ASX upswing continues despite commodities
SYDNEY, AAP – Australian shares were higher for a fifth day of the past six but were without the support of the commodity shares which have propelled recent rallies. The market was better by about half a per cent and technology shares were best after Wall Street markets closed higher overnight. Investors have not been…
The Big Elephant in the Room: OIL
MARKETS US equities were little changed Monday, S&P flat. US rates sold off, 2yrs up 18bps to 2.12%, 10yrs up 15bps to 2.3% (highest since May 2019) after Powell hinted at >25bp hike increments. Oil up 7.7% amid growing political and public support for an EU-wide ban on Russian oil purchases There has been a…
NT gas field Senate hearing begins
DARWIN, AAP – Oil and gas production in the Northern Territory’s Beetaloo Basin could help Australia meet its energy needs and provide export income, a Senate inquiry has been told. The basin is one of five gas fields the federal government plans to develop to support exports and manufacturing, under its “gas-led recovery” from the…
Confidence sinks, inflation worries grow
CANBERRA, AAP – Confidence took another sharp tumble in the past week as households continued to fret over cost-of-living pressures with petrol prices soaring to record levels above $2 per litre. The weekly ANZ-Roy Morgan consumer confidence index – a guide to future household spending – dropped 4.8 per cent, falling to its lowest level…
Wall St slips on Powell’s hawkish remarks
NEW YORK, RAW – Wall Street has closed lower, with stocks extending their slide after US Federal Reserve Chairman Jerome Powell hinted at a more aggressive tightening of monetary policy than previously anticipated, adding to uncertainties regarding the Russian invasion of Ukraine. While all three major US stock indexes ended well off session lows, they…
Budget boost for regional NBN network
CANBERRA, AAP – More than a million premises in regional and rural Australia will be able to access faster NBN speeds as part of an almost $500 million budget boost. The federal government has set aside $480 million to help increase speeds on the NBN’s fixed wireless network, as well as introducing greater data limits…
China trade still favours the West
WASHINGTON, RAW – US President Joe Biden’s warning of “consequences” for any aid China may give to Russia’s Ukraine war effort could force Chinese President Xi Jinping to choose between a longstanding lucrative trade relationship with the West and a growing strategic partnership with Moscow. Based on trade flows alone, Beijing has a lot at…
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…
