The S&P/ASX200 edged lower today, dropping as much as 11.80 points (0.17%) to 7,057.00, hitting a new 100-day low before rebounding to end just 4.50 points lower.
The index has fallen 2.95% in the past five days, but is essentially unchanged over the past year.
Despite the overall slump in trading, immediately after lunch, information technology (1.80%), utilities (0.79%), communications services (1.14%), consumer goods (0.83%), consumer staples (0.67%), etc. , several individual sectors were trending upward. ) and energy (0.50%) all increased.
At the other end of the discussion were Materials (down 0.98%) and Financials (down 0.43%).
employment white paper
The jobs white paper released today outlines changes aimed at addressing Australia’s skills and labor shortages and encouraging older pensioners and people on income support to rejoin the workforce. is stated.
The paper, written by Chancellor of the Exchequer Jim Chalmers, outlines amendments to the work bonus and other benefit provisions of the superannuation to enable recipients to earn more without losing their benefits. ing.
One key change is to extend the period of the zero employment income rate, allowing welfare recipients who find work to retain their associated benefits for 24 weeks, up from the current 12 weeks.
The aim is to remove disincentives that deter individuals from taking up short-term or temporary employment, such as fear of losing concession cards or childcare subsidies.
Scheduled to come into force on July 1 next year, the government estimates these changes will cost A$42.8 million over the first three years and benefit around 138,000 people a year.
A quiet week in terms of data
Australia’s economic calendar is quiet this week, with no major events or statistical releases coming up. Still, there are important economic indicators to keep an eye on. Tuesday will feature the regular weekly indicators on consumer sentiment and the latest Reserve Bank Board minutes.
Westpac will release its leading index on Wednesday, followed by the Reserve Bank Bulletin and detailed labor market data for August from the Australian Bureau of Statistics (ABS) on Thursday.
A “flash” survey of purchasing managers will be released on Friday, showing contraction in both the services and factories sectors.
Although domestic economic policy appears quiet, significant activity is in store on the international stage.
The key event to watch is the US Federal Reserve’s interest rate decision, scheduled for Thursday at 4am Melbourne time. No changes in interest rates are expected, but investors are eagerly awaiting the latest outlook and the Fed chair’s press conference.
Additional metrics include existing home sales, housing starts, housing sentiment, and major U.S. indexes. At the same time, a “flash” Purchasing Managers Index will also be released in Europe and Japan on Friday.
In China, all eyes will be on Wednesday’s decision on the loan prime rate. Meanwhile, Commonwealth Bank of Australia (ASX:CBA) economists expect the Bank of England to raise interest rates by 25 basis points to 5.5% on Thursday.
Five past five
Kobre aims to maintain 14.43% of Armada shares through offer participation
Cobre Ltd (ASX:CBE) has entered into fellow African explorer Armada Metals Ltd’s accelerated non-renounceable pro rata vesting offer to retain its 14.43% ownership interest in the company. It moved.
ArchTIS wins Cyber Business of the Year at Australian Defense Industry Awards
ArchTIS Ltd, a global provider of innovative software solutions for secure collaboration of sensitive information, has been named Cyber Business of the Year at the 2023 Australian Defense Industry Awards for the second year in a row.
Australian Vanadium and Technology Metals Australia to combine vast vanadium orebody for A$217 million
Australian Vanadium Ltd (ASX:AVL, OTCQB:ATVVF) and Technology Metals Australia Ltd (ASX:TMT) have entered into a merger agreement valued at $217 million, with AVL acquiring 100% of the outstanding TMT shares. It will be.
Imugene raises A$18.2 million in SPP to acquire Azer-cel license rights
Imugene Ltd (ASX:IMU, OTC:IUGNF) has entered into a strongly supported share purchase plan (SPP) to support the acquisition of exclusive licensing rights to Azer-cel, an off-the-shelf CD19CAR T cell. We raised A$18.2 million. Treatment for patients with autologous CART recurrence of blood cancers.
Intra Energy strengthens position in Canada’s lithium exploration hotspot
Intra Energy Corporation Limited (ASX:IEC) has finalized a binding agreement to acquire 12 mineral claims in the James Bay region of Quebec, Canada, in a strategic move to strengthen its land holdings. It was concluded. This region is rapidly establishing itself as a hard rock lithium region. Exploration “hotspots”.
Iron ore counters China’s property crisis.Outlook depends on recovery in steel prices
Iron ore prices have been rising since early August, rising about 20% this month for the first time in six months, supported by increased purchases from Chinese steel mills, despite weakness in China’s real estate sector and credit issues. The price was high.
things to see
Tempus Resources moves energy metals
Tempus Resources Ltd (ASX:TMR, TSX-V:TMRR) CEO Jason Bahnsen says the company has secured an option to acquire a privately held company with two high-potential rental properties. He told Proactive that he is diversifying his gold portfolio to include energy metals. Manitoba’s emerging lithium region.
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