Asian stocks step back, oil bounces
SINGAPORE, RAW – Stockmarkets have taken a breather after several days of sizeable gains, while commodities were set on edge by the lack of progress in Russia-Ukraine peace negotiations. Oil rose sharply and back over $US100 overnight and Brent crude futures were up another two per cent to $US108.73 in early trade. Commodity exporters’ currencies…
ASX higher on commodity shares
SYDNEY, AAP – Materials and energy shares were keeping the ASX higher for a third straight day after commodity prices rose and the oil price increased to more than $US100 per barrel. The market was up 0.14 per cent on Friday after Wall Street remained buoyant a day after the US Federal Reserve increased rates…
Facebook owner sued over dodgy crypto ads
SYDNEY, AAP – Facebook owner Meta is being sued for scam ads that showed people such as David Koch and Dick Smith backing cryptocurrency schemes they never endorsed. The Australian Competition and Consumer Commission (ACCC) will ask the Federal Court to impose financial penalties on Meta, alleging false, misleading or deceptive conduct. Users who clicked…
Amazon.com closes deal to buy MGM
WASHINGTON, D. C., RAW – Amazon.com Inc says it has closed its $US8.5 billion ($A11.5 billion) deal to buy MGM, combining the fabled movie maker behind Rocky and James Bond with the online retailing giant as it looks to draw consumers through more streaming video. In a statement, Amazon said it would welcome all MGM…
US stocks score third day of strong gains
Will it be a case of ‘3 strikes, you’re out and back down we go? Or is something far more interesting happening? Last year we saw US fund managers starting to sell into the rally too early, only to watch the market climb, even on the back of negative economic data and events. At the…
Farmers prepare for fertiliser price hikes
SYDNEY, AAP – The Russian invasion of Ukraine is sending ructions through Australia’s agricultural sector with the price of fertiliser forecast to rise by as much as a third in the coming months. Fertiliser is one of the biggest input costs for Australian farms. Its price is already elevated due to the conflict’s impact on…
US stocks rise as Fed, Russia worries ease
NEW YORK CITY, RAW – All three of Wall Street’s major indices have advanced more than one per cent as investors considered the Federal Reserve’s path for interest rate hikes and worries eased about the prospects of a Russian default after creditors received payments. Investors on Thursday were reassured that Russia may, at least for…
‘Targeted’ cost of living relief in budget
CANBERRA, AAP – Treasurer Josh Frydenberg says the federal budget will deliver “targeted” cost-of-living relief for Australians while setting a path to balancing the government’s books. Mr Frydenberg says the budget will reveal a trajectory where debt compared to the size of the economy will peak lower and earlier than initially thought in December 2021….
ASX, Aussie dollar rise after US rate hike
SYDNEY, AAP – Australian share market investors have looked beyond the first US rate rise in four years to push the ASX and dollar higher. The local market rose more than one per cent and followed Wall Street higher after the Federal Reserve complemented its quarter of a per cent rate hike with a dose…
Trade deal with UAE moves step closer
CANBERRA, AAP – Formal trade talks between Australia and the United Arab Emirates are set to start soon. Trade Minister Dan Tehan confirmed on Thursday both countries had agreed to undertake “preparatory discussions and domestic consultations” with a view to starting formal trade negotiations. Sealing the deal – known as a Comprehensive Economic Partnership Agreement…
