UK says it may break law in ‘limited way’
Britain is heading into a fresh round of Brexit trade talks acknowledging it could break international law but only in “a limited way” after reports it may undercut its divorce treaty with the European Union. As the pound fell on fears of a no-deal exit, the government’s legal department head quit because he felt a…
World shares inch higher, US on holiday
World shares rose slightly led by Europe on Monday after last week’s rout in US tech stocks, though investors worried that any rally could be short-lived against the backdrop of a global economy in recession. Market activity was subdued with the United States closed for the Labor Day holiday, though Nasdaq futures fell 0.4 per…
Market sentiment up in the air as central banks come into focus
As investors continue to follow the coronavirus pandemic track while awaiting news on a possible vaccine, the spotlight shines on central banks as they explore policy options amidst one of the most uncertain outlooks in decades. This week’s main highlight will come from the European Central Bank’s (ECB) latest monetary policy decision and President Christine…
The economics of COVID-19
The economics of COVID-19 Weekly Petrol Prices; Business Indicators; Credit; Inflation gauge; China data Petrol prices: According to the Australian Institute of Petroleum, the national average price of unleaded petrol rose by 6.3 cents to 122.5 cents a litre last week – the biggest rise in 11 weeks. Lending: Private sector credit (effectively outstanding loans)…
Palmer builds UAP Qld election war chest
Clive Palmer’s companies have pumped funds into his United Australia Party as he tries to topple Queensland’s Labor government at the upcoming state election. The companies – Minerology, Palmer Gold Coast and Waratah Coal – have donated more than $80,000 to the UAP in the last two-and-a-half weeks, according to data from the Electoral Commission…
How we lost control of Australian house prices
Real home prices across Australia have climbed 150% since 2000, while real wages have climbed by less than a third. Sydney and Melbourne rank among the most expensive cities in the world. Australia-wide, home ownership levels have fallen from 70% to 65% in the last 20 years and home equity levels have fallen from 80%…
Biggest fall in new home building in 19 years. Victoria dominates regional job losses
Biggest fall in new home building in 19 years Victoria dominates regional job losses Construction work done; Regional Payrolls ¾ Construction activity: Construction work done fell by 0.7 per cent in the June quarter (consensus: -7 per cent). The value of construction work done is down by 2.2 per cent on a year ago to…
East Coast petrol prices lift from lows.
East Coast petrol prices lift from lows Aussies use stimulus payments to pay bills Weekly Petrol Prices; COVID-19 Household survey Petrol prices: According to the Australian Institute of Petroleum, the national average price of unleaded petrol fell by 1.6 cents to an 11-week low of 116.2 cents a litre last week. East Coast petrol prices:…
Oil prices open higher after falls on Friday
WTI has opened up higher following the general risk mood after the US Food and Drug Administration (FDA) authorised the use of blood plasma from COVID-19 survivors to treat sick patients. There is some thought this could improve the therapeutics regime and help with survival rates Oil prices struggled Friday on weaker than expected PMIs…
Oil slips as gasoline stocks rise
Oil gave ground in early Asia after a report showed a disconcerting increase in gasoline stocks as OPEC+ returns more barrels to market in August. It’s challenging to make heads or tails out of the oil market these days. Other than to conclude that the most obvious fact is that the market is struggling to…
