ASX200 down 11 points (0.2%) to 6893
- BHP (-0.2%); said the decision by its Brazilian joint venture with Vale SA to file for judicial reorganization is a last-resort response to legal actions from creditors in the US and Brazil.
- Commonwealth Bank (-0.5%); has lowered its end-2021 unemployment forecast to 5% from 5.5%.
- Imugene (+5.5%); has just presented at the American Association for Cancer Research Annual meeting.
- Worley (-0.5%); has been awarded a maintenance and integrity contract for services to support Petroleum Development Oman’s strategic oil and gas production assets in the South Oman concession region.
An interview with US Fed Chairman Jerome Powell has just aired on US 60 Minutes. Some of the things he said;
- “It will be a while” before the Fed raises interest rates.
- Raising rates this year is “highly unlikely”.
- It was “surprising and concerning” that the Banks didn’t understand Archegos risk.
- “We want to see inflation move up to 2%, on a sustainable basis. And when we get that, that’s when we’ll raise interest rates.”
- He said he see’s the US economy is poised for an extended period of strong growth and hiring.
