ASX drops 0.78%as US stimulus vote looms



Investors have had their biggest loss in a week on the Australian share market and will be hoping US president-elect Joe Biden’s stimulus plan is passed after he takes office this week.

Thank you for checking out this article involving current Australian Business news published as “ASX drops 0.78%as US stimulus vote looms”. This news release was posted by MyLocalPages Australia as part of our news aggregator services.

#ASX #drops #078as #stimulus #vote #looms



Source link

ASX ends little changed, slips for week



Investors spent the week waiting for US President-elect Joe Biden’s economic stimulus plan details but failed to get a boost after it was revealed.

Thank you for stopping to visit My Local Pages. We Hope you enjoyed checking this story regarding current West Australian News named “ASX ends little changed, slips for week”. This story was brought to you by MyLocalPages Australia as part of our local and national news services.

#ASX #ends #changed #slips #week



Source link

ASX higher ahead of US stimulus details



Investors have had their best gains of the week on the Australian share market, ahead of US President-elect Joe Biden giving details of his economic stimulus plan.

Thank you for reading this news update about current Australian Business news named “ASX higher ahead of US stimulus details”. This post was shared by MyLocalPages as part of our local news services.

#ASX #higher #ahead #stimulus #details



Source link

ASX ends up as early guidance arrives



A mid-session turnaround has helped the ASX close slightly higher, while Premier Investments’ substantial earnings guidance upgrade gave cause for optimism.

Thank you for visiting My Local Pages. We hope you enjoyed checking out this news release about Australian Business National and Political news published as “ASX ends up as early guidance arrives”. This news update is shared by My Local Pages Australia as part of our local and national news services.

#ASX #ends #early #guidance #arrives



Source link

ASX ends down, big sectors drop



ASX trade has started the week with a loss of 0.9 per cent, as the US dollar improved from expectations of more economic stimulus and inflation there.

Thanks for dropping by and checking out this post regarding Australian Business National and Political news published as “ASX ends down, big sectors drop”. This news release was presented by MyLocalPages Australia as part of our local and national news services.

#ASX #ends #big #sectors #drop



Source link

Gold explorer makes ASX debut



Perth-based Torrens Mining has listed on the stock market after raising $10 million from its IPO, with its share price closing up nearly 50 per cent.

Thanks for stopping by and reading this news release regarding current WA news titled “Gold explorer makes ASX debut”. This news article was brought to you by My Local Pages as part of our news aggregator services.

#Gold #explorer #ASX #debut



Source link

ASX ignores Capitol turmoil but stimulus boost expected to fade


Not even turmoil in Washington, where a Trump-supporting mob stormed the Capitol building and clashed with police, could derail investor enthusiasm.

But analysts have also warned that the stimulus momentum is unlikely to last, noting the Democrats’ dual victory also removes the components that propped up a goldilocks gridlock rally that followed the presidential election in November.

“Paradoxically, what looks like good news for the US economy is probably bad news for the relative performance of US stocks,” Janus Henderson’s UK-based multi‑asset team head Paul O’Connor said.

“That is because the prospect of higher corporate taxes, higher bond yields and concerns about regulatory intrusion will weigh most heavily on the media, technology and communications behemoths that dominate US indices.”

Nigel Green, chief executive and founder of deVere Group, in a note predicted investors would be jittery that control of the Senate could allow Biden to push through his agenda.

“Ultimately, the markets were hoping for a divided congress, as Biden winning the presidency brings stability and certainty, but with the Senate staying Republican to temper some of his agenda.”

However, JP Morgan Asset Management strategist Kerry Craig said the Democrats’ narrow lead means that the most progressive parts of President-elect Biden’s policy platform may struggle to come to fruition.

“Significant tax reform for companies or individuals are much more challenging to pass with such a narrow lead and the impact on corporate earnings may be less severe than feared,” he said.

“It will take some time to assess the real chance of higher taxes and the impact on corporate America as nothing is simple when it comes to US politics and its processes.”

Morningstar’s head of equities research Adam Flack said while it appeared likely Biden would increase the tax rate – potentially hitting the ASX’s US-focused earners such as CSL and Brambles – much of this risk appeared priced into the local market.

He therefore said there should be little change in valuations over the medium to long term, even though a brief period of volatility could be expected.

“From our perspective some of the offsetting factors about (Biden’s) reinvestment in infrastructure, a larger COVID response and stimulus package … it probably offsets some of that tax concern,” he said.

“When we think about what has happened in the presidential election and the senate run-off, I think it’s important to consider those long-term implications rather than trying to guess what tends to be almost a casino in the near term rather than a true weighting mechanism over the long run.”

Mr Flack added an element of risk remained for investors with both US and Australian markets still appearing overvalued, or “priced for perfection”.

“From here there’s more downside risk to upside risk,” he said.

“Stimulus would be great and getting vaccinations done faster would be great and so much of the recovery globally hinges on an improved vaccination distribution. And all that is good news if Democrats have full control of the government in the US.

“But there are still a lot of concerns. A lot of what we’ve seen from the strong market performance is… where else do you go? With a near interest rate you can’t save, you have to go up the risk curve to get any kind of yield.

“And we think that is artificially boosting some of the equity prices we’re seeing.”

Market Recap

A concise wrap of the day on the markets, breaking business news and expert opinion delivered to your inbox each afternoon. Sign up here.

Most Viewed in Business

Loading

Thanks for dropping by and checking out this story regarding local and Australian business called “ASX ignores Capitol turmoil but stimulus boost expected to fade”. This news release was posted by MyLocalPages as part of our Australian and international news services.

#ASX #ignores #Capitol #turmoil #stimulus #boost #expected #fade



Source link

ASX has best day in almost two months



Shares boomed on the ASX, led by energy and materials, as investors expect more economic stimulus in the US after the Democrats’ key Senate victory.

Thank you for visiting My Local Pages and seeing this post involving West Australian and Australian news called “ASX has best day in almost two months”. This article was brought to you by My Local Pages as part of our local and national news services.

#ASX #day #months



Source link

ASX ends lower as US Senate vote unfolds



Investors lost more than one per cent on the ASX as they grew uneasy about early US Senate votes, which may hand Joe Biden support for a progressive agenda.

Thank you for checking this news release about National and WA news and updates named “ASX ends lower as US Senate vote unfolds”. This story was shared by MyLocalPages as part of our news aggregator services.

#ASX #ends #Senate #vote #unfolds



Source link

ASX sags as banks, CSL weigh; Energy firms soar on Saudi oil cut



The ASX 200 dropped as much as 0.6% at the open as US voters head to the polls for the Georgia Senate run-off. The energy firms were higher but the banks and CSL fell. 

Thank you for stopping by to visit My Local Pages and seeing this news release about Australian business called “ASX sags as banks, CSL weigh; Energy firms soar on Saudi oil cut”. This news release was posted by My Local Pages Australia as part of our international, national and local news services.

#ASX #sags #banks #CSL #weigh #Energy #firms #soar #Saudi #oil #cut



Source link