Economists hope labour market will offset consumer spending concerns

Economists hope labour market will offset consumer spending concerns

CBA senior economist Kristina Clifton agreed the central bank will pay close attention to the employment data. "One of the things that the RBA has been saying is that one of their risks to the outlook comes down to consumer spending and how households are managing," said Ms Clifton. In an environment of falling dwelling…
Cristiano Ronaldo guilty of $28m tax fraud, sentenced to 23 months in jail

Cristiano Ronaldo guilty of $28m tax fraud, sentenced to 23 months in jail

The trial of Ronaldo's former Real Madrid team mate Xabi Alonso, also in court on Tuesday over accusations of tax fraud, was suspended, a court magistrate said. Prosecutors were seeking a five-year jail sentence and a fine of €4 million for Spaniard Alonso, who retired as a player in 2017, accusing him of defrauding the…
Challenger downgrades earnings citing market volatility

Challenger downgrades earnings citing market volatility

Its fund management performance fees were $2 million in the first half of the 2019 financial year, Challenger said, which were $4 million lower than the same time last financial year. Challenger said it expects to report a $6 million profit for the first half, compared to $195 million a year ago. ​Challenger's chief executive…
ASX poised to open lower

ASX poised to open lower

At the close, the Dow was 302 points lower, with 26 of its 30 components in the red paced by Caterpillar, DowDuPont and United Technologies. "(Investors) are getting more bearish and less optimistic about the outlook," Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, told Reuters. That news compounded the already heightened concerns…
Hopes fade for a Shanghai Accord Mark II

Hopes fade for a Shanghai Accord Mark II

But although the International Monetary Fund has cut its forecasts for world economic growth this year to 3.5 per cent, and China's economic growth has slowed to its slowest pace in nearly three decades, and the Chinese sharemarket suffered a bruising 25 per cent decline last year, there's little sign that a "Shanghai Accord" is…
Labor changes to negative gearing would be ‘shot in the arm the market needs’

Labor changes to negative gearing would be ‘shot in the arm the market needs’

A boost for off-the-plan market "This reform is exactly what the market needs ... it's a shot in the arm for what is a depleted off-the-plan market," said Mr Bainey, who has turned his attention to building townhouses in Sydney's middle ring. After a record run of apartment construction, the off-the-plan market is now feeling…
IOOF caught in second super debacle

IOOF caught in second super debacle

The funds used for the purchase came from the Bendigo Defined Benefit Reserve Account. Defined benefit account members receive fixed payments for life and are typically retired. A spokesperson for Bendigo Bank said it was aware of the situation and would continue to monitor "appropriateness of our arrangements for staff super in the ordinary course…
In defence of active fund managers

In defence of active fund managers

The numbers that have prompted such upset are for one year. And already, the market is clearly differentiating between managers that got caught in a sharp rotation with a strong track record, and those that don't have it. If there's a legitimate reason for a bad quarter or two, and even the underperformance is only…
Xi Jinping warns China to be ‘highly alert’ for ‘black swans’, ‘grey rhinos’

Xi Jinping warns China to be ‘highly alert’ for ‘black swans’, ‘grey rhinos’

Unlike during the global financial crisis when the confidence of China's leaders in China's growth did not waver, the language from the country's economic policymakers has shifted this month in a growing acknowledgment of the risks facing the economy domestically and from international tensions. China's state planning body on Tuesday warned China's employment market was…
‘Best in show’ is essential if superannuation is to ever lift its game

‘Best in show’ is essential if superannuation is to ever lift its game

This is the heart of the problem in superannuation. In a normal market, if you perform poorly, people stop buying your product, leaving you to improve, merge or go out of business. Normally, this is a clarifying discipline that drives innovation and better products. In superannuation, the poor performance of some funds has gone unchecked…

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