ASX dips; S&P moves Australia to stable
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S&P revises Australia outlook to stable, affirms ratings
Phillip Coorey
Australia has bucked the global trend and had its credit rating taken off negative watch in response to what agency S&P says was the government’s swift and decisive repose to the coronavirus pandemic.
In a statement that has buoyed the Morison government, S&P revised its long-term rating for Australia from negative to stable.
“At the same time, we affirmed our AAA long-term and ‘A-1+’ short-term unsolicited sovereign credit ratings on Australia,” it said in a statement issued Monday.
Banks, miners lift ASX to 1pc gain
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Alex Gluyas
A solid day for the major banks and iron ore miners pushed the local sharemarket to a 1 per cent on Tuesday.
The S&P/ASX 200 Index closed 69.3 points higher at 7,115.2.
Hub24 posted the largest rise, climbing 8.9 per cent to $25.11 while Kogan.com added 6.6 per cent to $10.64 and Pilbara Minerals jumped 5.1 per cent to $1.13.
All four banks finished the session higher led by ANZ which rose 1 per cent to $28.45, while Commonwealth Bank continued its record-breaking run, increasing 0.9 per cent to $99.63. NAB also firmed 0.9 per cent to $26.88 and Westpac closed 0.8 per cent higher at $26.20.
The ASX is set to rise at the open; tech stocks push Wall Street higher; Kogan observes price inflation; Federal Reserve to release research paper on digital currency. Follow the latest here.
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ASX sinks; EML sheds 46pc, bitcoin dives 10pc
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Sarah Turner
The Australian market sank to its worst session since late February, with the benchmark falling 1.9 per cent, or 134 points, to 6931.70.
EML led the slide, dropping 46 per cent to $2.35 after the Central Bank of Ireland raised “significant regulatory concerns” about anti-money laundering compliance in EML’s Irish-based subsidiary, acquired in late 2019.
Miners and energy companies were the worst performers by sector as St Barbara fell 7 per cent, Perenti dropped 6.3 per cent and Whitehaven Coal fell 6.2 per cent.
There were a handful of gainers over the session, with Appen a standout after investors rewarded the tech company’s restructuring plans.