Market analyst Kyle Rodda from capital.com has put out a neat note to end the day. Here is his take on the action. “It has been quite some time since something really shook the tree and caused a scare in the markets. Wall Street was tangibly due for a big down day: it was approaching...
Tag: Dow Jones
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ASX 200 closes down 0.5 per cent in a widespread sell-off — as it happened
At its most basic, the Trump Trade is taking a bet on asset classes that are likely to be given a boost by the policies of a Trump administration. Broadly speaking, that means ratcheting up protectionism and spending — both seen to be inflationary via more expensive imports and a higher dollar/ higher rate. Already...
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Live: Unemployment up slightly to 4.1pc in June
Bjorn Jarvis, the head of labour statistics for the ABS, says there are a couple of reasons behind the unemployment rate rising slightly in June to 4.1% “With employment rising by around 50,000 people and the number of unemployed growing by 10,000 people, the unemployment rate rose slightly to 4.1 per cent, and the participation...
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Live: ASX rises after Dow notches record closing high
Wall Street stocks rose and the Dow Jones Industrial Average hit an all-time closing high on Tuesday after US retail sales data supported the view that the Federal Reserve is approaching its easing cycle, reining in inflation while avoiding a recession. All three major US stock indexes advanced on the day, but weaker megacap growth stocks, led by...
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ASX 200 gains 0.7 per cent, closing at new record high above 8,000 points, fending off weak Chinese data — as it happened
The Australian Securities and Investments Commission has recommended ANZ, Bendigo and Adelaide Bank, Commonwealth Bank and Westpac must pay back millions to customers to remedy the fee damage caused to First Nations customers on low incomes. More than $28 million will be refunded after major banks were found to have overcharged low-income Australians who should...
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Live: Australian shares hit new record high after falling US inflation fuels interest rate cut speculation
Sick of ‘shrinkflation’? Tired of that $50 note evaporating the second you enter a supermarket or servo? The following yarn from Reuters may contain some promising news that these food and beverage companies have taken the price hikes too far: PepsiCo missed expectations for second-quarter revenue on Thursday as a series of price hikes and...
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Almond company and nuclear medicine maker both soaring on the ASX today — as it happened
The ACCC has instituted proceedings in the Federal Court against The Good Guys Discount Warehouses (Australia), for allegedly making false or misleading representations about its store credit and “StoreCash” promotions, and failing to provide store credit to eligible consumers, in breach of the Australian Consumer Law. The Good Guys ran 116 promotions between July 2019...
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Live: Building approval data reveals housing shortfall
Rabobank’s senior currency strategist Jane Foley has an interesting note that goes some way to explaining the shifts in the exchange rate between the Australian dollar and the globally dominant US greenback, a tussle we generally discuss a lot and call: AUD/USD. (Having lived in the US I can tell you, they barely think of...
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Live: ASX drops 0.4 per cent on opening despite Wall Street closing again at record highs
Good morning and welcome to another week on the ABC markets and finance blog. Stephen Letts from ABC business team limbering up for a blow-by-blow coverage of the day’s events, where every post is hopefully a winner, but none should be construed as financial advice. The ASX 200 looks like having a sluggish opening. The...
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Live: ASIC report fallout continues, while ASX to rise as Tesla and Nvidia push up tech indexes on Wall Street
A 20-month inquiry into the corporate watchdog was tabled yesterday. And it wasn’t pretty. In one line; ASIC’s ambit is too wide, its resourcing too low and its culture so bad that white collar crime has been allowed to go unchecked in Australia, for too long. To fix this, the report recommends splitting ASIC up,...
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Online retailer Booktopia collapses, ASX follows Wall Street’s lead to finish higher — as it happened
Wall Street’s main stock indexes closed higher on Tuesday, boosted by gains in Tesla and megacap growth stocks, but volumes were thin ahead of the July Fourth holiday and the closely watched release of June nonfarm payrolls on Friday. The US Job Openings and Labor Turnover Survey, or JOLTS, showed job openings increased in May...
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ASX closes down 0.2% after clawing back heavy early losses — as it happened
The pulse of China’s industrial heartland has weakened again, with manufacturing activity falling for the second consecutive month in June. The official purchasing managers’ index (PMI), released by the National Bureau of Statistics on Sunday came in at 49.5 for June. It’s the same figure as May, but below the defining 50-point mark separating growth...