The dismemberment of the Kerry Stokes’ media empire, Seven West Media continues with the sale of the company’s controlling interest in much of its international production businesses in the US and UK to Beyond International for an undisclosed amount.
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Iron ore exports hit record levels in the June quarter and in the year to June, according to figures from the Pilbara Ports Authority. That performance helped total iron ore exports for the year to June from the two major ports – Port Hedland and Dampier jump 3% to a record 717.3 million tonnes.
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The S&P 500 and Dow dropped sharply on Thursday as investors worried about the new round of shutdowns to contain a surge in coronavirus cases, but Nasdaq ignored those concerns ended at another record high – the 26th this year.
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Rio Tinto surprised yesterday by revealing – in the midst of a recession – that it will close its ageing New Zealand aluminium smelter with the loss of 1,300 direct jobs and thousands more in other sectors.
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Australia’s biggest wine group, Treasury Wine Estates (TWE) is looking at a sharp, a 21% hit to full-year earnings after COVID-19 ravaged its operations across the globe, on top of problems in the US and Chinese markets.
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The looming housing crunch is happening with the value of new home loans fell $2.2 billion in May, the largest fall in the history of the series. Owner-occupier home loans have dropped 10.2% ($750 million) over the month, while investor only loan commitments fell by 15.6% ($1.4 billion) nationally, according to the Australian Bureau of Statistics.
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California, Hawaii, Idaho, Missouri, Montana, Oklahoma, and Texas broke their previous daily record highs for new infections. In contrast, Wall Street rose fitfully thanks to continuing strength in tech stocks, while the rest of the market was tepid.
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The financial position of Freedom Foods has obviously worsened considerably in the past week judging by yesterday’s request (which was granted by the ASX) for an extension of the company’s suspension until October.
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Yesterday we saw two conflicting outcomes from retail issues – Super Retail Group attracted support from around two-thirds of its retail shareholders while online retailer, Kogan.com had to increase the size of its issue after being knocked down in the rush.
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Shares in Northern Star Resources jumped 6.4% yesterday off the back of the overnight surge in gold prices to around $US1,808 an ounce, a near eight-year high, and an encouraging update for the 2020 financial year, including good news for shareholders on the delayed interim dividend.
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Given the very positive reaction from investors to the Kogan retail issue, buy now pay later group, Afterpay will be knocked down in the rush from its retail base when its offer opens shortly.
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Concerns about the upturn in COVID-19 infections finally hit Wall Street on Tuesday with share prices slumping in the last hour. News that Brazil’s hard rightwing President Jair Bolsonaro had confirmed he had tested positive for the virus, didn’t help investor confidence.
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Services group, Downer EDI has won a $400 million-plus, 13 year set of contracts to maintain roads for the South Australian government.
Read MoreBuy now, pay later group Afterpay will raise $800 million in fresh capital as part of a strategy to speed up its global expansion, while co-founders Anthony Eisen and Nicholas Molnar will sell $250 million in shares as an add-on to the raising.
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Following its monthly monetary policy meeting on Tuesday, the bank’s board held rates at the record low level where they have been since late March when much of the economy was lockdown to stop the spread of the coronavirus.
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So will Australia and the US follow the UK in telling the world’s four biggest accounting firms to separate their audit businesses from the rest of their operations by 2024?
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For some as yet unfathomable reason, Chinese stockmarket investors have turned all bullish all of a sudden. After rising 7% last week, China’s markets surged again on Monday with the Shanghai market up 5.7% alone to a new five year high. It’s up more than 9% for the year so far, a rare rise.
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Generic drugmaker, Mayne Pharma shares went for a little run yesterday after the company revealed a link up with a fellow generic maker from China to try and make deeper inroads into the US contraceptive market.
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Shares in women’s fashionwear retailer, City Chic jumped more than 5% yesterday despite the company pouring cold water on speculation it may be gearing up for another international acquisition.
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Warren Buffett’s Berkshire Hathaway has made its biggest investment move in a year with a $US9.7 billion purchase of Dominion Energy’s natural gas transmission and storage network.
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The mounting toll of coronavirus cases in Victoria and offshore in Brazil, India, Spain, and especially the US, will again dominate sentiment here and around the globe in the coming week.
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Retail sales might have jumped sharply in May, as expected after the strong preliminary report last month from the Australian Bureau of Statistics but for the first five months of 2020, the situation was a very different story.
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Brent oil futures fell below $US43 a barrel on in light trading on Friday as a holidaying America saw another record number of COVID-19 cases.
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In the coming weeks, investors will focus on Wall Street’s second-quarter reporting season and the extent of the financial damage done by COVID-19 and the associated lockdowns and slashing of demand.
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The ASX is looking for a lower start later this morning after truncated dealings on Friday because of the US holiday long weekend saw ASX 200 futures drop 35 points or 0.6%.
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Wall Street wasn’t all that convinced by the big numbers in the US jobs report for June – a record rise of 4.8 million and a big fall in the unemployment rate saw the Dow and S&P make solid gains at the start – 1.2% or more.
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Australia’s international trade surplus might have risen back above $8 billion in May but that was a result of a sick economy as both exports and imports continued to fall sharply under the weight of the coronavirus pandemic suppressing demand here and offshore.
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It’s no fun being CEO at Funtastic. The embattled toy wholesaler Funtastic said on Thursday that CEO David Jackson will resign, following yet another cost-focused restructure of the retailer which means it will no longer need a chief executive of his “experience and gravitas”.
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NZ-based Outdoors retailer Kathmandu looks like reporting a 30% fall in profits for the year to July and is not confident at all about prospects in the 2020-21 financial year starting August 1.
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The S&P 500 and Nasdaq closed higher on Wednesday on the first day of the third quarter, ignoring a worsening of the latest wave of COVID-19 infections that saw California close all bars and inside dining, Florida report another record number of cases and New York halt the start of a return to inside dining.
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Global developer and investor Lendlease has warned its loss for the 2020 year could blow out to as much as $340 million due to more write-downs on the engineering services business and asset values.
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First Kogan.com now Temple and Webster, the other major listed sole online homewares and furniture retailer will look to raise new capital from shareholders to help bolster its digital offering after the surge in sales earlier in the year during depths of the coronavirus lockdown, continued in June.
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The first real impact of the coronavirus on home building finally appeared in the approvals process for May as the Australian Bureau of Statistics (ABS) revealed a 16.4% slide in overall approvals.
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Earlier this year Oil Search revealed big cuts in investment and other spending as global oil prices collapsed, taking LNG prices with them. The cuts were so deep that to achieve them, the company would have cut staff.
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The ASX had a down year but a big quarter, while Wall Street’s big losses in the three months to March were almost regained in the cases of the Dow and S&P 500, while new highs were set by the tech-dominated Nasdaq.
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For the half-year the ASX 200 was off 11.6%, the quarter though saw a 16% plus rise, which petered out to a rise of just over 2% in June. Only three sectors emerged ahead at the end of the financial year: Tech, health, and consumer staples. Of those, only tech stocks bettered their pre-COVID highs.
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Oil ended the most tumultuous of half years and quarters that the commodity has had to endure, with the price of the key US marker crude, West Texas Intermediate contract falling to record lows around $US37 a barrel in April.
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Gold futures topped $US1,800 an ounce on Tuesday for the first time since 2011, driven by growing uncertainty about the spread and renewed impact of the coronavirus pandemic on US economic activity and the country as a whole.
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Shell slashes, thanks to the coronavirus – and it won’t be the last. Royal Dutch Shell says it will cut up to $US22 billion from the value of its assets as the oil giant warned coronavirus will deal a lasting blow to demand for energy products and the global economy.
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Collins Food shares jumped more 13% at one stage yesterday despite a COVID-19 driven fall in earnings for the year to May 3.
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