Jobs growth builds case for a rate hike
The better-than-expected job print reported yesterday was not a surprise. The huge fiscal and monetary nuclear bombs thrown at the economy during consecutive lockdowns have done their job. In fact, they’ve probably been too effective in that we now have a problem that things are improving much quicker than expected. Australia’s record-low unemployment is not…
Upbeat earnings take Wall Street higher
NEW YORK CITY, RAW – US stock indexes have risen on strong earnings reports while bargain hunting boosted mega-cap growth companies after the Nasdaq index plunged into correction territory in the previous session. The Nasdaq has had a rough two months since hitting a record peak in November, with investors dumping tech stocks on expectations…
Omicron takes toll on business activity
CANBERRA, AAP – Business activity in December was much weaker than hoped, driven by staff shortages, supply chain disruptions and weakened consumer confidence as a result of the Omicron variant. Credit reporting agency CreditorWatch now expects trade activity to slide throughout the first half of 2022. Its business risk index report for December said Christmas…
Australia ships first liquid hydrogen load
CANBERRA, AAP – Australia is exporting the world’s first load of liquefied hydrogen to Japan as part of a new energy supply chain pilot program. The federal government will commit an additional $7.5 million to support the next phase of the hydrogen energy supply chain project, known as HESC, which aims to produce 225,000 tonnes…
Serbia revokes Rio Tinto project licences
BELGRADE, RAW – Serbia has revoked Rio Tinto’s lithium exploration licences, bowing to protesters who opposed the development of the project by the Anglo-Australian mining giant on environmental grounds. Serbian Prime Minister Ana Brnabic said the government’s decision came after requests by various green groups to halt the $US2.4 billion ($A3.3 billion) Jadar lithium project….
Block flat on ASX debut, miners soar
SYDNEY, AAP – US payments giant Block has made an unconvincing ASX debut while the traditional heavyweights – the miners – held the market higher. Block barely moved on Thursday having replaced merger partner Afterpay on the domestic market. Investors sent Block chess depositary interests – units which allow overseas companies to trade on the…
Uber buys out Aussie car share company
SYDNEY, AAP – Uber has announced it will take over an Australian car sharing platform, in a move it hopes will cement the service as a viable alternative to owning a car. The global rideshare company on Thursday revealed it had acquired the Australia-based company Car Next Door, which launched in 2012. Car Next Door…
ANZ drops home loan rates, matches Westpac
SYDNEY, AAP – ANZ Bank has become the latest lender to cut home loan rates despite market predictions that official rates will rise. ANZ on Thursday dropped variable interest rates by up to 0.2 per cent for new customers, depending on deposit size. Customers with a 30 per cent deposit will be charged interest of…
Employment rises by 64,800 in December
CANBERRA, AAP – LABOUR FORCE DATA FOR DECEMBER: * Unemployment rate – 4.2 per cent versus 4.6 per cent in November * Underemployment rate (employed people seeking additional work) – 6.6 per cent versus 7.5 per cent * Employment – up 64,800 * Full-time positions – up 41,500 * Part-time employment – up 23,300 *…
Rate-rise fears sweep ASX, broad losses
SYDNEY, AAP – Investors have been having a terrible time on the ASX, with the market looking set to deliver its second-biggest loss of the month. The ASX fell steadily during early trade on Friday and was down 1.65 per cent after continued fears about rising rates on Wall Street. Every share category was lower….
