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Hitting Home
Wall Street may have been down overnight but it was pretty clear yesterday’s action on the ASX was all about Sydney. With the lockdown extended not one, not two, but four more weeks, memories are evoked of last year’s three-and-a-half month run in Melbourne.
And that was the less contagious Wuhan strain.
Ceteris paribus, the market should have been chuffed with the June quarter CPI numbers. Yes, headline inflation surged 3.8% but unlike in the US, where headline numbers well exceeded forecasts, economists here expected 3.7%.
And unlike the US, where core inflation numbers equally surged, our core inflation remained barely moved at 1.6% year on year, and still well below the RBA’s target of 2%. The headline number, up from 1.1% in the March quarter, was elevated by the oil price rally and cycling last year’s free child care – factors that will ease in coming quarters.
Not Bovvered
Since the close on the ASX yesterday, Sydney’s lockdown has been extended by a month. It comes as little surprise, given yesterday’s case-count marked a new record.
It doesn’t seem to bother the stock market. The ASX200 did nothing but rally yesterday after the 11am announcement to be up 50 points at lunchtime, despite looking on Monday like it might play the week’s events cautiously.
Did the market rally
because there was no lockdown extension announced at 11am despite record cases? Hard to believe, given the market has done nothing but rise over the whole lockdown period to date. Victoria and SA are now both out, so there’s a counter as well.
Event description
Join us over a lunchtime Masterclass where we will hear from a leading social entrepreneur, Div Pillay. About this event
Div Pillay, who is changing the dialogue of gender equality in Australia to include culturally diverse women. She will showcase how to create equity and equality for professional women from migrant, refugee, asylum seeker heritages through a fire-side conversation with her clients, a C-suite leader, Coretta Bessi (Chief Procurement Officer at Westpac) who has advocated for culturally diverse leader, (Zoe Chernih, Strategic Partnerships Manager, Westpac).
Div Pillay has focussed on disaggregated gender data collection and analysis for the last 10 years with various clients in the public, private and not-for-profit sector. Some consistent findings are that, while the gender pay gap is around 14%, for culturally diverse women, the gender ethnic pay gap is around 33% - 36%. These women are severely underrepresented in executive roles (le
Records shattered on ASX as profits impress, takeovers heat up afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.