Australia’s agricultural sector can weather the COVID-19 storm despite the global economic downturn and pressure on commodity prices, according to Rabobank. The Dutch multinational on Friday said several factors would help cushion the negative economic impacts of the coronavirus pandemic on the industry in coming months. These included the low […]
Retail spending bounces back in February
Retail spending increased more sharply than expected in February thanks to a surge in spending on basic necessities in supermarkets and department stores. Retail trade rose by 0.5 per cent in February to $27.8 billion, seasonally adjusted, according to figures released Friday by the Australian Bureau of Statistics. Preliminary retail […]
US jobless claims lift safe-haven demand
Gold prices jumped more than on per cent as record high US jobless claims for a second week in a row intensified fears of economic damage due to the coronavirus and drove investors towards the safe-haven metal. Spot gold gained 1.3 per cent to $US1,610.68 per ounce, while US gold […]
Aluminium prices pinned at four-year low
Aluminium fell for a fourth straight session as China factory activity showed minimal growth in March, adding to concerns about falling metals demand and a ballooning supply glut as the coronavirus outbreak spreads further. Benchmark aluminium on the London Metal Exchange was down 0.7 per cent at $US1,489 per tonne, […]
Crude prices post biggest one-day gains
Crude prices posted their biggest-one day gains on record after President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market turmoil. Trump said he […]
Wall Street gains on oil price recovery
Wall Street has bounced as a recovery in oil prices outweighed the shock of weekly jobless claims soaring past six million. Initial claims for unemployment benefits last week exceeded the top end of analysts’ estimates at 5.25 million, and US President Donald Trump has warned of more economic pain as […]
Australia dollar feels coronavirus jitters
The Australian has been hit by a fresh bout of market jitters as grim forecasts for the length and depth of the coronavirus pandemic tested investor appetite for risk. The Aussie is managing to stay around 60.68 US cents, having fallen almost one per cent overnight to as low as […]
Job vacancies dip slightly before COVID-19
Job vacancies in Australia edged only slightly lower during the summer bushfire crisis, though the figures have come too soon to reflect the spread of the coronavirus. In seasonally adjusted terms, the number of job vacancies decreased by 0.1 per cent in the February 2020 quarter and by 2.2 per […]
NZ freezes dividends to Australia’s big 4
Australia’s big four banks won’t be able to receive dividends from their Kiwi subsidiaries during the coronavirus crisis as New Zealand’s central bank takes steps to protect its financial system. The banks have also agreed not to redeem any tier one capital instruments they had sold to investors until the […]
Gold up as virus fears boost safety buying
Gold prices firmed as investors sought safe-haven assets after sombre US economic data exacerbated fears of a economic downturn amid increasing lockdowns and other restrictions globally to combat the coronavirus pandemic. Spot gold was up 0.6 per cent at $1,580.29 an ounce, having earlier risen as much as 1.8 per […]