Semiconductor chips fried in Omicron wave
CANBERRA, AAP – Supply of semiconductor chips will remain tight despite companies learning to live with COVID-19, Moody’s Analytics has warned. Chips are used in thousands of devices and the shortage will continue in 2022, senior economist Tim Uy said in a new report released on Monday. But it is not expected to get much…
Worker rules to free up fruit and veges
CANBERRA, AAP – New guidelines being considered by national cabinet will see a return of fruit and vegetables to the supermarket shelves within the week. Supermarkets have been overwhelmed by panic-buying just as transport and logistics companies and suppliers are hit by large proportions of workers calling in sick or dealing with tough COVID-19 quarantine…
Wall Street ends down but off day’s lows
NEW YORK CITY, RAW – US stocks have ended down but well off their lows of the day, with the Nasdaq staging a furious comeback late in the session as some investors appeared to be hunting for bargains even as they worried about rising interest rates. While the Nasdaq .IXIC pared its losses in the…
Little loss for ASX as miners offset falls
SYDNEY, AAP – Miners and energy providers have helped offset an otherwise negative Australian share market and the indices were little changed. The market on Monday defied a negative US lead from Friday, although the ASX underperformed most Asian markets. Materials shares, which include the miners, were the best performers and rose 1.36 per cent….
Insurers could walk away from flood towns
BRISBANE, AAP – Property owners could be hit with higher insurance bills or find themselves uninsurable after a catastrophic infrastructure failure flooded the Queensland city of Maryborough. Dr Karl Mallon is the CEO of Climate Valuation, which produces climate change risk reports for home buyers, banks and others. He says flood-hit residents of Maryborough could…
Aust shares lower, virus hurts confidence
SYDNEY, AAP – Rate hike fears appear to be weighing on the Australian share market, leaving it down about half a per cent in early trading. Most share categories were lower on Tuesday as markets struggle following last week’s rate-hike warnings from the US Federal Reserve. Financials and consumer staples were the most affected ASX…
Asia shares muted before US inflation test
SYDNEY, RAW – Asian share markets are subdued as investors count down to another US inflation reading that could well set the seal on an early rate hike from the Federal Reserve, lifting bond yields and punishing tech stocks. The explosion in coronavirus cases globally also threatens to crimp consumer spending and growth just as…
Minister hopes spending will buoy economy
CANBERRA, AAP – Assistant Treasurer Michael Sukkar is confident the Australian economy can overcome the challenges being posed by the Omicron variant of coronavirus with households having the security of huge savings. Mr Sukkar says new data shows households have built up $48 billion in offset mortgage accounts and more than $170 billion in other…
CommSec Daily Download Monday 10 January 2022
S&P/ASX 200 SPI futures are flat despite a continued sell-off in the technology sector in US markets. Today’s Announcements: Novonix (NVX) advances in its process to dual list on the Nasdaq | Incitec Pivot (IPL) acquires French explosives manufacturer, Titanobel, for A$142 million | Strike Energy provides an update on the South Erregulla plant |…
Woolworths works to quell supply issues
CANBERRA, AAP – The head of Woolworths has worked to quell concerns about supply shortages as supermarket shelves are left bare. Bradford Banducci said customers won’t be left hungry but some concessions needed to be made due to the increased demand. “There is enough product in our supply chain to meet the needs of our…
