Understanding the global energy crisis
Far from emerging from the COVID shock awash with fuel, as might be expected after an economic slowdown, the world is entering a new energy crisis the like of which hasn’t been seen since the 1970s. European and Asian gas prices are at an all-time high, the oil price is at a three-year high, and…
Delta lockdowns hit Aussie business turnover
Delta lockdowns hit Aussie business turnover Monthly business turnover indicator In August, business turnover rose the most for Transport, postal and warehousing (up 2.8 per cent). But turnover fell by the most in August for Accommodation and food services (down 6.5 per cent). Monthly business turnover indicator – August 2021 • The Australian Bureau of…
Biden raises US debt limit, averts default
WASHINGTON, D. C., RAW – US President Joe Biden has signed legislation temporarily raising the government’s borrowing limit to $US28.9 trillion ($A39 trillion), pushing off the deadline for debt default only until December. Without the increase in the debt ceiling, the US Treasury had estimated it would run out of money to pay the nation’s…
Asian stocks up as US dollar squeezed
SINGAPORE, RAW – Asian stock markets have risen, the US dollar has eased and longer-dated bonds rallied as investors reckoned on inflation bringing forward rate hikes around the world. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.4 per cent. Japan’s Nikkei climbed one per cent. The Shanghai Composite was marginally softer while Hong…
Employment falls by further 138,000
CANBERRA, AAP – Australia’s unemployment rate ticked up to 4.6 per cent in September as a further 138,000 jobs were lost due to lockdowns in NSW, Victoria and the ACT. The jobless rate had unexpectedly eased to a near-13-year low of 4.5 per cent in August as a result of people giving up searching for…
ASX inches higher despite IMF, US lead
SYDNEY, AAP – Investors on the ASX have nudged the indices higher despite the forecast for world economic growth being lowered due to the persistent coronavirus. The market was down early but had inched higher by 1200 AEDT on Wednesday and most categories were up. Information technology and property shares fared best. Afterpay was higher…
CBA customers return from loan holiday
MELBOURNE, AAP – Almost all CBA borrowers who took a loan holiday due to COVID-19 have restarted their repayments, chief executive Matt Comyn says. At the bank’s annual general meeting, held via videolink on Wednesday, Mr Comyn said about 160,000 mortgage holders and about 90,000 business loan holders deferred their loans during the pandemic. During…
Wall St lower, jitters ahead of earnings
NEW YORK, RAW – US stocks have finished lower, extending losses late as investors grew more jittery in the run up to third-quarter earnings, while a jump in Tesla shares helped support the market. Adding to investor caution, the Federal Reserve is expected to release minutes on Wednesday from its last policy meeting, which market…
NSW businesses given Xmas stock certainty
SYDNEY, AAP – Small and medium-sized businesses have been given the green light to restock for Christmas as NSW Premier Dominic Perrottet expresses hope the state economy will grow again in the December quarter. And while the Labor opposition supported the package, it expressed concern toll relief measures would prove insufficient. It comes as NSW…
Aussie businesses cheer reopening roadmaps
Aussie businesses cheer reopening roadmaps NAB Business survey; New home sales; Labour force status of families The business confidence index rose from -5.5 points to +13.0 points. Sales of new detached houses rose by 2.3 per cent in September. The proportion of families with dependents has fallen sharply over the last five years. National Australia…
