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...
Tag: Dow Jones
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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...
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Live: Live updates: Nine to axe 200 jobs, ASX trades higher
Eastern states readers are entering the final stretch of the working week (hi from the west!). If you’re reaching for that cuppa to get you through to the end of the day, here are some cool stats about the global trade in coffee and tea courtesy of S&P Global Market Intelligence. In the 2023 calendar year, 8.88...
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ASX lower after release of hot inflation data sparking fears of another rate hike — as it happened
The Australian Securities and Investments Commission has approved a new code of practice for the banks, which will take effect on Feb 28, 2025. The changes in the Australian Banking Association’s Banking Code of Practice include an expanded definition of small businesses from $3 million in aggregate borrowings to $5 million, meaning another 10,000 businesses...
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ASX drops as inflation climbs to 4 per cent in May, exceeding economists’ expectations — as it happened
Iron ore futures prices rose for a second straight session on Wednesday, aided by a wave of buying in the spot market in top consumer China, although gains were capped by high portside stocks and seasonally weak steel demand. The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) was up 0.75% at...
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Live: ASX slips 0.2 per cent on weaker Wall Street close, supermarket reforms on the way
Good morning and welcome to another week on the ABC markets and finance blog. Stephen Letts from ABC business team here, 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 likely to slip on opening,...
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Live: Foreign buyers purchase $5b worth of residential property, ASX rises
Foreign buyers made 5,360 residential real estate purchases in Australia over the past financial year, spending $4.9 billion, according to new data from the ATO. Their average price was $914,000, according to the register of foreign ownership of residential land. Of the 5,360 purchase transactions in 2022–23, 164 registrants became a permanent resident or gained...
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ASX shares fall a day after interest rates decision, Nvidia overtakes Microsoft on value — as it happened
Our Chief Business Correspondent, Ian Verrender has penned this great analysis on what’s going on with the Australian dollar. The Aussie dollar has bounced a little this morning as forex traders weighed up the impact of global interest rate moves. RBA governor Michele Bullock yesterday made clear that domestic interest rates are likely to stay...
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Live: ASX tipped to slip, but Wall St closes on another record high
Overnight in the US, Tesla shareholders approved CEO Elon Musk’s US$56 billion pay package, along with the proposal to move the company’s legal home from Delaware to Texas. Shareholders also approved other proposals including the re-election of two board members: James Murdoch (son of Rupert Murdoch), and Elon’s brother Kimbal Musk. Shareholders did increase the...
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Live: ASX to rise ahead of key employment data, US Fed flags one rate cut this year
The Federal Reserve held interest rates steady on Wednesday and pushed out the start of rate cuts to perhaps as late as December, with officials projecting only a single quarter-percentage-point reduction for the year amid rising estimates for what it will take to keep inflation in check. In a set of projections that likely removes...
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Senate report into PwC scandal released, ASX lower in afternoon trade — as it happened
I’m an ag reporter in my day job, so I’ll use this platform to share a survey of primary producer business sentiment courtesy of Rabobank, which was released today: “Mixed seasonal conditions across the country – coupled with economic pressures – have seen the nation’s farm sector confidence take a U-turn in the latest quarter,...
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Live: Wall Street lifts but ASX tipped to open lower
Lots happening over the water. Rabobank’s senior macro strategist Stefan Koopman breaks down the European elections in a new note. Here’s a little of it: “The overall left-right balance aligns with projections that indicated a lean but not a lurch to the right. The coming weeks will see national parties formally choosing their European groups...