Page 18 - David Coates News Today : Breaking News, Live Updates & Top Stories | Vimarsana

ASX sinks 1.1pc as buy now, pay later darlings tumble Save Share The ASX backed away from its all-time high on Tuesday as inflation fears sank buy now pay later darlings and another record high for the iron ore price could not spark interest in the iron ore giants as investors braced for the federal budget. The S&P/ASX 200 index fell 75.8 points, or 1.1 per cent, to 7097. On Monday, the index hit a record 7172.8 points after rallying 1.3 per cent in its best session since early March, shattering a previous high set in February 2020. But a weak session in the US after record commodity prices s...

Tech stocks drag ASX to 1.1 per cent loss Save Share William McInnes Oil traders have been buying up call options for Brent crude at $US100 a barrel, betting the economic recovery and a supply shortfall could push the price of oil to its highest level in more than six years. Driven by record levels of stimulus and the global economic recovery, crude has been a particularly strong performer, with producers keeping supplies on the sideline to inflate margins amid subdued demand. On Tuesday, the price of Brent dipped 0.8 per cent to $US67.77 a barrel, but derivatives traders are betting the pric...

Gary Ellis, partner at Clive Owen LLP THE North East Shadow Monetary Policy Committee (MPC) had inflation on its mind this month – but members were not inclined to increase interest rates immediately. Although there are positive signs in the economy, many felt that it was too soon to consider any change at this time. The MPC is a partnership between The Northern Echo and Clive Owen LLP, which considers the state of the region’s economy and gives experts from a variety of sectors the opportunity to argue their case for a shift, or hold, in the rate. Gary Ellis, partner at Clive Owe...

Chinese iron ore futures clip record high Share China’s seemingly insatiable demand for steel has pushed iron ore futures traded on the mainland to record levels, as steel producers make the most of attractive margins, even as environmental restrictions on the industry are tightened. Iron ore futures on the Dalian Commodity Exchange for September delivery rose 4.1 per cent to 1142 yuan ($226) a tonne in early trade on Monday, a record high. The spot market price of the bulk commodity rose 1.4 per cent to $US186.25 a tonne on Friday, according to Fastmarkets MB. Last week, it hit a 10-year h...

Gary Ellis, partner at Clive Owen LLP Inflation was on the mind of some members of the North East Shadow MPC, although only one felt now was the time for a small rise in the interest rate. The majority of members voted to hold this month. The MPC is a partnership between The Northern Echo and Clive Owen LLP, which considers the state of the region’s economy and gives experts from a variety of sectors the opportunity to argue their case for a shift, or hold, in the rate. Graham Robb, senior partner at Recognition PR, said: “I would like to see a minor increase in interest rates to he...