ASX up 1pc despite war, looming rate hike
SYDNEY, AAP – Investors have pushed the ASX higher more than one per cent to start a week in which US rates are tipped to rise. The Australian market saw a broad-based rally early despite oil prices remaining elevated due to sanctions against Russia for its invasion of Ukraine. Brent crude oil was trading at…
ASX ends lower, keeps above 7000 points
SYDNEY, AAP – ASX shares fell at the end of the week but the main index stayed above 7000 points as lofty commodity prices steadied. The ASX lost almost one per cent after US annual inflation rose to a 40-year record and Russian and Ukrainian officials were unable to call a halt to war. Oil…
Vic posts $10 billion first-half deficit
Victoria recorded a deficit of $10 billion for the first half of the 2021/22 financial year, despite increasing economic activity as COVID-19 restrictions eased. The deficit, contained in the mid-year financial report tabled in parliament on Friday, was largely attributed to the state’s Delta wave and subsequent 77-day lockdown of Melbourne last year. The result…
It has certainly been a rollercoaster ride
MARKETS US equities fell Thursday, S&P down 0.6%, heading into the close. Europe’s Stoxx600 down 1.7%. US10yr yields up another 3bps to 1.968%. Bunds up 6bps after ECB went ahead with the accelerated taper of APP. Oil fell again, down 1.2%. But press reports suggest Russia and Ukraine talks failed to yield progress. Despite the…
‘Strong candidates’ for RBA deputy: Lowe
CANBERRA, AAP – Reserve Bank governor Philip Lowe says there are “multiple strong candidates” for deputy of the central bank, following the resignation of Guy Debelle. Dr Debelle will step down on March 16 ahead of becoming chief financial officer of Fortescue Future Industries in June. He has worked at the RBA for 25 years,…
Wall St down as inflation hits 40yr high
NEW YORK, RAW – Wall Street has resumed its sell-off, closing lower as inflation hit a four-decade high, cementing expectations the US Federal Reserve will hike key interest rates at the conclusion of next week’s monetary policy meeting to prevent the economy overheating. Looming uncertainties surrounding Russia’s invasion of Ukraine also helped convince market participants…
Housing relief for NSW as rains ease
SYDNEY, AAP – NSW residents whose homes have been damaged or destroyed in the devastating floods will be able to call on support totalling more than half a billion dollars as the clean-up continues. Premier Dominic Perrottet said a $551 million housing support package will benefit some 25,000 households. The federal government will provide half…
$2.1b for winter COVID, flu spike plan
CANBERRA, AAP – The federal government will commit $2.1 billion ahead of winter to prepare for an expected COVID-19 surge alongside a deadly flu season. The winter plan was requested by national cabinet to ensure the country and health systems were prepared for spikes in respiratory illnesses and will be a major topic of discussion…
ASX rallies after lofty oil prices ease
SYDNEY, AAP – ASX shares have had their best day in four weeks after oil prices eased from lofty heights and hopes rose for an end to war in Ukraine. The market on Thursday rose 1.1 per cent after the United Arab Emirates pledged to provide more oil while nations boycott Russia for its invasion…
Rio Tinto slashes ties with Russia
MOSCOW, RAW – Rio Tinto has become the first major mining company to announce it is cutting all ties with Russian businesses, joining a raft of leading Western companies in a pullout following Moscow’s invasion of Ukraine. Rio has previously said it has no operational assets or employees to pull out of Russia, or Ukraine,…
