Risks Ahead But Standard & Poor’s Reaffirms AAA Rating
Ratings group, Standard & Poor’s has reaffirmed its AAA rating for Australia and maintained its negative outlook.
Read MoreRatings group, Standard & Poor’s has reaffirmed its AAA rating for Australia and maintained its negative outlook.
Read MoreBHP says it has made a solid start to 2020-21 with a solid lift in iron ore production in the September quarter and sales of 73.5 million tonnes at a time when the price remained above $US120 a tonne for 62% Fe fines delivered to northern China.
Read MoreMining giant BHP has shelved long-held plans for a $3.5 billion expansion of its Olympic Dam mine in South Australia because of the improving outlook for the recently discovered Oak Dam copper and gold deposit nearby in outback South Australia.
Read MoreHearing implant maker Cochlear has made an uncertain start to the 2020-21 financial year with first-quarter revenue down 6% because of the continuing impact of COVID-19.
Read MoreShares in buy now pay later group, Afterpay hit an all-time high of $105.80 yesterday after it announced a new partnership with Westpac. The deal will see Westpac granting Afterpay customers a savings account that can be used as an ordinary savings account but will also be mined for behavioural data.
Read MoreShares in jewellery retailer Lovisa eased a touch yesterday even though the company revealed an improvement in first-quarter sales performance.
Read MoreThe ASX is looking at a nasty slide at the opening later this morning after Wall Street saw a last hour slide that took a negative session into deeper losses.
Read MoreJust what was not wanted by the embattled Crown Resorts, the casino group still dominated by James Packer. As woes pile on the company, AUSTRAC, the financial intelligence regulator has escalated the level of its interest in the casino group’s affairs.
Read MoreWeak margins from its under review Lytton refinery in Brisbane saw Ampol’s third-quarter earnings slide by around 75%. The weak result from Lytton more than offset an improvement in returns from convenience retailing chain.
Read MoreSouth32 is restarting its on-market share buyback after the impact of COVID-19 on demand for some of its products eased. The shares jumped more than 4% to $2.20 yesterday following a strong quarterly update and news of the resumption of the buyback.
Read MoreLike its monthly import data for iron ore, China’s crude steel production figures hold the greatest interest for Australian investors and September was no different with a solid performance.
Read MoreThe Chinese economy grew at an annual 4.9% in the three months to September quarter, slower than forecast but enough to bring the economy nearly back up to the roughly 6% growth rate at the end of 2019.
Read MoreA standout update on Friday came from lighting retailer Beacon which joined the growing list of companies revealing better than expected first-quarter data. Beacon said first-quarter sales jumped 24.3%, while comparative sales, excluding locked down Melbourne were up 37.6%.
Read MoreAnother busy week with more COVID-19 cases, especially in Europe and the US, Victoria reborn, again, NZ settles for another three years, more US earnings and the third Presidential debate (at this stage) but before all that, a timely update on China’s recovery.
Read MoreThe ASX 200 shed 33.5 points, or 0.5% to close at 6176.8 on Friday. The market still managed to add 1.2% across the week, with hopes of a November interest rate cut helping it hit seven-month highs on Thursday and continue a stellar October. US shares rose just 0.2% for the week and Chinese shares rose 2.4% but Eurozone shares fell 0.7% (Friday’s rise clipping the loss) and Japanese shares fell 0.9%.
Read MoreGold prices fell on Friday and the week, oil, copper, silver, and iron ore were all mixed as the US dollar firmed. In fact, the greenback ended with a gain of around 0.7% against a basket of half a dozen major currencies.
Read MoreNetflix’s third-quarter report on Wednesday morning, Sydney time, will be the key release September quarter report in the US this week. After last week’s strong earnings from the top five US banks, there’s more confidence among investors for the reporting season.
Read MoreThe UK’s credit rating has been downgraded by Moody’s as analysts at the agency warned of a scarring to the country’s economy from the coronavirus, on top of the damage from Brexit.
Read MoreThe takeover last year of its biggest rival, Automotive Holdings, has continued to boost the revenue and earnings of Eagers Automotive.
Read MoreAnother solely online business in custom goods marketplace Redbubble has had a good pandemic. Redbubble told the ASX yesterday that it made a very strong start to the 2021 financial year, with the retailer revealing both revenue and profit doubled in the three months to the end of September.
Read MoreChina’s consumer price inflation continued to ease in September as the surge in pork prices again slowed – but producer price deflation rose a touch last month, despite a clear pick up in activity in manufacturing and other producing sectors.
Read MoreOn the day the Reserve Bank made it clear it would not be lifting interest rates until it was convinced unemployment was sustainably falling and inflation was firmly in the 2%-3% target range, the September Labour Force report produced no clear guide on whether jobless numbers were continuing to improve.
Read MoreAnother major shift in monetary policy from the RBA which will change the timing of interest rate movements in years to come as the bank turns its back on old, established ways of reacting to events in the economy that are perceived to be inflationary, such as a big wage rise or a surge in oil prices.
Read MoreCOVID-19 has been kind to the pathology group, Sonic Healthcare, in fact, it’s been a boon judging by the company’s first-quarter performance. But the question is for how long? Is testing going to continue, become seasonal, or as we get on top of it fade away?
Read MoreBuilding materials multinational, James Hardie has sharply upgraded its 2020-21 profit and says it expects the current second quarter will be a record one for sales and profits.
Read MoreBlood plasma giant CSL has raised the lower end of its profit guidance for the 2021 June 30, predicting growth of between 3% and 8% in the range of $2.17 to $2.65 billion – a tightening from its August results where the lower end of growth was for no growth.
Read MoreThe key financial regulator, AUSTRAC will not be taking regulatory action against the buy now pay later pioneer, Afterpay over its money laundering disclosures.
Read MoreAs expected the Bank of Queensland has reported a big drop in full-year earnings and slashed its final and only dividend for the 2019-20 year to August 31.
Read MoreThe International Monetary Fund has trimmed the size of its forecast rebound in 2022 for the global economy, while lifting its forecast for this year.
Read MoreChina’s commodity imports remained solid in September China’s imports of major commodities including iron ore, copper, oil and soybeans rose in September from August.
Read MoreChina’s voracious appetite for iron ore continued in September, even though Australian exports fell for the month.
Read MoreTelstra chairman John Mullen has given shareholders a guarded assurance that the telco is committed to maintaining the 16 cent dividend payment.
Read MoreSomeone had a taste for craft-made ales in the September quarter, or, judging from figures from the Perth-based brewer Gage Roads, quite a few thousand people renewed or updated their love of the company’s products.
Read MoreChina’s trade performance picked up in September with exports growing a touch faster, but imports finally perking up after several months of contraction. In fact, the double-digit rise in imports took economists by surprise and it dropped the trade surplus by a third, which also surprised forecasts.
Read MoreBuried in the Reserve Bank’s latest Financial Stability Review is the best news the country (and the governments) have had since the COVID-19 pandemic started ravaging the economy in February – Australia’s banks are healthy and have more than enough capital to support the economy during the slowdown without getting into trouble.
Read MoreThere’s a big revolution coming in global media – especially video streaming – from Walt Disney which has revealed that the ravages of COVID-19 on its existing money-making businesses have forced it to focus on its loss-making video streaming as the only way to survive.
Read MoreGlobal stocks scaled five-week highs on Monday on hopes that more government stimulus was coming and the world economy was on the mend, while the Chinese yuan retreated from a 17-month high after a policy move over the weekend.
Read MoreShares in automotive parts retailer and wholesaler, Bapcor have jumped to a record high after the release of its first-quarter update which showed Australians are spending more keeping their existing cars roadworthy and going.
Read MoreExisting shareholders in collapsed satellite group, Speedcast International will be wiped out in a deal that could see the company emerge from bankruptcy early next year.
Read MoreExplosives maker Orica is closing production at three North American plants under its global rationalisation policy, has warned of the closure of more facilities, and has forecast $170 million (pre-tax) of significant items in its upcoming full-year results.
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