Treasury is forecasting a spike in people claiming investment tax breaks this financial year as experts said higher interest rates and more onerous costs on landlords imposed by some state governments were pushing investors to offload properties. The department’s latest tax expenditure statement estimates forgone taxes from the capital gains… Read More »Capital gains benefit spikes to $22.7b as property investors sell out
Points A closely watched survey of global fund managers registered its lowest cash allocation on record this month, underscoring a bullishness on stocks as the equity market nears the end of a strong year. The average cash allocation level of participants in Bank of America’s Global Fund Manager Survey fell… Read More »Investors are so confident in stocks, they have a record low allocation to the safety of cash
The Australian dollar dropped overnight to its lowest level this year, continuing a downward trajectory as a gloomy outlook for commodity exports weighs on domestic shares. The Aussie dropped 0.6 per cent overnight to 63.35 US cents. The currency has tumbled in recent weeks, tracking falls in mining stocks that… Read More »ASX to slip, Aussie dollar drops to new low; Insignia scraps Bain bid
The country’s largest insurance companies will be forced to invest more on staff and technology systems after the corporate regulator identified widespread problems dealing with angry customers. Insurers had failed to identify one in every six customer complaints, denying them important protections under dispute resolution frameworks, according to an audit… Read More »ASIC slams insurers for gaping holes in complaints systems
The Dow Jones Industrial Average entered the history books Tuesday with its first nine-day losing streak since 1978. The 30-stock average slid 267.58 points, or 0.61%, to settle at 43,449.90. The S&P 500 lost 0.39% and closed at 6,050.61, while the Nasdaq Composite dropped 0.32% to end at 20,109.06. The Dow’s losing streak began the day… Read More »Dow tumbles more than 260 points for 9-day losing streak, its longest since 1978: Live updates
Nvidia shares slumped on Monday, putting the AI chip darling officially in correction territory even as the rest of the Nasdaq Composite rose to a record. The chipmaker and de facto artificial intelligence trade has rallied 166% this year amid ongoing excitement for the buzzy technology trend. However, shares have faced… Read More »Nvidia falls into correction territory, down more than 10% from its record close
The Reserve Bank of Australia’s two newly appointed board members have had a mixed reaction from economists amid uncertainty as to how the changes will shape the future direction of interest rates. Australian National University professor Renee Fry-McKibbin and former Bendigo and Adelaide Bank chief executive Marnie Baker were appointed… Read More »What economists think about the RBA’s board shake-up
A sell-down by so-called instant gratification investors, disappointed by initial trading in the newly launched DigiCo Infrastructure REIT, sent shares crashing in the data centre landlord for the second day in a row on Monday. The oversubscribed and upsized $2 billion IPO – the biggest of 2024 – has only… Read More »‘Instant gratification’ investors drive 14pc fall in data centre float
Australian shares are poised to open lower. Tesla surged another 6 per cent and Google parent Alphabet advanced 3.5 per cent, lifting the Nasdaq Composite and S&P 500. The Nasdaq closed at a record high. Among the techs resetting record highs to start New York’s trading week: Tesla, Apple, Amazon,… Read More »ASX to slip, Tesla surges 6pc, bitcoin hits record $US107,000
Points Michael Saylor compared bitcoin to New York City and its economy on Monday as the cryptocurrency rose to fresh records, calling it “cyber Manhattan.” “We’ll just keep buying the top forever, every day is a good day to buy bitcoin,” the founder and chairman of MicroStrategy said on CNBC’s “Money Movers.” “I would… Read More »MicroStrategy’s Michael Saylor says bitcoin is ‘cyber Manhattan’ — a ‘good investment’ even at the top