Finance News Update, what you need to know

Written by admin on 30/07/2019 Categories: 佛山桑拿论坛

WORLD FINANCE UPDATE:

The Australian dollar has drifted lower after the Reserve Bank of Australia noted slower growth in China.

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At 0630 AEDT on Wednesday, the Australian dollar was trading at 92.45 US cents, down from 92.66 cents on Tuesday.

And the Australian share market looks set to open higher after Wall Street gained following solid manufacturing data from China.

At 0645 AEDT on Wednesday, the June share price index futures contract was up 25 points at 5,408.

ELSEWHERE:

WASHINGTON – The World Bank plans to nearly double its annual lending to emerging economies like China and India as part of its effort to eliminate extreme poverty by 2030.

WASHINGTON – US manufacturing activity gained pace in March helped by a pickup in new orders and a rebound in production, the Institute for Supply Management says.

PARIS – Inflation slowed in major developed countries in February amid a steep drop in energy prices, a report shows.

ATHENS – The European Central Bank sees “no deflation prospects” despite the latest data showing eurozone inflation dropping to the lowest level in over four years, a senior official says.

HONG KONG – Hong Kong’s de facto central bank says it is investigating numerous banks for alleged foreign exchange market manipulation, the latest in a series of international probes.

NEW YORK – A group of investors and pensions funds have sued 12 international banks for allegedly manipulating foreign exchange markets to their favour, the Wall Street Journal reports.

LONDON – The British government cost taxpayers millions by selling off the Royal Mail at too low a price, the country’s public-spending watchdog says.

WASHINGTON – Ford’s US auto sales accelerated in March, pulling out of a February slump blamed on brutal winter weather, while General Motors has delayed its results over a computer problem.

WASHINGTON – Relatives of crash victims are demanding accountability from embattled US car maker GM as its CEO prepares to face Congress, amid claims a two-dollar fix could have saved lives.

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Sprenger considers Glasgow options

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More questions than answers have been thrown at world champion Christian Sprenger ahead of the Glasgow Commonwealth Games despite his triumphant return to the 200m breaststroke at the national titles in Brisbane.

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Ending a four-year absence in the four-lap event, Sprenger made up for lost time by clocking an impressive two minutes, 08.63 seconds to claim 200m gold on Tuesday night.

He now has the Commonwealth’s No.1 200m ranking ahead of July’s Glasgow Games after finishing in a time that would have claimed 2013 world titles bronze.

Yet Sprenger is still not convinced he should add the 200m to his Glasgow program as he prepares for a seemingly inevitable 100m breaststroke showdown with nemesis Cameron van der Burgh in Scotland.

Sprenger used to be a 200m world record holder – albeit in a supersuit – but these days his focus is the 100m after he finally ousted his Olympic conqueror van der Burgh at last year’s world titles to claim gold in Barcelona.

It seems more light on Sprenger’s 200m Glasgow chances will be shed after he backs up in the heats and semi-finals of his pet 100m event in Brisbane on Wednesday.

“It’s a different race. They used to say years ago your 200 is good for your 100 but I race two different ways,” Sprenger said.

“How much of a toll this 200m has taken on me is another question.

“In all honesty it’s breaststroke at the end of the day, so who knows?

“I will swim fast and make decisions later.”

At first Sprenger didn’t dismiss the notion of emulating his idol Kosuke Kitajima and vying for the 100m-200m breaststroke gold double at Glasgow and then Rio in 2016.

“It’s not impossible,” he said.

But on Tuesday night, he was having second thoughts.

“Is it worth for me to go into a meet with two events on my mind or one thought?” he said.

“There’s lots of questions to ask myself (before Glasgow).

“But one (100m) gold is worth more than two silvers or bronzes or whatever.”

Meanwhile, six finals will be held at the national titles on Wednesday night.

London bronze medallist Alicia Coutts and former British Olympian Ellen Gandy loom as the ones to beat in the women’s 100m butterfly and Thomas Fraser-Holmes will need to hold out Cameron McEvoy to claim his fourth straight men’s 200m freestyle crown.

Finals will also be held in men’s 50m butterfly, women’s 50m breaststroke, men’s 400m individual medley and men’s 100m backstroke.

Heats start at 11am AEDT and finals from 1930 AEDT.

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Historic WA Senate vote approaches

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(Transcript from World News Radio)

 

West Australians are being bombarded with politicians and their messages in the build-up to the historic re-run of the Senate election on Saturday.

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The re-run was prompted by the loss of more than 13-hundred votes during a recount after the September federal election.

 

The Coalition’s campaigning on what it says is damage caused to the West Australian economy by Labor’s carbon and mining taxes.

 

And Labor’s raising fears the May federal budget will impose harmful cuts on vital public services and undermine job security.

 

Amanda Cavill reports.

 

(Click on audio tab above to listen to this item)

 

Saturday’s election is only the second time in Australian history that a Senate re-election has had to be held, and it is the first to involve the full re-run of a half-Senate election.

 

Missing ballot papers also led to the last Senate re-election, in South Australia in 1908, but that involved filling only a single vacancy.

 

The re-election for six West Australian senators could change the make-up of the crossbench votes the Abbott Government might need to pass key parts of its legislative agenda.

 

It marks the fourth time West Australians are going to the polls in just over a year, and some observers are questioning if the political messages are getting through.

 

Clive Palmer’s Palmer United Party is making plenty of noise, the micro-parties are threatening an upset, and Greens senator Scott Ludlam is battling hard for his political future.

 

Mr Palmer wants to retain the seat his party won in September last year and to possibly add one more.

 

He is telling voters the best result would be if his party holds the balance of power in the Senate.

 

“If we put Western Australia into the balance of power in the Senate, we can use that power for the benefit of nobody else but West Australians. A vote for Labor or a vote for the Liberals will achieve nothing. It won’t change a thing. But a vote for Palmer United will put Western Australia in the balance of power. For too long has the balance of scales in this country been weighted against Western Australia.”

 

Initial counting after last September’s election gave the fifth and sixth West Australian Senate positions to the Palmer United Party’s Zhenya Wang and Labor’s Louise Pratt.

 

However, a recount left the seats awarded to the Sports Party’s Wayne Dropulich and the Greens’ Senator Ludlam.

 

Under the existing state result — three Liberals, one Labor, one Sports Party and one Green — the Government could have expected four votes for most of its legislative proposals.

 

But if the new election brings a more conventional result — three Liberals, two Labor and one Green — it would leave the Government with three votes for most of its proposals.

 

Prime Minister Tony Abbott has urged West Australians not to vote for minor parties and to back Liberal policies on the mining and carbon taxes.

 

He says Labor is voting for the retention of the carbon tax and the mining tax in the Senate.

 

“Labor and the Greens are in coalition in the Senate in Canberra, and Labor and the Greens are the reason why we are still stuck with these taxes, which are anti-West Australian taxes because, in the case of the mining tax, it hurts the iron-ore capital of the country (and,) in the case of the carbon tax, it hurts the energy capital of the country.”

 

The latest Newspoll shows Labor is losing support in the West to both the Greens and the Liberals.

 

Primary support for the Coalition has risen to 46 per cent, up from 41 three months ago.

 

Labor’s support in Western Australia has dropped from 36 per cent three months ago to 29.

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The Greens have received a 5 per cent jump in support up to 15 per cent.

 

Greens leader Christine Milne says the West Australian Senate election provides a chance for voters to take control of the political agenda.

 

“Don’t give up, don’t despair. Instead, as German poet Bertolt Brecht has said, ‘Don’t start with the good old things, but start with the bad new things.’ Get active. Let’s bring home the vibe to the heart of the Parliament, to the Senate. Make Western Australia this election the turning of the tide. Make it the defining moment when Tony Abbott’s extreme agenda is stopped. Make it the moment when we take our country back.”

 

Opposition Leader Bill Shorten says voting for the Coalition will just end in more cuts to school funding.

 

He warns there have been school-funding cuts under Liberal Premier Colin Barnett and says Mr Abbott is planning more.

 

“We are concerned that education cuts are occurring in Western Australia and that, if Tony Abbott gets a rubber stamp* in his Senate, then we’ll see further cuts to West Australian schools. Tony Abbott’s the one who introduced state issues by saying he models himself on Colin Barnett. Colin Barnett has got rid of 350 teachers, 350 school assistants, $183 million taken out of schools.”

 

The Sports Party, whose candidate Wayne Dropulich won a seat before the recount was ordered, is facing late criticism for a Facebook posting as it tries again.

 

The party has been criticised for posting a picture of a topless woman as part of the campaign.

 

The image, accompanied by a joke involving a weight-loss program that encouraged an overweight man to chase naked women, appeared on the party’s Facebook page last week.

 

Regardless how people vote on Saturday, though, it will probably be at least a week before the result is known because of the complex Senate voting system.

 

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Judge dismisses US hacking lawsuit

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A US federal judge has dismissed a shareholder lawsuit against Rupert Murdoch and other executives of News Corp.

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alleging they withheld key information about Britain’s phone hacking scandal.

Judge Paul Gardephe dismissed the case on Tuesday, saying the allegedly false statements were made prior to the period in question in the suit. But he left the door open to an amended complaint.

“Nearly all of the purportedly false statements cited in the complaint were made prior to the start of the class period,” the judge wrote in the opinion.

The ruling said the plaintiffs, led by Avon Pension Fund, would have until April 30 to file an amended lawsuit.

The lawsuit filed in 2011 contended Murdoch, his son James and others at News Corp. misled shareholders about the financial impact of the hacking scandal involving The Sun and the now-defunct newspaper News of the World.

Rebekah Brooks, a former top editor and executive at News Corp., was also named as a defendant.

Brooks is charged in Britain with conspiring in voicemail hacking, conspiring to bribe public officials and two counts of trying to cover up her alleged crimes.

Brooks denies conspiring to hack phones while she edited the News of the World between 2000 and 2003, specifically conspiring to illegally access the voicemails of missing schoolgirl Milly Dowler, who was later found murdered.

The allegation in 2011 that Dowler was targeted proved the final straw in a slow drip of revelations about phone hacking at the News of the World, prompting Murdoch to summarily shut down the 168-year-old Sunday tabloid.

Brooks, once one of the most powerful women in British media and so close to Murdoch commentators dubbed her his “fifth daughter”, is among three defendants facing charges of phone hacking.

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NZ dollar soars against yen

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The New Zealand dollar touched a fresh six-and-a-half-year high against the yen as investors bet on the prospects for a global economy recovery.

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The kiwi touched 89.91 yen overnight, the highest level since November 2007, and was trading at 89.67 yen at 8am on Wednesday from 89.54 yen at 5pm a day earlier. The local currency touched a two-and-a-half year high of 87.01 US cents overnight before slipping to 86.47 US cents at 8am from 86.72 cents on Tuesday.

Overseas equities advanced overnight, pushing the Standard & Poor’s 500 Index to a record high, as the latest US manufacturing data showed that the US economic recovery remained on track.

Improved prospects for the world’s largest economy buoyed investor sentiment about a global economic recovery and damped demand for safe haven investments such as the yen.

“Yen is a safe haven currency so when you have risk aversion it does well and when you have risk seeking it does badly,” said Imre Speizer, senior market strategist at Westpac. “Yen has underperformed as equity markets have gone up. It’s not so much a Japanese fundamental story – it’s a global recovery story, and the US particularly is recovering very, very slowly but going steadily in the right direction.”

Mr Speizer said the economic recovery trend was set to continue for the next couple of years.

In the US on Tuesday, the Institute for Supply Management’s index increased in March, a sign that the effects of the harsher-than-usual American winter are beginning to wear off. Of the 18 manufacturing industries, 14 reported growth, according to the report.

In New Zealand traders will be eyeing the March ANZ Commodity Price Index.

Prices dropped at Wednesday morning’s Fonterra Cooperative Group GlobalDairyTrade auction as volumes increased.

The New Zealand dollar was little changed at 93.53 Australian cents from 93.61 cents after the Reserve Bank of Australia kept its benchmark interest rate at 2.5 per cent as expected. Australia has data on first quarter job vacancies and building approvals for February scheduled for release.

The kiwi slipped to 62.69 euro cents from 62.95 cents and was little changed at 52 British pence from 52.03. The trade-weighted index weakened to 80.78 from 80.94.

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No return to left-back for Bale

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Real Madrid manager Carlo Ancelotti has shot down any suggestions Gareth Bale could return to play at left-back after Brazilian international Marcelo was ruled out for a couple of weeks by a hamstring injury.

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Marcelo will miss both legs of Real’s Champions League quarter-final against Borussia Dortmund with the first leg taking place at the Santiago Bernabeu on Wednesday night.

Bale began his career at left-back at Southampton and Tottenham Hotspur before twice becoming Premier League Player of the Year from a more advanced position and Ancelotti insisted that the Welshman would maintain his place on the right side of Real’s attack.

“Bale at full-back is not an option for us,” he told his pre-match press conference ahead of Dortmund’s visit to the Spanish capital.

“We have a problem with Marcelo, but we can cover his absence well with (Fabio) Coentrao. He is fresh and will replace him without any problems.”

Bale was on target twice in Real’s 5-0 win over Rayo Vallecano on Saturday as Ancelotti’s men bounced back from consecutive defeats to Barcelona and Sevilla.

That double took the former Tottenham man’s tally for the season to 16, but he has been criticised for his lack of impact in Real’s biggest games.

Ancelotti admitted that Bale can be inconsistent, but defended the player’s attitude and claimed that was to be expected given the type of player he is and the position he plays in.

“I think it is true he is a little intermittent, but that is a characteristic of all forwards and especially very quick players.

“Players with that speed can’t have a continuous influence likes other players with different characteristics like Xabi Alonso.

“His inconsistency is a physical characteristic of the player, like Cristiano (Ronaldo) or (Karim) Benzema. It is not an attitude problem.”

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Dortmund could be Real’s toughest opponents yet – Klopp

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“If we want, we can be the biggest barrier that Real Madrid have had up to now,” he told a news conference in Madrid.

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“I am not a magician but we are here again, now in the quarters having overcome all the adversaries we have had so far. We passed through the group stage.

“It is not a surprise that people say that I am a magician. We have a few more injuries now but at the same time those who don’t play often will grow.

“Real Madrid are a more flexible side this year and in my opinion are better. (Luka) Modric is on top form and the connection between (Gareth) Bale and (Angel) Di Maria is incredible for their rhythm and pace.

“We are used to not being the favourites and later making it difficult to play against (us). We have become quicker and if they give us space then we can cause them damage.

“If we lose it is not a catastrophe as few can say that they have done what we have done in the past ten years.”

Dortmund’s injury list includes Neven Subotic, Sven Bender, Ilkay Guendogan, Jakub Blaszczykowski and Marcel Schmelzer and they are also without talismanic striker Robert Lewandowski for their first leg through suspension.

Klopp though refused to be downhearted.

“To play without so many (injured players) isn’t so bad. Tomorrow we won’t dominate possession but one against one moments can be decisive. We will see which two strikers play… it is better to maintain the surprise,” he said.

“I’ve seen a lot of Real Madrid’s matches and there has not been one team that has not had a chance to score against them.

“We will show our quality, we will have to give our all and fight to the final minute. If we play our own game and have confidence then we will have our chances.”

(Editing by Ken Ferris)

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Gold falls but platinum lifts

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Gold futures have fallen to a seven-week low as signs of stronger US economic activity and subsiding tensions in Eastern Europe sap investor interest in the haven asset.

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Gold for June delivery, the most active contract, on Tuesday fell $US3.80, or 0.3 per cent, to $US1,280 a troy ounce on the Comex division of the New York Mercantile Exchange. This was the lowest settlement since February 10, when futures closed at $US1,274.70 an ounce.

Gold futures have pulled back in recent weeks, as worries about slower US growth and instability in emerging markets subsided, eroding investor appetite for protective assets like precious metals. Meanwhile, a more concrete set of expectations for the continued tensions in Eastern Europe, after Russia annexed Ukraine’s Crimea region last month, have also dented trader interest in store of value assets.

On Tuesday, a stronger reading of US manufacturing activity bolstered investor hopes that the economic recovery remains on track, helping lift US stocks to a fresh record high. The Institute for Supply Management’s manufacturing purchasing managers’ index rose to 53.7 in March from 53.2 in February.

Gold tends to move in the opposite direction to equities, and “it’s bulling back just as the stock market has been rising,” said George Gero, a senior vice president with RBC Capital Markets Global Futures.

Gold prices fell 28 per cent over 2013 while US equities rallied about 30 per cent over the same period, in a divergence that highlights the shift of investor money from protective assets like gold into riskier bets like stocks, Gero said.

Gold prices also continued to face pressure from easing trader concerns about Russia, which began pulling back troops from its border with Ukraine on Monday. While some hailed this as a sign of progress in diplomatic talks, others have raised doubts about the extent of the draw down.

“The market is still under the selling pressure of Crimea … as long as they keep negotiating, why would you want to buy gold?” said Ira Epstein, director of the Ira Epstein division at the Linn Group.

Meanwhile, platinum futures extended their recent gains as the long-running mine worker strike in South Africa bolstered investor worries about supply.

Nymex platinum for July delivery rose $US8.80, or 0.6 per cent, to settle at $US1,429.60 a troy ounce.

South Africa supplies about 80 per cent of the world’s platinum, but a near 10-week long strike by platinum mine workers has cost the industry more than $US1 billion ($A1.08 billion) in lost revenue. The strike is costing about 10,000 ounces in lost output a day across the major platinum producers and could push the global platinum market into a one million ounce supply shortfall in 2014, according to analysts at Thomson Reuters GFMS.

Settlements (ranges include open-outcry and electronic trading):

London PM Gold Fix: $US1,283.75; previous PM $US1,291.75

Jun gold $US1,280.00, down $US3.80; Range $US1,277.40-$US1,288.40

May silver $US19.688, down 6.4 cents; Range $US19.635-$US19.910

Jul platinum $US1,429.60, up $US8.80; Range $US1,415.50-$US1,437.20

Jun palladium $US781.95, up $US4.85; Range $US767.00-$US782.70

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No Qatar re-vote says FIFA official

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Michel D’Hooghe, FIFA’s medical officer, has insisted there will be no re-vote on the controversial decision to award Qatar the 2022 World Cup finals.

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“There will be absolutely no re-vote,” D’Hooghe told the London Evening Standard on Tuesday, a day after Japan said it was ready to step in if FIFA stripped Qatar of staging the 2022 World Cup.

“Some in the English press want that (a re-vote). But it’s not the English press that decide.”

D’Hooghe was one of the FIFA executive committee members who in 2010 awarded the 2018 World Cup to Russia and the 2022 edition to Qatar.

Both decisions caused uproar and led to widespread allegations regarding the bidding process, which are now being investigated by FIFA ethics chief Michael Garcia.

The move to give the World Cup to Qatar, a country with little football history, provoked widespread condemnation particularly over health concerns for leading players forced to play in the desert nation’s stifling summer heat.

Such was the backlash football chiefs are now considering moving the tournament to the European winter for the first time.

There was a particularly bitter reaction to the whole process in England, the birthplace of modern-day football, after the country’s bid to stage the 2018 finals garnered a mere two votes and was eliminated in the first ballot.

But Belgium’s D’Hooghe, asked if corruption had played a part in either vote, told the Standard: “Absolutely not. I had no feeling anything was going on then and I still have no feeling that there was corruption during this vote.”

D’Hooghe, who led the unsuccessful joint Belgium/Holland bid for 2018, added that many within FIFA felt continued British criticism of the bid process was “partly sour grapes” over the rejection of England’s 2018 offer and that no matter how much football’s world governing body reformed its structure, it would never satisfy some of its harshest critics.

Meanwhile D’Hooghe remained adamant the 2022 World Cup can’t be played in the heat of a Qatari summer, a point the technical inspectors who examined the original bid had long flagged up as a potential problem.

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McKeons feel love at nationals

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A “warm and fuzzy” feeling enveloped the McKeon family after swimming siblings David and Emma followed in the footsteps of their parents and earned Commonwealth Games team selection in Brisbane.

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But the vibe wasn’t so touchy feely not so long ago when David McKeon finally looked up video of his parents’ Commonwealth Games heroics at the AIS library in Canberra.

“He came home pretty animated. He said ‘you guys swim like s***. Technically you guys were terrible’,” dad Ron McKeon laughed.

However, their father was feeling the love again after his children were the first picked for the Glasgow Games swim team within minutes of each other at the national titles in Brisbane on Tuesday night.

David, 21, claimed a third straight 400m freestyle national title by winning in three minutes, 43.72 seconds – the world’s fastest time of the year and good enough to win 2013 world titles silver.

And 19-year-old younger sister Emma (1:55.68) was soon also Glasgow-bound after clocking an Australian record in the women’s 200m freestyle final.

“It’s one of those warm and fuzzy feelings that you get as parents,” Ron said.

Despite his honest assessment of his parents’ Commonwealth Games efforts on video, David did appreciate his family’s legacy in the pool – eventually.

“It was only a few years ago I noticed dad’s six Commonwealth Games gold medals on the wall at home – I never really saw them before,” he said of his father who was a dual Olympian.

David’s grasp of his mother’s Commonwealth Games history seemed just as tenuous.

He admitted to having no idea he’d booked a Glasgow berth at the same Brisbane pool in which his mother Susie contested the 1982 Games.

But his chest puffed out when speaking about his family’s heroics, which also included uncle and dual Olympian Rob Woodhouse’s 1984 Los Angeles bronze medal.

“There’s a great history with my family. It means a lot to me,” he said.

They may be a tight family but only tough love from their ex-coach Ron ensured David and Emma fired at the national titles in Brisbane.

After world No.2-ranked David failed to make the 400m final at last year’s world titles, Ron thought his son would take the next step under another coach – and away from their Wollongong home.

In the end it was Emma who took up the challenge, linking with coach Vince Raleigh in Brisbane in January – and David followed.

“I told them it wouldn’t be easy,” Ron said.

“They have had some battles living together, just the difficulties of being away from mum and dad for the first time, but they are dealing with it.”

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