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The Australia 200 index is trading slightly higher at 7860, recovering from an intraday high of 7922 amid rising geopolitical tensions following Israel's airstrikes on Gaza. The upcoming jobs report is expected to show stable employment, likely keeping interest rates on hold. In the energy sector, Beach Energy and AGL Energy saw gains, while gold prices hit a record high, benefiting companies like Regis Resources. The banking sector experienced mixed results, and the materials sector remained steady despite fluctuations in coal and iron ore stocks.
Bumble has introduced optional ID verification in 11 markets, including the US, UK, Australia, France, and India, allowing users to filter for verified profiles and request matches to undergo verification. Additionally, the app now enables users to share date details with trusted contacts and has expanded a tool to detect and flag inappropriate messages in chat conversations. These updates aim to address declining revenue challenges faced by the company since the third quarter of 2024.
New Hope, a leading coal miner on the ASX, boasts strong financial performance with a 42% average earnings growth over six years and a 10% yield. While facing environmental challenges and new mine development hurdles, the company is increasing its coking coal exposure amid rising global demand, particularly from Europe.
Citigroup has appointed Goldman Sachs dealmaker Perzi to co-head its capital markets division in Australia. This strategic move aims to enhance Citigroup's presence and capabilities in the competitive Australian financial market.
Morgan Stanley views Nathan Goonan's appointment as Westpac's CFO positively, citing his experience as the former finance chief of National Australia Bank (NAB). However, the departures of Goonan and Rachel Slade from NAB are seen as a negative for the bank in the short term. The brokerage maintains an "under-weight" rating on Westpac with a price target of A$29.6, while rating NAB "over-weight" with a target of A$33.3.
Australia's food market is normalizing after a tumultuous five years marked by the pandemic, supply chain issues, and inflation. While limited-service and chain operators thrive, full-service restaurants face challenges as consumer spending on dining out declines amid tighter household budgets. Key trends include a shift towards takeaway services, increased popularity of private label products, and a focus on convenience in food purchasing.
HSBC Holdings Plc is exploring investor interest in a portfolio of Australian mortgages valued at approximately A$13 billion ($8.3 billion) as part of a global business reorganization. Discussions regarding the sale are ongoing, and terms may evolve, with the possibility that HSBC might not finalize the deal.
AUD/USD ended last week at 0.6326, marking its fifth gain in six weeks, driven by concerns over US trade policies and improving risk sentiment. Key influences this week include US trade policy, interest rate meetings, and Australia's employment report, expected to show a gain of 20,000 jobs with the unemployment rate steady at 4.1%. A stronger jobs report could lead the RBA to hold rates steady in April, while technical analysis suggests potential for further gains towards the 200-day moving average at 0.6525-0.6535.
Shares of Australia's Mineral Resources surged 8.5% to A$23.81 following an upgrade by UBS from "sell" to "buy." The brokerage raised earnings estimates by 6% and 45% for FY26 and FY27, respectively, citing that governance concerns have been addressed. UBS values the stock at A$32.30, based on current pricing for iron ore and spodumene, despite a year-to-date decline of 30.8%.
Rabobank has appointed Pollyana Saraiva as the new State Manager for Country Banking in Queensland, succeeding Brad James, who is retiring after over 20 years. With nearly 30 years of experience in financial services and agribusiness, Saraiva previously led Rabobank's rural banking operations in Latin America and is committed to enhancing support for agricultural producers in Queensland. She expressed enthusiasm for contributing to the region's agricultural sector and helping clients achieve their business aspirations.
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Australia 200 edges higher amid geopolitical tensions and positive jobs outlook
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05:28 18.03.2025
Bumble enhances safety with ID verification and message monitoring features
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04:35 17.03.2025
mineral resources shares surge after upgrade to buy by UBS
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23:34 16.03.2025
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