US stocks boosted by good earnings day
Wall Street stocks surged Tuesday following a batch of mostly good corporate earnings while investors shrugged off a downcast IMF forecast that emphasized the drag from trade wars. Shares of Dow components JPMorgan Chase, Johnson & Johnson and United Healthcare rocketed higher following strong earnings announcements. The strong reports more than made up for a…
Who’s betting against the pound? FX markets enter UK political fray
Britain’s opposition parties are hitting out at currency speculators betting against the pound while also bankrolling the leadership campaign of pro-Brexit Prime Minister Boris Johnson. However, allegations of conflicts of interest are difficult to prove in the highly globalised and largely unregulated foreign exchange (FX) markets. John McDonnell, the main opposition Labour Party’s finance spokesman,…
CommSec Daily Report Wedsday
Latest News The Aussie market is currently having its worst trading session in a fortnight with the ASX 200 easing 32 points or 0.5 per cent to 6716, but off session lows. This follows falls on Wall Street overnight which was weighed by weaker US economic data and news that US Democrats beginning an inquiry…
NY Fed to pump another $75 bn into money markets Friday
For a fourth straight day, the New York Federal Reserve Bank on Friday will inject billions into US money markets to preserve the US central bank’s control over short-term interest rates. The New York Fed said in a statement on Thursday it will again conduct a repurchase agreement operation of up to $75 billion to…
CommSec Daily Report Thursday
Latest News The Australian sharemarket has been aggressively sold off in early trade on Thursday. At the worst levels of the morning the Index was down 154 points or 2.3 per cent to 6,442. The follows steep falls overnight for US and European stocks in response to escalating concerns around slowing global growth. The Dow…
APRA to change rules on bank executive pay
The prudential regulator is proposing to weaken the link between a bank’s financial performance and how much it pays its executives after the royal commission found that existing bonus structures contributed to poor treatment of customers. The Australian Prudential Regulation Authority on Tuesday released a draft standard aimed at “clarifying and strengthening” remuneration requirements in…
Biggest overhaul of job system under way
Job seekers in two states are now trialling the updated online Jobactive platform as part of the biggest overhaul of the unemployment sector in two decades. But the federal government is still facing calls to increase the Newstart unemployment payment, which hasn’t risen past inflation since the mid-1990s. The coalition wants the new online platform…
ASX closes lower for third straight day
The Australian share market has closed down for a third day, its first three-day losing streak since late May. The benchmark S&P/ASX200 index finished down 12 points, or 0.18 per cent, to 6,641 points at 1615 AEST on Tuesday, while the broader All Ordinaries was down 10.4 points, or 0.15 per cent, to 6,735.8. The…
Investor Signposts 8 July 19: Post-Election Results
CommSec Chief Economist Craig James previews the economic & financial market events scheduled for the week ahead including the NAB business survey, consumer confidence & China inflation. Australia: Post-election results • In the coming week there will be more insights into the post-election economic environment in terms of business conditions and consumer sentiment. • The…
Building approvals edged up 0.7% in May
Building approvals rose by 0.7 per cent in May as apartment growth ended a two-month run of declines. Approvals for private sector houses fell a seasonally adjusted 0.3 per cent in the month, but the “other dwellings” category that includes apartment blocks and townhouses, rose 1.2 per cent to lift the overall figure. Over the…
