Biggest ASX loss in more than three weeks
SYDNEY, AAP – Australian shares have had their steepest fall in more than three weeks after US Federal Reserve meeting minutes showed policymakers wanted bigger rate hikes to curb inflation. The ASX lost 0.63 per cent on Thursday and rate-sensitive technology shares fared worst, down three per cent. There were losses of one per cent…
Different Strokes For Different Folks
The macro backdrop remains very choppy with equity and FX markets on the defensive amid further weakness in tech and a well-supported USD. Although the Fed’s balance sheet’s run-off flagged in the FOMC minutes was not especially different from market expectations, uncertainty around central bank reaction functions remains high. Policy challenges vary wildly by economy/region….
Former AMP chair re-emerges at Scentre
SYDNEY, AAP – Former AMP chair Catherine Brenner, who presided over the company’s fee-for-no-service scandal uncovered by the banking royal commission, has been elected to the board of Westfield owner Scentre Group. The Australian Shareholders Association (ASA) and prominent activist Stephen Mayne were among those to vote against Ms Brenner’s election at the annual general…
Retail wages add $15b to regions: union
ORANGE, AAP – Retail workers say they are struggling with the rising cost of living, at a time when their wages are injecting billions of dollars into regional economies. The Shop, Distributive and Allied Employees’ Association (SDA) is joining calls for a five per cent wage increase for low-paid workers, citing a new report that…
Telstra rolls out scam text message filter
SYDNEY, AAP – Telstra is rolling out a brand-new SMS scam filter as the country’s biggest telecommunications provider encounters a surge in malicious text messages on its network. Scam text messages are not only annoying but also malicious and have the potential to steal people’s money or install malware to steal personal information, hack their…
Changes proposed for power plant closures
CANBERRA, AAP – The Morrison government is seeking to ensure energy companies give more notice before they shut down coal-fired power stations. Energy Minister Angus Taylor has asked the Australian Energy Market Commission to increase the notice period from 3.5 years to five years. He says the change is essential to ensuring there is enough…
One swallow doesn’t a spring make, but a Volcker adjustment is on the cards
US equities were weaker Wednesday, S&P down 1.0%. US 2s10s steepened further, with 10yr yields up 5bps to 2.6%, highest in three years, 2yrs down 5bps to 2.47%. Oil fell 4.7%. I will not dwell on the FED minutes, as Vice-Chair to be Brainard had already set the table. After a March reprieve, the global…
Growth in services sector slows in March
CANBERRA, AAP – Growth in Australia’s services sector has slowed as price pressures and staff shortages take their toll. The Australian Industry Group performance of services index fell 3.8 points to 56.2 in March, although still held above the 50-point mark, which separates expansion from contraction. “Australia’s services sector continued its positive run in March…
Climate change poses looming health crisis
BRISBANE, AAP – Australia is yet to properly acknowledge climate change as a health crisis with limited efforts to understand what’s coming, researchers say. Ahead of the federal election, the Australian Academy of Health and Medical Sciences has issued a statement declaring climate change an urgent health priority. The academy, which represents the nation’s top…
Stocks drop amid wait for Fed minutes
NEW YORK, RAW – US Treasury yields have risen and stock indexes fallen sharply ahead of the release of minutes from the Federal Reserve’s last meeting which investors will scan for clues on the central bank’s plans to fight inflation. Fed Governor Lael Brainard said this week she expected a combination of interest rate rises…
