The Australian share market has closed up 0.3 per cent.
Flight Centre shares soared more than 9 per cent during today's trade after it completed a $180 million placement to fund its purchase of UK luxury travel company Scott Dunn.
See how the trading day unfolded on our markets blog.
Disclaimer: this blog is not intended as investment advice.
Key events
Live updates
Here's a snapshot of the markets at 16:30 AEDT
By Emily Stewart
- ASX 200: +0.33% at 7,501
- All Ords: +0.31% at 7,709
- Aussie dollar: 70.65 US cents
- On Wall Street: Dow +1.09%, S&P 500 +1.46%, Nasdaq +1.67%
- In Europe: Stoxx -0.26%, FTSE -0.17%, DAX +0.01%
- Spot gold: $US1926 an ounce
- Brent crude: +1.14% at $US85.46 a barrel
- Iron ore: $US127.85 a tonne
- Bitcoin: +0.15%, $US23,161
Tickled pink
By Emily Stewart
I agree with your first fan, Mark. It's great to see a live markets blog again! :)
- Brenda
Thanks Brenda, that's lovely to hear!
Aussie shares finish up
By Emily Stewart
The Australian share market has closed up today led by the real estate and industrial sectors.
The ASX 200 finished up 0.33 per cent to 7,501 points and the broader All Ordinaries closed up 0.31 per cent to 7,709.
Flight Centre was the high flyer today, up 8 per cent, after completing a $180 million placement to fund the purchase of UK luxury travel company Scott Dunn.
The biggest loser was Pinnacle Investment Management Company, which closed down 7 per cent.
Here are the rest of the top and bottom movers.
That's it from me today. Join us again tomorrow!
It's true. There's a shortage of chicken meat
By Emily Stewart
Planning on having chicken tonight?
It might be hard to purchase, with Nando's, Aldi and Woolworths all facing supply shortages.
You can read more on this story here:
Nufarm board gets first strike at AGM
By Emily Stewart
Agricultural chemical company Nufarm has faced a backlash from investors at its annual general meeting.
Almost half of the proxy votes were against the remuneration report, meaning the company received a first strike.
The company's managing director, Greg Hunt, had been in line to receive almost $2.43 million in cash and shares on top of his base salary.
If more than 25 per cent of the votes are cast against the remuneration report at next year's annual meeting, there will be a vote on whether the board spills.
Methane emissions from offshore oil and gas severely underreported
By Emily Stewart
Environmental group Friends of the Earth is concerned offshore oil and gas industries are underestimating their Australian emissions after an international study found methane leaks were under-reported in the UK.
But the industry has hit back saying emissions are lower than in other sectors of the economy.
You can read the full story here:
Our first fan mail
By Emily Stewart
Where is everyone that used to be on SMH Markets Live, before it was shut down ? Hopefully they all find this blog
- Mark
Thanks Mark, glad you're enjoying the blog.
Spread the word!
Market movers at 14:15pm
By Emily Stewart
The Australian share market is still up in mid afternoon trading.
The benchmark ASX 200 index was up 0.45 per cent or 7,510 points by 14:30 AEDT and the broader All Ordinaries was also up 0.44 per cent to 7,720 points.
Both indices were up about 0.6 per cent in morning trade.
Here are the top and bottom performing companies on the ASX 200 so far today.
Flight Centre was the big mover of the day, up 9.41 per cent, after trading resumed following a halt on Tuesday.
It completed a $180 million placement to fund its purchase of UK luxury travel company Scott Dunn.
ICYMI: CoreLogic's Eliza Owen on house price falls
By Emily Stewart
Every capital city posted a decline in dwelling values in January, according to the latest CoreLogic figures.
The ABC's Sue Lannin spoke to CoreLogic's Eliza Owen about what might come next.
Australian food inflation lower than in US and UK says Woolworths
By Emily Stewart
Woolworths has appeared before the Cost of Living Senate Select Committee.
The price of food in Australia rose on average 9.2 per cent over the last three months of 2022.
Chief commercial officer Paul Harker says that's lower than other countries.
"If you look at Australian food inflation it remains lower than the rates seen in the US and Canada, which have been as high as 13 per cent, and it's worse still in the UK where food inflation is almost double what we're seeing in Australia."
Mr Harker says floods and poor weather impacted the volume of fruit and vegetables on the market, which has affected availability and price.
"Whilst we're beginning to see volume recover, La Nina has been a persistent foe and we're hoping for a much better run from a weather point of view."
You can read more on food inflation here.
Employees bear brunt of cost-of-living crisis
By Michael Janda
New data out from the Australian Bureau of Statistics show how surging interest rates are pushing the brunt of Australia's cost-of-living crisis onto workers.
The overall Consumer Price Index, released last week, showed that living costs rose 1.9 per cent in the December quarter and 7.8 per cent over the past year.
But the ABS Cost of Living Indexes, released today, highlight how those price rises have affected different types of households.
The cost of living for an average employee jumped 3.2 per cent over the December quarter and 9.3 per cent over the past year.
The main reason? A massive jump in mortgage repayments, which are concentrated amongst working households.
Without rising mortgage costs, the cost of living for employees would have risen a more modest 6.8 per cent.
Interest payments are excluded from the Consumer Price Index, which makes sense given that CPI is the main measure targeted by the Reserve Bank when setting interest rates — so if you included interest rates it would risk a self-fulfilling cycle.
The cost of living for pensioners and other government transfer recipients rose a still high 7.4 per cent, with self-funded retirees seeing a 7.6 per cent jump in their cost of living.
Housing costs, such as rent and utilities, were still a key contributor for the other household types where there aren't as many mortgage borrowers.
For those on government payments, surging food costs were the biggest burden over the past year.
Self-funded retirees were most burdened by the surging cost of recreation and culture, with the ABS noting that holiday travel and accommodation make up a greater proportion of spending for this group than the others.
To calculate your own cost of living increase, try this interactive from ABC News Story Lab:
Big business urged to 'lift their game' on paying small business customers
By Emily Stewart
Nearly a quarter of big businesses take more than 120 days to pay their small business customers, according to new payment times data.
Only 30 per cent of big businesses pay their small business customers within 30 days.
"This is a woeful performance and is bitterly disappointing news for small and family businesses to start the year," said Bruce Billson, the Australian Small Business and Family Enterprise Ombudsman.
The Payment Times Reporting Regulator report looked at the payment performance of more than 7000 big businesses, many with a turnover of more than $100 million.
The worse performing sectors included manufacturing, construction and retail trade.
Mr Billson says about 40 per cent of requests for Ombudsman assistance relate to payment times.
A Federal Government review into the Payment Times Reporting Act was announced last year, looking at ways to improve payment times and terms for small businesses.
Future Fund posts a loss, Chair Peter Costello warns of recessions
By Emily Stewart
Australia's sovereign wealth fund has posted a 3.7 per cent loss for the 2022 calendar year.
Future Fund Chair Peter Costello says the losses occurred in the first half of the calendar year, with the second half producing a 0.9 per cent return.
"For the calendar year 2022 the S&P ASX 200 fell 5.5% and the S&P 500 by 13.6%. Against this the Future Fund's defensive posture limited falls and delivered an outcome of -3.7%."
Mr Costello also warns of difficult times ahead.
"The cycle of rising rates to control inflation is not yet complete and brings with it the possibility of recessions in much of the developed world."
The Future Fund has $243 billion in total funds under management for the federal government.
Cost of living Senate Select Committee: RBA appearance
By Emily Stewart
A Senate inquiry into Cost of Living is underway, with Reserve Bank representatives appearing this morning.
An opening statement from the bank's economic team says the peak in inflation has passed.
"What we can say is that we think the peak in inflation was at the end of 2022 - at around 8 per cent - and that inflation will begin to ease over the course of this year."
The RBA's deputy head of economic analysis Tom Rosewall was asked about which part of the economy was benefiting from profits: companies or workers.
"At an aggregate level, the profit share across the economy has increased in the latest data. But when you subtract the mining sector and the role of higher commodity prices and look at just the rest of the economy, that non-mining economy, it's the case that, at least on this metric, the profit share has been broadly stable through time."
Business reporter Michael Janda delved into this topic last year.
House prices are falling, led by Sydney and Melbourne
By Emily Stewart
The median price of dwellings has fallen one per cent in the past month or 7.2 per cent for the past year.
However as business reporter Dan Ziffer explains, the falls come after huge gains.
Another CEO exit: Best & Less boss resigns to focus on health
By Emily Stewart
Clothing retailer Best & Less' chief executive Rodney Orrock has resigned after being on extended medical leave.
Executive chair Jason Murray says Mr Orrock has made good progress in his treatment and recovery from lymphoma, but now needs to prioritise his long-term health.
"Rod has been an integral part of our business, a respected leader and valued colleague for the past seven years.
While we are sad to farewell Rod from the team, we fully support his decision..."
Mr Orrock's six-month notice period will be paid out and the search for a new CEO is underway.
Reject Shop CEO resigns
By Emily Stewart
The Reject Shop chief executive officer, Phil Bishop, has resigned after just six months in the top job.
He says he's leaving for personal reasons.
Chairman Steven Fisher says Mr Bishop will receive six months' pay and any statutory entitlements.
"We thank Phil for his work over the past six months and wish him well."
The company has started the search for a new CEO. Chief financial officer, Clinton Cahn has been appointed Acting CEO.
The retailer also provided preliminary first half results, saying sales were up nearly 3.5 per cent to $440 million.
ICYMI: Marc Faber says Australia will see a recession in 2023
By Emily Stewart
Gloom, Boom and Doom Report editor Marc Faber (otherwise known as 'Doctor Doom') says a recession in Australia this year is inevitable.
He spoke to Kathryn Robinson on ABC's The Business program.
Exxon Mobil posts record profit
By Emily Stewart
Oil company Exxon Mobil has posted a record $US56 billion ($AUD79 billion) net profit for 2022.
It sets a new record for the company, but also the entire western oil industry.
Chief executive officer Darren Woods says it is due to higher oil and natural gas prices and better refining margins.
"While our results clearly benefited from a favorable market, the counter-cyclical investments we made before and during the pandemic provided the energy and products people needed as economies began recovering and supplies became tight."
The result includes $US1.3 billion in additional European taxes on the energy sector.
The company is suing the EU, arguing the levy exceeds its legal authority.
Wall Street lifts, ASX set to follow
By Emily Stewart
Hello there!
Welcome to the ABC's markets blog for Wednesday February 1st, I'm business reporter Emily Stewart.
It looks like the ASX will open higher this morning, following gains on Wall Street.
The US markets jumped after new labour data showed wages growth slowed at the end of last year. This is a sign the economy is cooling and may mean the Federal Reserve will ease back on interest rate increases.
ASX Futures are up about 0.4 per cent.
The DOW rose 0.63 per cent, the S&P 500 gained 0.91 pc and the Nasdaq added 1.19 pc.
Follow along for all of today's news.
