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Will US cut rates?: ASX poised to open higher

Event Australia News Today

Following positive leads from US markets, the Australian share market looks set to open higher this morning.
'Following positive leads from US markets, the Australian share market looks set to open higher this morning.US stocks rebounded after the Federal Reserve Bank of New York President John Williams highlighted the need for action should policy makers decide the economy is in trouble.The US dollar fell.On the commodities front, oil dropped over a dollar and gold has risen by over $24 . Markets Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 0.01 per cent to 27,223, the S&P 500 added 0.36 per cent to close at 2995 and the NASDAQ rose 0.3 per cent to 8207.European markets closed lower: London’s FTSE lost 0.6 per cent, Paris fell 0.4 per cent and Frankfurt was down 0.9 per cent.Asian markets closed lower: Tokyo’s Nikkei lost 2 per cent, Hong Kong’s Hang Seng was down 0.5 per cent and China’s Shanghai Composite lost 1 per cent.Taking all of this into equation, the SPI futures are pointing to a 0.2 per cent rise.Yesterday, the Australian share market closed 24 points or 0.4 per cent lower at 6649.Company news  Village Roadshow (ASX:VRL) announced the appointment of Peter Tonagh as an Independent Non-Executive Director effective from today.He has extensive executive leadership experience including as Chief Executive Officer of News Corp Australia and Foxtel, and interim Chief Executive Officer of REA Group.Prior to that he held roles as Chief Operating Officer of News Corp Australia and Chief Operating Officer and Chief Financial Officer of Foxtel.He is also a former Vice President and Partner of The Boston Consulting Group.He will serve on the VRL Audit and Risk, Remuneration and the Corporate Governance and Nomination Committees.Shares in Village Roadshow (ASX:VRL) closed 1.8per cent lower at $2.70 yesterday.Ex-Dividends Euroz (ASX:EZL) is paying 5 cents fully franked Currencies One Australian Dollar at 7:30AM was buying 70.75US cents, 56.37Pence Sterling, 75.9 Yen and 62.74 Euro cents.Commodities Iron Ore futures suggest a 0.7 per cent fall.Gold has risen $24.10 to US$1447 an ounce.Silver was up $0.41 to US$16.39 an ounce.Oil dropped $1.15 to US$55.77 a barrel.Source link Finance News Australia . The post Will US cut rates?: ASX poised to open higher appeared first on Australia News Today .'

Housing Minister Michael Sukkar tells Australians to chance the property market

Event Australia News Today


'Housing Minister Michael Sukkar’s comments urging Australians to launch into the property market before the government’s first homebuyer scheme comes into effect and prices rise has been slammed by industry experts.Mr Sukkar dished out the advice as the Coalition prepares to roll out its First Home Loan Deposit Scheme which will give those who qualify an opportunity to buy a home with as little as a 5 per cent deposit. “If you’ve got an opportunity to get a foot in the market before then you should take it, given I think the market is starting to improve,” he told The Australian . “Peopl­e who buy now I don’t think will regret it at all. “A re-elected (Scott) Morrison government has put a lot more confid­ence into the market.We’re seeing green shoots in Melbourne and Sydney in the last quarter and I think with low interest rates, with APRA reducing service­ability buffers, all those factors combine to confirm that optimism.” Under the scheme, eligible first home buyers would only need a 5 per cent deposit, rather than the usual 20 per cent, with the government guaranteeing the rest and covering the mortgage insurance under a special loan.Under the Coalition’s plan, borrowers would still need to go through the usual checks and balances when applying for a home loan, and will eventually repay their loan as usual.The scheme is tipped to be available from January 1.CoreLogic research analyst Cameron Kusher said he disagreed with the minister’s sentiment and questioned the appropriateness of the guidance. “It’s certainly unusual given that it isn’t a comment about housing policy and seems to be treading closer to investment advice,” he told news.com.au. “Remember that the national figures are largely driven by Sydney and Melbourne and the signs of housing market improvement are very recent. “Furthermore, outside of Sydney and Melbourne values are still declining so first home buyers that were to purchase would be seeing the value of their home reducing.” Responses to the comments were equally scathing on social media.Chief economist at IFM Investors Alex Joiner tweeted: “The spruikers are out in force in this article, neither government officials nor real estate economist (or any other type) commentary should be mistaken for financial advice for individuals.” The spuikers are out in force in this article, neither government officials nor real estate economist (or any other type) commentary should be mistaken for financial advice for individuals… — Alex Joiner (@IFM_Economist) July 17, 2019 Mr Kusher also cast doubt the first home buyers scheme will have any material effect on house prices. “People accessing the First Home Loan Deposit Scheme still have to qualify for a mortgage with a lender, it’s just they can do so without having to pay lenders mortgage insurance,” he said. “I am sure the policy will be appealing but I don’t think it will necessarily drive prices higher. “Ultimately this scheme doesn’t really address the crux of the issue which is housing affordability is a big challenge especially for lower income households.” Continue the conversation on Twitter @James_P_Hall or james.hall1@news.com.au Originally published as MP slammed for property advice Source link Finance News Australia . The post Housing Minister Michael Sukkar tells Australians to chance the property market appeared first on Australia News Today .'

Energy stocks took a fall this week: ASX closed 0.8% higher

Event Australia News Today

It has been a positive day of trade for the Australian share market.
'It has been a positive day of trade for the Australian share market.The local bourse managed to maintain momentum to close 0.8 per cent higher.NAB announced their new CEO Ross McEwan from the Royal Bank of Scotland.The CIMIC Group (ASX:CIM) saw strong declines in their shares this week after reporting weaker first-half profit on the back of a decline in the Hong Kong market.As for the sectors, Utilities headed the list this afternoon with energy falling behind.The S&P/ASX200 index At the closing bell the S&P/ASX 200 index closed 51 points higher to finish at 6,700.Over the week, the market has gained 4 points or 0.1 per cent.Futures market Dow futures are suggesting a rise of 110 points.S&P 500 futures are eyeing a rise of 8 points.The Nasdaq futures are eyeing alift of 29 points.And the ASX200 futures are eyeing a 1 per cent rise for Monday.Company news IMF Bentham (ASX:IMF) reports that a confidential partial settlement has been reached in an Australian case it has funded which is held on its balance sheet.The settlement terms remain confidential as the case carries on against the remaining defendant.IMF currently expects to receive revenue of approximately $7.5 million from this partial settlement.IMF is one of the leading global litigation funders, headquartered in Australia and with offices in the US, Canada, Singapore, Hong Kong and London.Shares in IMF Bentham (ASX:IMF) closed 0.6 per cent higher at $3.20.Diversified mining services company Ausdrill (ASX:ASL) has finalised the funding for the $800 million, five year underground mining services contract in Botswana awarded to their subsidiary Barminco.The contract was subject to the Khoemacau Project funding closing.Unibail-Rodamco-Westfield (ASX:URW) has just announced the successful refinancing of the Westfield in Stratford City in London.Westfield Stratford City Finance No.2 this week successfully priced a single tranche of £750 million secured fixed rate bond.Power generation specialist Pacific Energy (ASX:PEA) is pleased to announce that its wholly owned KPS subsidiary has secured a new contract to supply electricity to the Jaguar copper/zinc mine in Kalgoorlie in WA.The mine is owned and operated by Round Oak Minerals.Best and worst performers  The best performing sector was Utilities adding 1.6 per cent while the worst performing sector was Energy gained the least 0.6 per cent.The best performing stock in the S&P/ASX 200 was Resolute Mining (ASX:RSG) , rising 7.1 per cent to close at $1.74.Shares in Northern Star Resources (ASX:NST) and St Barbara (ASX:SBM) followed higher.The worst performing stock in the S&P/ASX 200 was Clinuvel Pharmaceuticals (ASX:CUV) , dropping 7 per cent to close at $31.20.Shares in Costs Group Holdings (ASX:CGC) and Speedcast International (ASX:SDA) followed lower.Japan’s Nikkei has added 2 per cent, Hong Kong’s Hang Seng has added 1.1 per cent and the Shanghai Composite hasgained 0.7 per cent.US Indices over the week all lost The Dow lost 0.4 per cent, the S&P 500 lost 0.6 per cent and the NASDAQ has lost 0.5 per cent over the week.Commodities and the dollar Gold is trading at US$1,442 an ounce.Iron ore price fell 1.1 per cent to US$119.90.Iron ore futures are pointing to a rise of 2 per cent.Light crude is US$1.15 up at US$55.77 a barrel.One Australian dollar is buying 70.68 US cents.Source link Finance News Australia . The post Energy stocks took a fall this week: ASX closed 0.8% higher appeared first on Australia News Today .'

Bulldogs coach Beveridge signs big extension

Event The Roar

Western Bulldogs AFL premiership coach Luke Beveridge will remain with the club until the end of 2023 after signing a contract extension. Another AFL premiership coach is officially off the market after the Western Bulldogs locked away Luke
'Western Bulldogs AFL premiership coach Luke Beveridge will remain with the club until the end of 2023 after signing a contract extension. Another AFL premiership coach is officially off the market after the Western Bulldogs locked away Luke Beveridge until the end of 2023. Beveridge, who led the Bulldogs to the flag in 2016, was due to come out of contract next season but has extended his deal for a further three years. North Melbourne, Carlton and St Kilda are all hunting for new coaches and there had been speculation the Saints would look to lure Beveridge, who finished his 118-game playing career at St Kilda, back to Moorabbin. But Beveridge, who has guided his rebuilding side back to finals contention this season, said he had never seriously considered leaving. “There’s no doubt that with some of the instability in the coaching fraternity, there’s been a bit of noise,” Beveridge told reporters on Friday. “Regardless of whether or not there’s been overtures in my direction, my preference would be just to not even go there because all that mattered was that I was always going to commit here. “There’s no doubt that you go through some periods where there’s some troughs as far as the wins and losses go, and there’s some challenging commentary and even sentiment around whether or not we may be headed in the right way. “They’re the important times when you want consistency in behaviours, in support, belief in what you’re doing. I’ve never, ever been concerned that hasn’t been there.” With proven coaches in hot demand, former St Kilda mentor Grant Thomas went as far as to suggest the Saints should put a 10-year offer in front of Beveridge. Beveridge – who unusually for an AFL coach does not have a manager – indicated he wanted to keep any talks he may have had with rival clubs private. “Thommo’s always been a great supporter of mine,” Beveridge said. “I love the fact that he thinks that would have been a good move for the Saints. I still have a strong emotional connection to the Saints but you can imagine what my connection is here (at Whitten Oval) now … that really didn’t have any bearing on anything, in the end.” Beveridge took the Bulldogs to the finals in his first season in charge in 2015 and has coached the side to 60 wins from 109 games. Bulldogs chief executive Ameet Bains said Beveridge was a proven performer with a strong capacity to build relationships with his players. His new deal removes another leading contender for the three vacant senior coaching positions. Sydney mentor John Longmire had been strongly linked to North Melbourne but last week extended his contract at the Swans to the end of 2023. Hawthorn mastermind Alastair Clarkson and West Coast premiership coach Adam Simpson are both contracted at their respective clubs until the end of 2022 and have publicly declared they’re going nowhere.'