Australia jobs enjoy bumper October in broadly strong report

Australian employment was surprisingly strong in October as firms took on more full time staff and the jobless rate stayed at its lowest since 2012, a bumper report that sent the local dollar skipping higher. Even better, full-time positions that tend to offer fatter wages and greater security grew by a hefty 42,300, bringing gains in the past year to 238,800. A sharp fall in the jobless rate in September had at first looked like a statistical quirk, but the broad strength in this report suggest


Australian employment was surprisingly strong in October as firms took on more full time staff and the jobless rate stayed at its lowest since 2012, a bumper report that sent the local dollar skipping higher. Even better, full-time positions that tend to offer fatter wages and greater security grew by a hefty 42,300, bringing gains in the past year to 238,800. A sharp fall in the jobless rate in September had at first looked like a statistical quirk, but the broad strength in this report suggest
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Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: carla gottgens, bloomberg, getty images
Keywords: news, cnbc, companies, stayed, higher, jobless, broadly, bumper, rate, jobs, showed, strong, market, growth, australia, report, wages, tightening, enjoy


Australia jobs enjoy bumper October in broadly strong report

Australian employment was surprisingly strong in October as firms took on more full time staff and the jobless rate stayed at its lowest since 2012, a bumper report that sent the local dollar skipping higher.

Figures from the Australian Bureau of Statistics (ABS) out on Thursday showed a net 32,800 new jobs were created in October, up from 7,800 the month before and surpassing market forecasts of a 20,000 increase.

Even better, full-time positions that tend to offer fatter wages and greater security grew by a hefty 42,300, bringing gains in the past year to 238,800.

The jump in jobs helped absorb a rise in new job seekers and kept the unemployment rate at 5.0 percent, when analysts had thought it might edge back up to 5.1 percent.

A sharp fall in the jobless rate in September had at first looked like a statistical quirk, but the broad strength in this report suggested the improvement was lasting.

“More people looking for jobs, more people finding jobs, more hours worked and a jobless rate at 6-year lows. What’s not to like?” said CommSec chief economist, Craig James.

“Price inflation is still contained but the extent of the tightening of the job market makes it hard to believe that the Reserve Bank will stay on the rate sidelines until 2021 as some analysts currently expect.”

Investors reacted by pushing the local dollar up 0.6 percent to $0.7279. Odds on a hike in the 1.5 percent cash rate narrowed slightly, though futures still implied only a two-in-three chance of a move by the end of 2019.

Just last week the Reserve Bank of Australia (RBA) held steady at its November policy meeting and reiterated its outlook for only a gradual pick up in inflation.

A big concern has been the reluctance of firms to pay their workers more. Figures out Wednesday showed only a modest pick up to 2.3 percent in the year to September, and even that was due to a mandated rise in the minimum wage.

Pay growth in the private sector stayed stuck at 2.1 percent, a whisker above the all-time trough of 1.9 percent and only just ahead of inflation.

“The RBA needs higher wage growth so households can manage higher interest rates, even if the tightening cycle is likely to be very modest by historical standards,” said Annette Beacher, chief Asia-Pacific macro strategist at TD Securities.

“In addition, higher income growth provides a valuable offset to declining asset prices – the housing and equity market correction that is currently underway.”

With wages still only advancing at a glacial pace, Beacher dropped a previous call for a first rate hike next May and shifted to November instead.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: carla gottgens, bloomberg, getty images
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Greater China markets mixed as Asia stocks trade in negative territory

Stocks in Asia fell in the morning on the back of the Dow Jones Industrial Average falling by more than 600 points overnight. Japan’s Nikkei 225 fell 3.08 percent in early trade while the Topix index saw losses of 2.68 percent. Markets in Greater China also started the day in negative territory. Hong Kong’s Hang Seng Index traded down by 1.6 percent, with index heavyweight Tencent falling by 3.77 percent. Energy stocks fell by 1.73 percent while the heavily weighted financial subindex saw losses


Stocks in Asia fell in the morning on the back of the Dow Jones Industrial Average falling by more than 600 points overnight. Japan’s Nikkei 225 fell 3.08 percent in early trade while the Topix index saw losses of 2.68 percent. Markets in Greater China also started the day in negative territory. Hong Kong’s Hang Seng Index traded down by 1.6 percent, with index heavyweight Tencent falling by 3.77 percent. Energy stocks fell by 1.73 percent while the heavily weighted financial subindex saw losses
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Greater China markets mixed as Asia stocks trade in negative territory

Stocks in Asia fell in the morning on the back of the Dow Jones Industrial Average falling by more than 600 points overnight.

Japan’s Nikkei 225 fell 3.08 percent in early trade while the Topix index saw losses of 2.68 percent. Shares of Apple supplier Japan Display plunged 7.62 percent in the morning after the company reported its sixth straight quarterly operating loss and lowered its outlook, according to Reuters.

Markets in Greater China also started the day in negative territory. Hong Kong’s Hang Seng Index traded down by 1.6 percent, with index heavyweight Tencent falling by 3.77 percent. Stocks in Shanghai were lower by 0.27 percent while Shenzhen was up 0.4 percent.

The losses spilled over to South Korea, where the Kospi shed 1.29 percent. Shares of industry heavyweights saw a sharp pullback, as Samsung Electronics lost 2.77 percent while SK Hynix dropped 4.43 percent.

The ASX 200 fell 1.55 percent, with almost all sectors in negative territory. Energy stocks fell by 1.73 percent while the heavily weighted financial subindex saw losses of 2.19 percent.

Shares of Australia’s so-called Big Four banks saw sharp declines: Australia and New Zealand Banking Group shed 1.48 percent, Commonwealth Bank of Australia lost 1.02 percent and National Australia Bank was lower by 1.41 percent. Westpac saw the largest percentage decline among the four, falling by 5.32 percent.

“The topside optimism the markets experienced after getting through the US midterms relatively unscathed has quickly reverted back to concern over trade issues between the US and China and the affect that tariffs and protectionist policies have had on overall global growth,” said Rakuten Securities Australia in a morning note.


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: eustance huang
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US colleges attracting fewer new students from abroad

The overall number of foreign students in the U.S. still increased slightly, by 1.5 percent, fueled by growing numbers of students who stayed for temporary work after graduation. State Department officials underscored that the U.S. hosted nearly 1.1 million international students last year, more than any other country in the world. At Purdue University, one of the nation’s biggest hubs for international students, total foreign enrollment fell by 2 percent this year. Losing foreign students can c


The overall number of foreign students in the U.S. still increased slightly, by 1.5 percent, fueled by growing numbers of students who stayed for temporary work after graduation. State Department officials underscored that the U.S. hosted nearly 1.1 million international students last year, more than any other country in the world. At Purdue University, one of the nation’s biggest hubs for international students, total foreign enrollment fell by 2 percent this year. Losing foreign students can c
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Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: kathryn scott osler, the denver post, getty images
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US colleges attracting fewer new students from abroad

The number of foreign students heading to U.S. colleges and universities fell again last year, the second straight decline after more than a decade of growth, a new report finds.

Enrollment of new international students dropped by about 7 percent in fall 2017, according to an annual report released Tuesday by the State Department and the Institute of International Education, a nonprofit research group based in New York.

The overall number of foreign students in the U.S. still increased slightly, by 1.5 percent, fueled by growing numbers of students who stayed for temporary work after graduation. But the number of newly arriving students slid to about 271,000, the lowest levels since 2013.

The report’s authors cited sharper competition from other countries including Australia and Canada, along with the rising cost of education in the U.S. They largely dismissed worries among some colleges that the White House’s policies and rhetoric surrounding immigration could be driving students away.

“We’re not hearing that students feel they can’t come here. We’re hearing that they have choices,” Allan Goodman, president and CEO of the institute, said in a call with reporters. “For the first time, we have real competition.”

But some schools contacted by The Associated Press say the political climate in the U.S. has made international students feel unwelcome, leading some to enroll elsewhere.

State Department officials underscored that the U.S. hosted nearly 1.1 million international students last year, more than any other country in the world.

Yet the 1.5 percent growth is the slowest since a period from 2002 through 2005, when international enrollment fell by 4 percent following the Sept. 11 attacks in 2001, according to data provided by the institute.

Among new students, the steepest losses came from Saudi Arabia, South Korea and Mexico, while China and India continued to send the largest numbers, accounting for more than half of all foreign students in the U.S.

The 15 percent decrease from Saudi Arabia comes a year after the kingdom scaled back a scholarship program that covered costs for Saudis studying abroad.

Although the report focuses on data from 2017, it also included preliminary findings for fall 2018. Among 540 schools surveyed, total international enrollment held level while the number of new students fell by about 2 percent, marking the third straight year of declines.

Compared to the previous year, more schools attributed decreases to challenges in the visa process, the U.S. social and political climate, and student decisions to enroll in other countries.

At the University of Central Missouri, foreign enrollment surged to 2,600 in 2016 before plummeting to just 650 this year, according to data obtained by The AP. University officials have noticed increased competition but also cite the nation’s political climate.

“We have had conversations with parents who feel like their children will not be safe here, that their son or daughter may not be physically safe,” said Karen Goos, the school’s assistant vice provost for enrollment management. “I do think that it’s a contributing factor.”

At Purdue University, one of the nation’s biggest hubs for international students, total foreign enrollment fell by 2 percent this year. Officials said they intentionally admitted fewer undergraduates from abroad amid worries that they might not accept the offer.

“There was concern that students might not find the U.S. to be as an attractive destination given certain political rhetoric these past two years,” Michael Brzezinski, Purdue’s dean of international programs, said in an email.

Losing foreign students can carry financial implications for schools that rely on them for revenue. Unlike U.S. citizens, who often get scholarships or discounts, students from abroad are typically charged full tuition.

At Central Missouri, the declines have worsened a budget hole that led to more than $20 million in cuts last year.

At the same time, some other nations have drawn surging numbers of students from abroad. Canada reported a 20 percent jump in 2017, while Australia saw a 12 percent increase. Both countries have set ambitious goals to bolster international enrollments in the coming years.

Yet officials in Australia said they shouldn’t be blamed for America’s slowdown. Phil Honeywood, CEO of the International Education Association of Australia, said pinning it on competition is “pure blame shifting,” adding that Australia hasn’t significantly changed its recruiting strategy over the past two years.

“Rather, everything we hear from prospective students and their education agents in Muslim countries and Latin American nations is that they no longer feel welcome or safe studying at U.S. colleges under President Trump,” Honeywood said in a statement.

Despite the downturn in new students, officials behind the report are optimistic that the U.S. will rebound. While foreign students account for a heavy share of the overall enrollment in Australia and other countries, they account for just 5 percent of all students in the United States.

“The U.S. has real competition,” Goodman said. “What we have going for us, though, is we have more space and capacity.”

The report also found that the number of U.S. students studying abroad ticked up by 2 percent last year, continuing eight years of slow but steady growth. Europe remained the top destination, followed by Latin America and Asia.


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: kathryn scott osler, the denver post, getty images
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Australia prime minister Scott Morrison on his areas of priority

Concerns about political instability in Australia are “overly stated,” the country’s Prime Minister Scott Morrison told CNBC on Monday. Morrison, a Liberal and formerly the country’s Treasurer, assumed his new role in August to become the nation’s fifth prime minister in five years. Australia’s policies on major areas such as trade, infrastructure investment and defense have remained the same since the Liberal party first took power, Morrison stated. His administration remains committed to open


Concerns about political instability in Australia are “overly stated,” the country’s Prime Minister Scott Morrison told CNBC on Monday. Morrison, a Liberal and formerly the country’s Treasurer, assumed his new role in August to become the nation’s fifth prime minister in five years. Australia’s policies on major areas such as trade, infrastructure investment and defense have remained the same since the Liberal party first took power, Morrison stated. His administration remains committed to open
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Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: nyshka chandran, samir hussein, wireimage, getty images
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Australia prime minister Scott Morrison on his areas of priority

Concerns about political instability in Australia are “overly stated,” the country’s Prime Minister Scott Morrison told CNBC on Monday.

Morrison, a Liberal and formerly the country’s Treasurer, assumed his new role in August to become the nation’s fifth prime minister in five years. His predecessor Malcolm Turnbull lost his title in a leadership vote, becoming the fourth premier to be removed from office by his own party since 2010.

Australia’s policies on major areas such as trade, infrastructure investment and defense have remained the same since the Liberal party first took power, Morrison stated. “There’s a continuity and a stability in the policy agenda being pursued by our government.”

His administration remains committed to open trade and boosting security on areas such as cyber-security, he said.

The country is now bracing for a federal election next year and it’s unclear how the ruling Liberal party will fare.

“It’s very reasonable to say that we have a big job ahead of us, that’s no surprise,” Morrison said. He added that he had faith in his party’s ability to maintain a strong economy and ensure national safety following Friday’s terror incident in Melbourne.


Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: nyshka chandran, samir hussein, wireimage, getty images
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Australia woman charged with contaminating strawberries with needles

A 50-year-old woman will face court on Monday after police charged her with contaminating strawberries with needles, an episode that spurred one of Australia’s biggest food scares. Australia’s strawberry industry, worth $116 million, was rocked in September after nearly 200 complaints were made of sewing needles found in strawberries and other fruits. Australian police said on Monday they had charged a 50-year woman with seven cases of contamination, the first charges laid in the case. Wacker sa


A 50-year-old woman will face court on Monday after police charged her with contaminating strawberries with needles, an episode that spurred one of Australia’s biggest food scares. Australia’s strawberry industry, worth $116 million, was rocked in September after nearly 200 complaints were made of sewing needles found in strawberries and other fruits. Australian police said on Monday they had charged a 50-year woman with seven cases of contamination, the first charges laid in the case. Wacker sa
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Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: leisa tyler, lightrocket, getty images
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Australia woman charged with contaminating strawberries with needles

A 50-year-old woman will face court on Monday after police charged her with contaminating strawberries with needles, an episode that spurred one of Australia’s biggest food scares.

Australia’s strawberry industry, worth $116 million, was rocked in September after nearly 200 complaints were made of sewing needles found in strawberries and other fruits.

Several major supermarkets withdrew the fruit as shoppers abandoned purchases, forcing some growers to dump fruit amid warnings of widespread bankruptcies.

Australian police said on Monday they had charged a 50-year woman with seven cases of contamination, the first charges laid in the case.

“This has probably been one of the most trying investigations that I’ve been part of,” Queensland Police Detective Superintendent Jon Wacker told reporters in Brisbane, the capital of Queensland state where the contamination crisis was first reported.

Police said the woman was a former employee of one of the brands affected, although he did not specify which one.

The woman faces up to 10 years in jail if found guilty after Australia’s conservative government toughened sentencing in a bid to contain the crisis.

Australia also criminalized hoax claims.

Wacker said police received 186 complaints of fruit contamination, of which 15 had been found to be hoaxes.

Strawberry growers welcomed the charges but blamed social media for the crisis.

“It was a crisis driven by social media and the only real victims were the strawberry growers, and to some extent other Australian fruit growers and exporters,” the Queensland Strawberry Growers Association said in a statement.

Queensland, Australia’s largest strawberry-producing region, is particularly vulnerable to a sustained downturn in the market.

State premier Annastacia Palaszczuk said on Tuesday her government would set aside $722,400 to help farmers make it through the season.


Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: leisa tyler, lightrocket, getty images
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Australia wants to ‘get on with business’ with China, says prime minister

Australia wants to ‘get on with business’ with China, says prime minister12 Hours AgoAustralian Prime Minister Scott Morrison says his country believes that “regional stability is important for regional prosperity.”


Australia wants to ‘get on with business’ with China, says prime minister12 Hours AgoAustralian Prime Minister Scott Morrison says his country believes that “regional stability is important for regional prosperity.”
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Company: cnbc, Activity: cnbc, Date: 2018-11-11
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Australia wants to 'get on with business' with China, says prime minister

Australia wants to ‘get on with business’ with China, says prime minister

12 Hours Ago

Australian Prime Minister Scott Morrison says his country believes that “regional stability is important for regional prosperity.”


Company: cnbc, Activity: cnbc, Date: 2018-11-11
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Australia: We welcome Chinese investments despite concerns about a pending gas deal

Australia remains open to Chinese investments regardless of whether Canberra blocks an acquisition of a major energy company by a Hong Kong-led consortium, Australian Treasurer Josh Frydenberg told CNBC on Friday. Earlier this year, a consortium led by Hong Kong property developer CK Infrastructure — owned by billionaire Li Ka-shing — offered a $9.4 billion takeover bid for APA Group, Australia’s leading energy infrastructure business. The deal would be “contrary to the national interest,” Fryde


Australia remains open to Chinese investments regardless of whether Canberra blocks an acquisition of a major energy company by a Hong Kong-led consortium, Australian Treasurer Josh Frydenberg told CNBC on Friday. Earlier this year, a consortium led by Hong Kong property developer CK Infrastructure — owned by billionaire Li Ka-shing — offered a $9.4 billion takeover bid for APA Group, Australia’s leading energy infrastructure business. The deal would be “contrary to the national interest,” Fryde
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Australia: We welcome Chinese investments despite concerns about a pending gas deal

Australia remains open to Chinese investments regardless of whether Canberra blocks an acquisition of a major energy company by a Hong Kong-led consortium, Australian Treasurer Josh Frydenberg told CNBC on Friday.

Earlier this year, a consortium led by Hong Kong property developer CK Infrastructure — owned by billionaire Li Ka-shing — offered a $9.4 billion takeover bid for APA Group, Australia’s leading energy infrastructure business.

The deal would be “contrary to the national interest,” Frydenberg said in a statement released Wednesday. Speaking to CNBC on Friday, Frydenberg said his preliminary view was “not about a particular company or country.”

The judgement call was based on “what the implications would be for Australia were we to see a concentration of foreign ownership by a sole company in such a key set of assets as is the gas transmission sector,” Frydenberg stated.

“APA is a unique company, with more than 50 percent of the gas transmission business in Australia, more than 15,000 pipelines supplying gas and electricity into key markets,” he added.

The company holds approximately $20 billion of energy assets and delivers half the nation’s natural gas usage, according to the company.


Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: nyshka chandran, fairfax media fairfax media via getty images
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To counter China, Australia plans $1.5 billion Pacific infrastructure fund

Australia will create a A$2 billion ($1.46 billion) fund to provide loans to Pacific nations to build infrastructure, Prime Minister Scott Morrison is expected to announce on Thursday, as Canberra seeks to counter China’s influence in the region. Australia and China have been vying for influence in sparsely populated Pacific island countries that control vast swathes of resource-rich oceans. To counter, Morrison plans to announce that Australia will renew its focus on the Pacific, primarily thro


Australia will create a A$2 billion ($1.46 billion) fund to provide loans to Pacific nations to build infrastructure, Prime Minister Scott Morrison is expected to announce on Thursday, as Canberra seeks to counter China’s influence in the region. Australia and China have been vying for influence in sparsely populated Pacific island countries that control vast swathes of resource-rich oceans. To counter, Morrison plans to announce that Australia will renew its focus on the Pacific, primarily thro
To counter China, Australia plans $1.5 billion Pacific infrastructure fund Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: brendon thorne, bloomberg, getty images
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To counter China, Australia plans $1.5 billion Pacific infrastructure fund

Australia will create a A$2 billion ($1.46 billion) fund to provide loans to Pacific nations to build infrastructure, Prime Minister Scott Morrison is expected to announce on Thursday, as Canberra seeks to counter China’s influence in the region.

Australia and China have been vying for influence in sparsely populated Pacific island countries that control vast swathes of resource-rich oceans.

China has spent $1.3 billion on confessional loans and gifts since 2011 to become the Pacific’s second-largest donor after Australia, stoking concern in the West that several tiny nations could end up overburdened and in debt to Beijing.

To counter, Morrison plans to announce that Australia will renew its focus on the Pacific, primarily through a new infrastructure fund.

“This $2 billion infrastructure initiative will significantly boost Australia’s support for infrastructure development in Pacific countries and Timor Leste,” according to a speech Morrison is due to deliver in the state of Queensland and seen by Reuters.

“It will invest in essential infrastructure such as telecommunications, energy, transport, water, and it will stretch our aid dollars further.”

Foreign policy analysts say Australia’s new infrastructure fund will test Australia’s already cool relations with China, its largest trading partner.

“This announcement will be a gauge of whether Australia can improve relations with Beijing while doing things that would have previously annoyed China,” said Nick Bisley, professor of international relations at Melbourne’s La Trobe University.

Ties between the two countries have been strained since Australia accused China of meddling in its domestic affairs late last year.

Australia’s Foreign Minister Marise Payne will on Thursday meet her Chinese counterpart in Beijing, the first visit by a senior Canberra in two years after bilateral relations soured.

Australia has already this year pledged to develop several infrastructure projects in the Pacific but it has been forced to raid its aid budget to fund the projects.

In May, Australia said it would spend about A$200 million to develop an undersea internet cables to Papua New Guinea (PNG) and the Solomon Islands amid national security concerns about China’s Huawei Technologies.

Earlier this month, Australia said it would help PNG develop a naval base, beating out China as a possible partner for the port development.


Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: brendon thorne, bloomberg, getty images
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Housing slump in Australia is not ‘a big problem’: NAB

Housing slump in Australia is not ‘a big problem’: NAB14 Hours AgoAlan Oster of National Australia Bank says falling house prices in Sydney and Melbourne are a “midterm correction” and not a big problem for the country’s economy.


Housing slump in Australia is not ‘a big problem’: NAB14 Hours AgoAlan Oster of National Australia Bank says falling house prices in Sydney and Melbourne are a “midterm correction” and not a big problem for the country’s economy.
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Housing slump in Australia is not 'a big problem': NAB

Housing slump in Australia is not ‘a big problem’: NAB

14 Hours Ago

Alan Oster of National Australia Bank says falling house prices in Sydney and Melbourne are a “midterm correction” and not a big problem for the country’s economy.


Company: cnbc, Activity: cnbc, Date: 2018-11-08
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Asia stocks mixed as investors await US midterm elections

Asian stocks were mixed on Tuesday afternoon as investors looked to the U.S. midterm elections set for later in the day. The Greater China markets were in negative territory by the end of the morning session, with the Shanghai composite dropping 1.05 percent and the Shenzhen composite falling 1.611 percent. Japan’s Nikkei 225 rose by 1 percent in afternoon trade and the Topix index saw gains of 1.16 percent. In Australia, the ASX 200 was 0.92 percent higher in afternoon trade, with most sectors


Asian stocks were mixed on Tuesday afternoon as investors looked to the U.S. midterm elections set for later in the day. The Greater China markets were in negative territory by the end of the morning session, with the Shanghai composite dropping 1.05 percent and the Shenzhen composite falling 1.611 percent. Japan’s Nikkei 225 rose by 1 percent in afternoon trade and the Topix index saw gains of 1.16 percent. In Australia, the ASX 200 was 0.92 percent higher in afternoon trade, with most sectors
Asia stocks mixed as investors await US midterm elections Cached Page below :
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Asia stocks mixed as investors await US midterm elections

Asian stocks were mixed on Tuesday afternoon as investors looked to the U.S. midterm elections set for later in the day.

The Greater China markets were in negative territory by the end of the morning session, with the Shanghai composite dropping 1.05 percent and the Shenzhen composite falling 1.611 percent. Meanwhile, Hong Kong’s Hang Seng index slipped by 0.15 percent.

Japan’s Nikkei 225 rose by 1 percent in afternoon trade and the Topix index saw gains of 1.16 percent.

Shares of conglomerate Softbank fell into negative territory after having earlier seen gains, trading around 2.65 percent lower in the afternoon despite earlier reporting a profit surge for the second quarter of 2018 helped by higher valuations on high-tech bets. The conglomerate’s CEO, Masayoshi Son, said on Monday that “there may be some impact” on its Saudi-backed Vision Fund following the killing of Saudi journalist Jamal Khashoggi

The Japanese tech investment giant has poured billions into start-ups in Silicon Valley and around the world through this investment fund.

In Australia, the ASX 200 was 0.92 percent higher in afternoon trade, with most sectors seeing gains. The energy and materials sectors were up 1.47 and 1.67 percent, respectively, as the heavily weighted financial subindex advanced 0.84 percent.

The moves Down Under came after the Reserve Bank of Australia announced its decision to keep the cash rate unchanged at 1.5 percent.

“The low level of interest rates is continuing to support the Australian economy. Further progress in reducing unemployment and having inflation return to target is expected, although this progress is likely to be gradual,” the central bank’s governor, Philip Lowe, said in a media release.

The move was widely anticipated by market observers, with Rakuten Securities Australia saying in a morning note that “local investors looking to make money today will probably be (focusing) more on the Melbourne Cup which takes place 30 mins after the announcement.”

Meanwhile, South Korea’s Kospi saw a gain of 0.17 percent in afternoon trade.


Company: cnbc, Activity: cnbc, Date: 2018-11-06  Authors: eustance huang
Keywords: news, cnbc, companies, progress, australia, percentthe, territory, negative, gains, midterm, investors, await, saw, trade, afternoon, elections, sectors, stocks, mixed, asia


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