Diary: Brexit Vote, US Inflation, Oz Housing Finance
Brexit dominates events this week with the key UK House of Commons vote due on Tuesday night, our time and bound to set a historic precedent, no matter the outcome.
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Tariff Battle Hits China Trade In November
More definite signs that China’s trade war with the US and slowing global economic growth are starting to have a growing impact on its exports, judging by the country’s November trade report, released on the weekend.
Read MoreAdelaide Brighton In Profit Warning
Shares in cement maker Adelaide Brighton Ltd slid more than 9% on Friday to a 29-month low after it became yet another industrial company to downgrade earnings for 2018 or 2019.
Read MoreShale Output Sees US Return As Net Oil Exporter
The US exported more oil and petroleum products than it imported for the first time in decades last week, the US Energy Information Administration (EIA)’s weekly report revealed on Thursday.
Read MoreAPRA Action Sends IOOF Shares Into Free-Fall
Shares in IOOF Holdings were hammered on Friday after APRA, the banking and insurance regulator shocked the market with moves to disqualify the troubled wealth manager’s top executives and impose new, restrictive license conditions.
Read MoreOPEC Delays Detail On Output Curbs
No decision on a cut to oil production by OPEC or anyone else – news that has added to the uncertainty in global markets overnight Thursday caused by the arrest in Canada of a senior executive of Chinese telecommunications equipment maker Huawei which saw markets in Europe and the US sell off again.
Read MoreFree-Falling Freedom Insurance In Battle To Survive
Shares in the struggling Freedom Insurance Group’s fell out of bed yesterday after the company warned it could be facing a probe from regulators, liquidity strain in 2019 and a multi-million dollar customer remediation bill.
Read MoreTissue Sale Sends Asaleo Surging
A lifeline for struggling tissue and personal products maker Asaleo Care with the news it will sell will sell its low margin Australian consumer tissue business sending the shares surging 46% to, 91 cents and the close.
Read MoreOnline Records But Retail Sales Slightly Softer
Retail sales rose a sedate 0.3% in October, as online spending hit a record high and spending rose on clothing and footwear but fell in cafes, restaurants, and takeaway food services.
Read MoreFonterra Q1 Sours, Lowers Milk Price Range Again
NZ dairy giant, Fonterra has downgraded its 2018-19 forecast Farmgate Milk Price range for a second time in as three months as global prices and demand remain weaker than forecast.
Read MoreNickel West Restart Adds To Resources Revival
A couple of years ago, Nickel West was on the for sale list at BHP. This week BHP’s Nickel West division said ‘go’ to the first of a number of new mining developments in the northern Goldfields of WA after the State Government signed off on the Venus underground nickel mine near Leinster.
Read MoreLynas Shares Crash On Malaysian Review
Shares in rare earths processor, Lynas Corp were smashed, losing more than a quarter of their value at one stage after the Malaysian government said it would impose tough new conditions on its licence to operate in the country.
Read MoreNew Bidder In Battle For Trade Me
Kiwi trading website Trade Me Group has managed to get something of a bidding auction going.
Read MoreBig GDP Miss Fuels Rate Cut Speculation
Australia’s September quarter GDP has disappointed expectations by a long way, slowing sharply to just 0.3% from the June quarter (when it grew 0.9%), and well below expectations for a 0.6% rise.
Read MoreTrade Truce Bounce Short Lived
So where did Monday’s bullishness go yesterday? After the 104 point surge on Monday, the enthusiasm for the Trump-China ceasefire and the OPEC production cap ran out of puff when it got to Wall Street.
Read MoreInverted Yield Curve Flattens Out Equities
Wall Street was sold off heavily on Tuesday night, and with the markets closed tonight as a mark of respect to the late George H.W. Bush, the next two days are going to be fraught with tension for global investors without a lead from the US.
Read MoreSupermarket Shares On The Slide
Tougher times for our small listed supermarket sector? Metcash shares took a hit for a second day while the relisted Coles is feeling the pinch as well.
Read MoreABARES Cuts Crop Forecasts Again
The East Coast drought – now dipping into Victoria and the dry emerging parts of southern Western Australia – has seen Australia again cut its 2018-19 wheat harvest estimate to where it is now forecast to be the lowest since the GFC and the last big drought in 2008.
Read MoreGDP To Surprise On The Upside?
There’s a possibility that the September quarter GDP, to be reported in the national accounts for the quarter out later this morning, could be better than expected.
Read MoreRBA Ends 2018 Where It Began
The Reserve Bank of Australia has once again kept its key interest rate unchanged at the record low of 1.5%.
Read MoreTrump Trade Truce Sparks Market Rally
Donald Trump did it again for the ASX for the second time in just over two years as the local market started December with a bang.
Read MoreGrocery Weakness Undermines Hardware Strength At Metcash
Shares in grocery and hardware wholesaler Metcash were sold off in yesterday’s big surge after it produced a less than impressive set of half-year figures and a weak outlook.
Read MoreThe Reject Shop Knocks Back “Opportunistic” Offer
The Reject Shop has urged shareholders to reject the “highly opportunistic” and “low-ball” offer from Melbourne’s Geminder family.
Read MoreSurprise Takeover Bid For GrainCorp
GrainCorp shares jumped 34% yesterday after it revealed it had received an unwanted pre-Christmas approach from a bottom finishing unknown private equity investor.
Read MoreMixed Economic Data Unlikely To Sway RBA
Mixed economic news yesterday ahead of the last Reserve Bank board meeting for the year later today.
Read MoreWall St Ends Volatile November On A High
So how will markets jump in the wake of the G20 meeting in Argentina between President Trump and President Xi of China?
Read MoreASX Winners & Losers In November
Australian shares had better stage an almighty rebound this month otherwise the ASX is on track for a nasty final quarter and loss-making year.
Read MoreMicrosoft Tops Apple As Most Valuable US Company
At the third attempt in five days, Microsoft has finally regained the mantle as the world’s most valuable company from Apple.
Read MoreGlobal Shares Set To React To Trade Ceasefire
Donald Trump, the US president, has agreed to hold off on imposing higher tariffs on Chinese imports next year, after reaching a deal with Xi Jinping, China’s president, to slow the trade war afflicting both countries and rattling financial markets.
Read MoreDiary: Trade Truce, OPEC, US Jobs
While immediate reaction to the positive outcome of the meeting between President Trump and Xi Jinping at the G20 summit will be an early driver of markets in the week ahead, Thursday’s OPEC meeting and then Friday’s US jobs report for November will clearly dominate markets across the globe this week, heading into next weekend and beyond.
Read MoreOil Steadies As OPEC Leans Toward New Output Cuts
Odds are rising that OPEC and Russia will announce a 1 million to 1.3 million barrel a day production cap at Thursday’s meeting to try and put a line under global prices which slumped more than 20% in November.
Read MoreMyer Board Survives Bruising AGM
Another Myer annual meeting, another bunfight between agitated investors led by Solomon Lew and his Premier Investments and a defiant board.
Read MoreInvestors Can Coca-Cola Amatil
Throwing investors a bone in the shape of the decision to sell its loss-making SPC business did not help Coca-Cola Amatil one bit at its investor day on Friday.
Read MoreCapex Data Defies The Gloomsters
Australian companies, especially those outside the resources sector, have again lifted spending plans for the coming financial year.
Read MoreACCC Rubbishes Bingo, Dial-A-Dump Deal
Shares in waste removal group, Bingo Industries fell to their lowest levels for more than a year yesterday after the competition regulator, the Australian Competition and Consumer Commission raised serious doubts about the company’s proposed $578 million purchase of rival Sydney rubbish dumper, Dial-a-Dump.
Read MoreRio Inks New Koodaideri Iron Ore Investment
The mini-boom in the iron ore industry has topped the $9 billion mark after Rio Tinto approved a $US2.6 billion (A$3.5 billion) investment in its new Koodaideri iron ore mine.
Read MoreDividend Higher But Aristocrat Bets On Weaker Outlook
Gaming machine group Aristocrat Leisure has lifted total dividends for the 2017-18 financial year by 35% after reporting a record net profit of $542.6 million, a rise of 9.6% on the year before.
Read MoreBHP Flags Major Copper Find Near Olympic Dam
An announcement from BHP has confirmed that very quietly the next resources boom is taking shape, mostly in the states of WA and South Australia.
Read MoreRBNZ Rolls Back Prudential Controls
The Reserve Bank of NZ has taken its foot off the throat of the country’s home mortgage sector with the news that it will ease some prudential controls from January 1 next year.
Read MoreCSR Finally Cracks Viridian Glass Sale
CSR has finally found a buyer for its underperforming Viridian Glass business in the shape of local private equity group, Crescent Capital Partners for a total cash consideration of around $155 million, which could top $200 million once all property associated with the group is sold next year.
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