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27th Apr 07:44 PM AEST
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27th Apr 01:14 PM AEST
Crude oil rises on China's economic stimulus plan
Image source: © 2022 Kalkine Media®
Crude oil prices extend their gains on Wednesday after settling higher on Tuesday as the market weighed China's plans to support its economy against a possible coronavirus lockdown in its capital Beijing.
The country’s central bank said that it will step up cautious monetary policy to support the economy which would eventually boost oil demand.
The oil traders across the globe are focusing on more stimulus coming from China, keeping aside the fears of Beijing lockdown.
On Monday, crude oil prices tumbled nearly 4% to reach their lowest level in two weeks. The significant drop in oil prices was primarily attributed to growing worries about the global energy demand outlook amid severe lockdowns in China, the biggest importer of crude oil in the world.
The prospects of slower economic growth and the possibility of US interest rate hikes have already squeezed the oil demand forecast which is further pressurised by the Russia-Ukraine war and ongoing lockdown in various parts of China.
The prices of both crude oil benchmarks reached their lowest level since 11 April and collapsed by nearly 25% since soaring to their highest level since 2008.
On Tuesday, Brent Crude oil settled at US104.99/bbl, up 2.6% and WTI crude oil settled at US$101.70/bbl, up 3.2%.
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27th Apr 12:17 PM AEST
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27th Apr 11:55 AM AEST
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27th Apr 11:18 AM AEST
CBA chair Catherine Livingstone to retire from the board
Image source – © Pinonsky | Megapixl.com
The chairman of Commonwealth Bank of Australia (ASX:CBA), Catherine Livingstone AO, has decided to retire in August 2022.
As per the ASX release, she will leave CBA after finalising the financial statements and accounts for the current financial year.
Livingstone has served as CBA’s chair during challenging times and has rebuilt its reputation.
Commenting on her decision to retire from the board, Livingstone said that the Group has made significant progress on its strategy focused on its core banking business. It has built a strong foundation for the upcoming time, it is a good time to hand over the responsibility to the next chair.
Meanwhile, the management has elected the current Non-Executive Director Paul O’Malley as Livingstone’s successor as chairman.
Former director of Worldsteel Association, Paul O’Malley, who joined the board in 2019, will assume his new position on 10 August.
CBA shares traded 1.250% lower at AU$103.440 per share at 10:34 AM AEST.
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27th Apr 10:58 AM AEST
ASX 200 plunges 1%, taking cues from Wall Street’s fall
The Australian share market plunged at the opening tick on Wednesday, tracking a sharp fall in the US markets as inflation worries, tech giants’ earnings and China's COVID-19 situation continue to dampen risk appetite. The benchmark ASX 200 index fell 0.99% or 72.3 points to 7,245.7 in early trade, while the ASX All Ordinaries index was down 1.07% to 7,522.9. The A-VIX shot up by 8.6% to 17.74.
On Tuesday, the Dow Jones Industrial Average fell 2.38%, to 33,240.71, while the S&P 500 lost 2.81% to end at 4,175.21 points. The NASDAQ Composite ended the session 3.95% lower at 12,490.74.
Stocks leading to the biggest fall in the ASX 200 are EML Payments Limited (ASX:EML) which plunged another 9% in morning trade, after nosediving 38.5% a day before, followed by a 5.05% plunge in Life360 Inc’s (ASX:360) shares. On the flip side, Ampol Limited (ASX:ALD) and Downer EDI Limited (ASX:DOW) were the top gainers, surging 1.57% and 1.37%, respectively.
On the sectoral front, 10 out of the 11 sectors were trading in the red. The IT sector was the biggest loser, falling 0.85%, followed by the healthcare and utilities sectors, both falling 0.79% each. The energy sector is up 0.13% on account of a bounce back in crude oil prices.
EML Payments Limited (ASX:EML) Share Price, Stock News, EML Share Price & News | Kalkine Media
Check EML Payments Limited (ASX:EML) Share Price, Stock News, Stock Chart, Trends, Market Data, Announcements and Unique Analysis on Kalkine Media
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27th Apr 09:43 AM AEST
ASX 200 to fall after US tech sell off
The Australian share market is likely to open lower on Wednesday following a heavy overnight sell off in US tech shares as inflation concerns, and China's COVID-19 curbs continue to dampen risk appetite.
According to the latest SPI futures, the ASX 200 is expected to open 110 points or 1.5% lower. On Tuesday, the benchmark index sank 2.1% to 7,318 points.
US shares fell on Tuesday, with the NASDAQ posting its steepest one-day rout since September 2008, while European stocks extended losses for a third session as investors warily awaited US tech earnings and fretted over global growth.
The tech-heavy NASDAQ led Wall Street lower, closing at its lowest since late 2020. On Wall Street, the Dow Jones fell 2.4%, the S&P 500 dropped 2.8%, and the NASDAQ tumbled 3.95%.
In Europe, the Stoxx 50 fell 1%, the FTSE rose 0.1%, the CAC dipped 0.5%, and the DAX ended 1.2% lower.
