Australian stocks closed the session, and the week, higher.
- S&P ASX 200: 5,507.80 +22.72 +0.41%
- All Ordinaries: 5,570.50 +21.54 +0.39%
- AUD/USD: 0.7434 +0.0027 +0.36%
The local market hit three months highs with the ASX200 surging past the key 5400 point mark to end the week 2.7% higher.
There was no direction from Wall Street where the market was closed for Thanksgiving.
On the ASX, the big miners led the rally today with BHP up 2.2% to $26.50 and Rio Tinto 2.4% to $61.76.
The major banks were mixed with the NAB up 0.49% to $29.01 but the Commonwealth down 0.3% to $78.17.
Ardent leisure was up more than 4% to $2.15 after a safety audit of Dreamworld where four died last month in an accident involving the Thunder River Rapids ride .
The top stories:
1. Cartel behaviour by currency traders at ANZ and Macquarie. Australia’s competition regulator has taken the ANZ and Macquarie banks to court, claiming traders at the institutions colluded in attempts to manipulate the exchange rate for the Malaysian ringgit.
2. Getting those free flights and upgrades. The opportunity to collect frequent flyer points via credit card spending is expected to be a lot thinner next year.
3. The theory on why George Brandis and Justin Gleeson fell out. What was behind the fight between the politician and the country’s second highest law officer?
4. BHP releases more cash to cleanup the site of the fatal Brazil mine. Another US$181 million (AU$244 million) for remedial work.
5. Qantas and Virgin and the Hyperloop? Philip Kingston, managing director of Melbourne-based venture capital firm Trimantium Capital, says the Hyperloop could be a huge opportunity for Australian airlines.
6. Tabcorp goes on market to pick up a 10% stake in Tatts. The two companies last month announced a deal to create a diversified gambling entertainment group and ASX 50 company valued at $11.3 billion. Tatts shares surged by 7% to close at $4.21.
7. Tentative evidence Japan is winning against deflation. According to figures released by Japan’s Statistics Bureau on Friday, consumer price inflation (CPI) rose by 0.1% in the 12 months to October, reversing the 0.5% decline seen in September.
8. Signs that Australian house price growth will cool in 2017. There’ll be no correction nor a crash, says HSBC’s Australia and New Zealand chief economist Paul Bloxham.
9. Woolworths has set up an Amazon response unit. Preparing for US internet giant Amazon when it launches in Australia next year.
10 Happy MYEFO. The government’s mid-year economic and fiscal outlook, or MYEFO, an update on the budget position for the current financial year along with its forward forecasts is due on December 19.
11. PODCAST: UBS Australia chief economist Scott Haslem on the post-Trump world, the domestic outlook, and the cricket.