ASX dives again, down 7% in global rout
The Australian share market is more than seven per cent lower as global panic selling continues with no end in sight on its worst ever week. The benchmark S&P/ASX200 was down 374.6 points, or 7.06 per cent, at 4930 at noon AEDT on Friday after dropping into 4,000-point territory for the first time since April…
Aust stocks dive again on stimulus delay
Disappointed by lack of promised detail on a major US stimulus plan, investors have sent Australia’s volatile share market into another deep dive. The benchmark S&P/ASX200 index was down 95.4 points, or 1.61 per cent, at 5,844.2 at midday AEDT on Wednesday, dragged down by banks amid more pressure on rates. Futures had pointed to…
Wall St tumbles, Dow confirms bear market
Wall Street stocks have plunged, with the Dow confirming a bear market for the first time since the financial crisis after the World Health Organisation called the coronavirus outbreak a pandemic. All three major US stock averages ended the session sharply lower, with the benchmark S&P 500 and Nasdaq composite index both about 19 per…
Gold steady after Fed-driven rally
Gold held steady overnight following a surge in the previous session on the US Federal Reserve’s surprise rate cut, as a firmer dollar and strong uptick in risk sentiment limited bullion’s upside. Spot gold was flat at $US1,639.43 per ounce while US gold futures settled 0.1 per cent lower at $US1,643. “We have a lot…
US stocks fall for seventh straight day
The S&P 500 fell for the seventh straight day on Friday and the benchmark index suffered its biggest weekly drop since the 2008 global financial crisis on growing fears the fast-spreading coronavirus could push the economy into recession. Stocks regained some ground right at the end of a volatile session. The Dow and the Nasdaq…
Gold stocks exhibit strong seasonality
Before their recent surge on gold regaining $1600, the gold stocks spent much of the past half-year or so largely drifting sideways to lower. That high consolidation really weighed on sentiment, with greed giving way to apathy. This sector normally tends to suffer a seasonal slump into mid-March, paving the way for gold stocks’ spring…
Australian stocks to fall for third day
Australian shares face another hammering after big falls on US equity markets overnight following a warning for Americans to prepare for the coronavirus. The SPI200 futures contract was down 162 points, or 2.37 per cent, at 6,664 at 0800 AEDT on Wednesday, pointing to another sharp fall when the local market opens. Local stocks lost…
Junior Gold Miners Worthy of Consideration
On 18 February investors around the world, apparently firm in their belief the economic impact of the coronavirus would be short-lived and relatively minor, were shocked when the largest company by market cap in the world – Apple Inc – announced the coronavirus in fact would make it “unlikely” the company would hit its First…
UK’s EG Group makes Caltex takeover bid
Caltex Australia says Britain’s EG Group has offered to acquire the company for $3.9 billion in cash and separate shares to be issued in a newly listed company on the ASX. The offer from the British retailer includes the sum to buy Caltex’s convenience retail business and a stake in a new company, Ampol, under…
Record Kiwi tourists; Chinese tourism slumps Consumer confidence hits 3-month high
Record Kiwi tourists; Chinese tourism slumps Consumer confidence hits 3-month high Tourism; Consumer sentiment; CBA HSI; Reserve Bank Board minutes Tourism: Tourist arrivals rose by 0.9 per cent in December, but departures were flat. It was the biggest lift in tourist arrivals in four months. New Zealand tourists hit a record-high of 129,100 in December….
