Prospects for rate hikes loom over markets
SINGAPORE, RAW – Asian equity markets fought for a footing on Friday, supported by an Amazon-led bounce in U.S futures, but oil’s rise to a seven-year high kept traders on edge over prospects that interest rates will rise to curb global inflationary pressures. MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.4 per…
RBA outlines three scenarios for outlook
CANBERRA, AAP – RESERVE BANK’S SCENARIOS In its latest quarterly statement on monetary policy, the Reserve Bank has laid out three possible scenarios for the economic outlook. CENTRAL SCENARIO The RBA expects the economy to have grown by five per cent over 2021, and by around 4.25 per cent over 2022. The unemployment rate is…
Couriers strike over parcel pay rates
SYDNEY, AAP – Thousands of parcels are likely to be delayed in Sydney as couriers strike over their pay rates. About 100 franchisees of Aramex couriers (formerly Fastway couriers), representing the majority of the company’s greater Sydney delivery drivers, are striking for 24 hours on Friday. The Transport Workers Union says the couriers are fed…
Meta wipe-out shakes world tech stocks
NEW YORK CITY, RAW – Shares of Facebook owner Meta have plummeted 26 per cent, the biggest single-day slide in market value for a US company, after the social media giant issued a dismal forecast, blaming Apple Inc’s privacy changes and increased competition. The huge drop on Thursday, erasing more than $US200 billion ($A280 billion)…
Bank of England hikes interest rates again
LONDON, AP – The Bank of England has raised interest rates for the second time in three months, putting the United Kingdom far ahead of the rest of Europe and the United States in moving to tame surging inflation that is squeezing consumers and businesses. The bank’s monetary policy committee voted 5-4 to raise rates…
Container ship runs aground off Germany
HAMBURG, DPA – Efforts are under way to refloat a 400-metre-long container ship that has run aground off the coast of Germany. The Danish-flagged vessel, Mumbai Maersk, is situated about 6km north of the East Frisian Island of Wangerooge, where it got stuck at 11.05pm on Wednesday as it headed from Rotterdam to Bremerhaven, the…
Wall St snaps four-session winning streak
NEW YORK CITY, RAW – Wall Street snapped a four-session winning streak on Thursday, with all three benchmarks closing lower after Facebook-owner Meta Platforms’ dour forecast sent its stock plummeting and halted a nascent recovery built on upbeat earnings from other big tech. Meta shares sank, as it blamed Apple’s privacy changes and increased competition…
Aust shares slip despite miners’ strength
SYDNEY, AAP – Big gains for the mining giants were not quite enough to raise a weaker Australian share market, which was weighed down by a US technology behemoth. BHP and Fortescue Metals each gained three per cent and Rio Tinto rose two per cent on Thursday on higher iron ore prices. However, Facebook owner…
Top cricketers join war on climate change
BRISBANE, AAP – Top Australian cricketers have gone into bat against climate change, setting up a new organisation to reduce the sport’s footprint. Test captain Pat Cummins says few sports are more imperilled by global warming and it’s time for clubs and cricketers at every level to step up and be part of the solution….
ASX little changed despite negative leads
SYDNEY, AAP – ASX trade has done remarkably well given big losses on world markets and the Reserve Bank upgrading its forecast for inflation this year. The Australian market was little changed on Friday, although it slipped a little after the RBA published its monetary policy statement. The inflation forecast to December was upgraded from…
