June 2020 Witnessed a Drop in the Dwelling Approval | ASX Market Update

  • Jul 30, 2020 AEST
  • Team Kalkine

ABS reported a drop in the number of dwellings approved by 4.9% in June 2020. In seasonally adjusted terms, private sector houses slipped 5.7% during the month while private sector dwellings excluding houses dropped by 5.3%. This is seen as an evidence to the impact of COVID-19 on dwelling approvals in June. In New South Wales, the drop seen was of 14.8%, Western Australia by 11.7%, Queensland by 10.9%, Tasmania by 10.8%, South Australia by 4.6% and Victoria by 0.2%.In seasonally adjusted terms, the approvals for private sector houses dropped 15% in Queensland, 11.3% in New South Wales, 2.3% in South Australia, and 0.8% in Western Australia. A marginal growth of 0.9% was seen in Victoria.

ACCC communicated the need for major changes in Water markets in the Murray-Darling Basin to allow for open, fair and efficient water trading that helps water users, communities and the economy. In ACCC’s interim report for its Murray-Darling Basin Water Markets Inquiry, it was found that $1.5 billion-a-year basin water markets have expanded the frameworks that govern them. Hence, the changes would support the market to operate efficiently. In the report, ACCC has provided preliminary views on the Basin’s water markets, along with the issues plus the potential options for addressing the same.

Mesoblast Limited (ASX:MSB) updated on upcoming milestones for its lead product candidate remestemcel-L, along with the activity report for the 4th quarter ended 30 June 2020. Phase 3 Trial of Remestemcel-L for COVID-19 ARDS is anticipated to complete its recruitment in September 2020 in the US. The ODAC (Oncologic Drugs Advisory Committee) of the US FDA has scheduled a meeting on 13 August 2020 to review data supporting MSB’s Biologics License Application for approval of RYONCIL in the treatment of SR-aGVHD in children. Mesoblast disclosed that the company has cash on hand of US$129.3 million at the end of the quarter. Moreover, MSB completed a capital raising of ~US$90 million from global institutional investors in May 2020.

#COVID19 #ASX #MSB #ASB #Kalkine


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