Jarden Brief: Silver latest target in Reddit war on short-sellers
1 Feb, 2021 06:28 PM
6 minutes to read
The price of silver has been driven up by Reddit users in the latest bid against short-sellers. Photo / AP, Michael Probst
NZ Herald
Jarden
New Zealand The S&P NZ50 was down 0.2 per cent yesterday, with fast foods franchisor and operator Restaurant Brands down 0.4 per cent after it released its fourth quarter sales report.
Total sales for the year of $892.4 million were up 2.1 per cent for the year on a like-for-like basis. The result is strong considering that it included four months operation of the recently acquired Californian stores, which were heavily affected by lockdowns in the US. The result shows good evidence that the company has weathered Covid-19 headwinds admirably.
The S&P/ASX 200 Index fell 0.64 per cent on Friday, the last trading day of a month punctuated by high iron ore prices and the arrival of the Reddit traders.
ASX sinks 2.8pc in worst week since October
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Westpac lifts Australian dollar forecast to US85¢ by mid 2022
Sarah Turner
Westpac lifted its Australian dollar forecast to US82¢ by the end of 2021 and US85¢ by mid-2022. The bank cited a steepening global yield curve, the outlook for commodity prices and likely ongoing solid momentum in China.
âAs usual there are always risks principally related to the global vaccine
rollout; policy in China and the US fiscal stimulus,â chief economist Bill Evans said. âFor Australia we are less uncertain, with fiscal and monetary policy likely to remain supportive of growth throughout 2021.â
Fear & Loathing
At 11am this morning we will find out whether Sydney goes into lockdown for Christmas. On a case-count progression of 30-15-8 over three days the signs are positive, although we’re yet to learn yesterday’s number. The issue nonetheless is also one of just how many other sites in Sydney beyond Avalon the virus is popping up in.
A shout out to those at the Rose of Australia in Erskineville which, a couple of decades ago, was my local.
It is this fear that appears to have driven another sharp sell-off in the market yesterday, although one wonders just how much of it is end of year profit-taking and book-squaring before the holidays. Volumes drop to a minimum next week, so best to get out now.