oil prices remained propped up by the war in Ukraine. The Australian Institute of Petroleum said the national weekly average for petrol prices jumped by 14.9 cents in the past week to a record 212.5 cents a litre, after…
Stabilizing stock markets point to less cautious investors
MARKETS US equities rose Friday, S&P up 1.2% Friday to be 6.2% higher over the week: best outcome since November 2020. US10yr yields down 2bps Friday, but up 16 bps for the week, closing at 2.15%. Oil up 1.3% Friday, but down 4.2% for the week. Stabilizing stock markets point to less cautious investors. Not because…
Aust shares higher for fourth day in five
SYDNEY, AAP – Market giant BHP was booming and the Australian share market was higher for a fourth day in the past five, helped by higher commodity prices. BHP was higher by four per cent to $48.56 on Tuesday and its mining rivals helped materials shares be the main driving force for the Australian market….
Social media firms face content crackdown
CANBERRA, AAP – Australia’s media watchdog will soon be able to use new powers to hold tech giants to account for misinformation or harmful online content. The federal government is set to introduce new laws to parliament later this year that would provide the Australian Communications and Media Authority with new regulatory powers to counter…
No ‘knee-jerk reaction’ in budget: PM
CANBERRA, AAP – The federal budget won’t contain any “knee-jerk reactions” to help deal with the rising cost of living, according to the prime minister. Ahead of next week’s budget, Scott Morrison said the government was aware of rising living costs that had been driven by the invasion of Ukraine. “They’re having a real impact…
Housing stress high in major electorates
CANBERRA, AAP – More than half of all renters in some major capital city federal electorates are living in housing stress, according to new data. Figures released on Monday by housing advocacy group Everybody’s Home showed renters in outer suburban and coastal seats were most affected by housing stress and surging rent costs. Housing stress…
Wall St closes higher after Biden-Xi talks
NEW YORK CITY, RAW – Wall Street’s three major indices have closed higher, with the biggest boost from recently battered technology stocks, after talks between US President Joe Biden and Chinese President Xi Jinping over the Ukraine crisis ended without big surprises. Investors were also relieved by slowing gains in oil prices as they continued…
NZ diary giant Fonterra leaving Russia
WELLINGTON, AAP – Joint-listed New Zealand dairy giant Fonterra has become the latest company to end its Russian operations following Vladimir Putin’s invasion of Ukraine. On Monday morning, chief executive Miles Hurrell announced the closure of Fonterra’s Moscow office and its departure from Unifood, a joint venture with Russian company Foodline which it entered in…
Why China’s strong start to 2022 is unlikely to continue
Some recent bumper economic data in China shouldn’t distract from a worsening outlook. China’s economy made a strong start to 2022, but financial markets are already pricing in tougher times ahead. This is because a large wave of new Covid cases in China in recent weeks has coincided with a deteriorating global outlook. We still…
