Wall Street surges in growth stocks rally
NEW YORK, RAW – Wall Street rallied to close sharply higher, powered by a recovery in interest-sensitive growth stocks as investors digested hot inflation data and a mixed bag of quarterly results. Autumning US Treasury yields helped the tech-heavy Nasdaq lead all three major US stock indexes higher, with semiconductors outperforming the broader market. The…
Energy, miners lead Aust shares higher
SYDNEY, AAP – Australian shares have closed higher on the back of rising commodity prices but investor sentiment remains cautious amid the ongoing Ukraine conflict and prospects for an earlier-than-expected interest rate increase to curb inflation. The benchmark S&P/ASX200 index ended up 25 points, or 0.34 per cent, to 7479.0 on Wednesday. The All Ordinaries…
Rate rise risk unnerves mortgage holders
CANBERRA, AAP – Confidence among households with a mortgage has dropped sharply in the past month as expectations build for a hike in the cash rate by the central bank in just a few months’ time, with more increases to follow. The overall Westpac-Melbourne Institute consumer sentiment index fell by a further 0.9 per cent…
Greens’ power balance to end coal and gas
CANBERRA, AAP – Hanging in the office of the Greens leader is a picture of a coal-fired power station. The framed photo of the LaTrobe valley power station was given to Adam Bandt by its workers, which he says signifies the party’s support for coal and gas workers. “I have assured these communities that coal…
Aust to supply cobalt for GM electric cars
CANBERRA, AAP – Glencore has struck a deal with a leading US car maker to supply a key ingredient in electric vehicle batteries from an Australian mine. The multi-year sourcing agreement will see Australian cobalt used in the batteries that power General Motors’ Chevrolet Silverado EV, GMC Hummer EV and Cadillac Lyriq vehicles, the companies…
Easter chaos for Sydney airport travellers
SYDNEY, AAP – Sydney Airport is preparing for its busiest day in two years as travellers fly out for Easter holidays, with passengers stuck in queues as staff shortages strain systems. Early on Wednesday traffic around the domestic airport was backed up for a kilometre, while queues outside the terminal snaked back for up to…
Job ads remain at record levels: SEEK
CANBERRA, AAP – Online platform SEEK has seen a record run of job advertising extend for another month. But in a further sign of a tightening labour market, such demand for staff is not translating into applications. In March jobs ads rose by a further five per cent to the highest level in its SEEK’s…
Elon Musk sued by Twitter shareholders
NEW YORK, RAW – Elon Musk is being sued by former Twitter shareholders who claim they missed out on the recent run-up in the stock price because he waited too long to disclose a 9.2 per cent stake in the social media company. In a proposed class action filed in Manhattan federal court, the shareholders…
US CPI got Cored, Trimmed and is still Mean
Russian President Putin says talks with Ukraine have reached a dead end. A separate Sky News headline said Putin warned Russia would not stop the aggression in Ukraine until completing his goals which wobbled the shaky market foundations and weighed on risk sentiment. Oil is the primary benefactor, partially on the conflict dragging out longer….
Star risk boss to continue casino evidence
SYDNEY, AAP – Star Entertainment’s top risk and legal manager will for a third day front a high-profile inquiry into the fitness of The Star Sydney to hold a casino licence. The NSW gaming regulator inquiry into The Star last month prompted the resignation of Star CEO Matt Bekier, who stepped down following issues raised…
