EUR/JPY and USD/JPY have declined due to rising inflation in Japan, which heightens the possibility of a Bank of Japan rate hike. Meanwhile, AUD/USD is recovering from its November low, with resistance levels noted at ¥161.49-¥162.45 for EUR/JPY and ¥151.95 for USD/JPY.
The Dow Jones reached a record high above 45,000, while the Nasdaq 100 declined amid caution over tech stocks following Nvidia's mixed earnings. In the US, PCE inflation rose to 2.3% YoY in October, and consumer confidence improved, but durable goods orders fell short of expectations. Key economic indicators are set for release next week, including Australia's GDP and US non-farm payrolls.
Allegations of market manipulation during a A$14 billion government bond sale have prompted Australia’s debt chief to consider changes in fundraising practices. The Australian Office of Financial Management is now pre-announcing the size of large offerings and engaging closely with deal managers to ensure compliance with government interests. Additionally, potential adjustments to the pricing of syndicated issuance are under review.
ANZ Group Holdings Ltd. has revised its outlook for Australia's easing cycle, predicting it will start later and be shallower than expected. The first rate cut is now anticipated in May, down from February, with a total of two cuts instead of three, influenced by the RBA's hawkish stance and improving economic indicators.
Qantas is navigating increased competition as Virgin Australia plans its ASX return and a potential partnership with Qatar Airways, which could enhance international rivalry. The airline's share buyback is nearing completion, and it anticipates lower fuel costs, while management changes aim to restore its reputation. Despite a strong share price rise, the recommendation remains a 'Hold' as the company prepares for future growth amid evolving market dynamics.
Australia has enacted a groundbreaking law banning social media for children under 16, setting a global precedent in regulating Big Tech. The legislation, which mandates age-verification measures, received bipartisan support and is set to take effect in November 2025. Companies like Facebook and TikTok face hefty fines for non-compliance, highlighting the government's commitment to protecting children's mental and physical health.
Sonata Software's shares rose over 3% to an intraday high of Rs 649 on November 28, following a multi-million-dollar modernization deal in Australia with a leading access solutions client. The agreement aims to streamline and standardize business processes across 13 countries in the APAC region, enhancing operational efficiency and real-time collaboration among stakeholders. Chief Revenue Officer Anthony Lange emphasized the focus on automating end-to-end processes using Microsoft’s technology to ensure scalability and seamless adoption for the client.
Australia's plans to overhaul the Reserve Bank, including a proposal to split its board, have been revived as the Labor government engages in last-minute talks with the Greens Party. This development follows the collapse of earlier negotiations, which had centered on the Greens' demand for immediate interest rate reductions, a move that would compromise the bank's independence.
Rural communities in Australia face significant financial challenges due to the closure of over 650 bank branches and ATMs since 2020, limiting access to cash. CoinFlip's crypto ATMs are emerging as a vital solution, providing cash access and facilitating the conversion to digital currencies, including stablecoins pegged to the Australian dollar. This integration of cash and crypto aims to enhance financial services for underserved regions, ensuring economic stability and accessibility.
Economic losses from natural disasters reached an estimated US$280 billion in 2023, with floods accounting for US$51.6 billion. Swiss Re Institute emphasizes that proactive flood adaptation is more beneficial than post-flood recovery, advocating for investments in resilience to mitigate future risks and enhance insurability. Despite the high costs of adaptation measures, many countries still prioritize rebuilding over prevention, leading to significant financial losses.
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