Australian shares closed marginally higher.
- ASX 200: 5,785.00 +8.38 +0.14%
- All Ordinaries: 5,832.20 +8.90 +0.15%
- AUD/USD: 0.8042 +0.0037 +0.46%
The local market continued its run for the third day, held up by gains in resources stocks.
BHP was up 1.1% to $25.65, S32 2.1% to $2.91 and Rio Tinto 0.6% to $65.04.
Fortescue Metals dropped 1.1% to $5.24 despite a positive quarterly production report.
1. The dollar is a problem. The potential to weaken import prices, and with it broader inflationary pressures.
2. A pickup in Australian wage growth could be close. Gareth Aird, senior economist at the Commonwealth Bank, thinks he knows what will have to happen if wage growth is to pick up.
3. BrickX’s latest property revaluations. The fintech startuphas carried out an external revaluation for six of its 12 properties, with some interesting results.
4. NSW just gave up on council amalgamations in Sydney. Premier Gladys Berejiklian has walked away from a key policy of her predecessor, Mike Baird.
5. Higher electricity prices present a threat to retailers. According to analysis from ANZ Bank, the average Australian household power bill will increase by around $200 in the current financial year.
6. Kogan.com is now tackling insurance online. Pure play online sales machine Kogan.com has launched Kogan Insurance, opening a new front on founder Ruslan Kogan’s portfolio strategy.
7. ASIC has expanded its investigation into SurfStitch. The regulator started an investigation 12 months ago into market disclosures made by the clothing retailer.
8. Macquarie says the bank levy will cost it $66 million. Macquarie Group says the federal government’s new levy will effectively mean its bank business will be paying 41% tax, up from 34%. Its shares closed 1.2% higher at $87.37.
9. Markets are entering “too bullish territory”. Howard Marks of Oaktree Capital has sent a memo to clients.
10. FAIR DINKUM: Amazon wants an Australian linguist to teach it the local accent.