On Tuesday we had the first Reserve Bank of Australia monetary policy meeting for the year.
Rates were left unchanged, the outlook was rejigged a little, and the biggest news was the Ban announced it's be extending its QE beyond the expiry of the first bond-buying in mid-April. By Eamonn Sheridan
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RBA´s Governor Lowe to testify before the House of Representatives Standing Committee on Economics.
Australian Trade surplus jumped to 6.785M in December as imports fell.
AUD/USD under mild-pressure, firmer equities limit declines.
The AUD/USD pair is posting a modest daily decline, trading just below the 0.7600 level ahead of the Asian opening. The pair was trapped between the persistent greenback’s demand and solid Wall Street gains, these last limiting the downside.
Australia published the December Trade Balance at the beginning of the day, which posted a surplus of 6.785M, better than the previous 5.014M. Exports increased 3% while imports were down by 2%. The country will release the December AIG Performance of Services Index, and Retail Sales for the same month. The RBA will release its monetary policy statement, while Governor Philip Lowe is due to testify before the House of Representatives Standing Committee on Economics.
ASX jumps as Christmas sales lift above pre-COVID levels; GameStop sheds $US30b in a week
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Australians spent more on November s Black Friday sales they did in Christmas.
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The Australian share market has risen back to an 11-month high, with bank stocks providing the major boost.
Key points:
GameStop shares have dropped (-90pc) in the past week
Retail sales fell (-4.1pc) in December, compared to the previous month
The ASX 200 regained all of yesterday s losses, after gaining 75 points (+1.1pc) to 6,841. The broader All Ordinaries index went up by a similar level to 7,107 points.
“Based on this reduction in costs from 0.86% to 0.56%, members invested in the Growth (Cbus MySuper) option last year alone saved $135 million of investment fees, and cumulatively have saved $240m since FY17,” Cbus said.
“Broadly assuming the same level of fee savings across the other options, total savings to Cbus members in FY20 (as compared to FY17) are expected to exceed $150 million,” it said.
Further the fund claimed that the decline in fees had not be brought at the cost of performance, pointing to recent research and ratings house analyses which had placed Cbus in the top tier of super returns as at 30 June, last year.
BT Funds Management has admitted that its efforts to migrate 277,679 members to its BT Super product may have resulted in 38,000 people exiting the company’s products.