More on the future of Star Entertainment
There’s growing uncertainty surrounding the future of thousands of Star Entertainment employees in Queensland.
Analysts predict the casino giant is on the brink of insolvency.
Yesterday, Star shares rallied as Macau investor Wang Xingchun scooped up shares worth about 38 million dollars so far.
CEO Steve McCann says the company is exploring all viable options to strengthen its financial position.
Watch this story by Rachel Stewart.
National rent price growth almost halves in 2024
Rent price growth continued to slow down in 2024 after a surge in prices immediately after the pandemic.
Rents grew by 4.8 per cent last year compared to 8.1 per cent in 2023.
Economists expect rent prices to continue rising next year but at an even slower rate.
Read more from Business Reporter Rachel Clayton.
ICYMI: Alan Kohler’s Finance Report
US producer prices rise moderately in December
US stocks were mixed towards the end of the trading session, as investors gauged inflation data and braced for quarterly earnings reports to justify stock valuations and the strength of the US economy.
Stocks received an initial lift after a Labor Department report showed the producer price index rose less than expected in December, but the report failed to sway expectations about the Federal Reserve’s likely path of monetary policy this year.
The US producer price index climbed 0.2% month-on-month in December, below expectations for a 0.3% increase and down from 0.4% in November.
Early gains evaporated and each of the three major indexes briefly went lower as investors awaited Wednesday’s consumer price index reading, which will further shape expectations for inflation and the Fed.
“There was a relief rally early but it goes to show that there is an inherent level of uncertainty out there about where rates and the Fed is headed,” said Chris Fasciano, chief market strategist at Commonwealth Financial Network.
“Now we’ll see what tomorrow morning brings,” he said, referring to the CPI report.
The market is pricing in about 29 basis points in rate cuts from the Fed by the end of 2025, according to LSEG data, with expectations for a cut of at least 25 bps not rising above 50% until the June meeting.
Adding to investor caution, US Treasury yields remained at elevated levels, with the yield on the benchmark 10-year Treasury note at 4.797%, holding near a 14-month high.
ASX set to edge lower
Good morning and welcome to Wednesday’s markets live blog, where we’ll bring you the latest price action and news on the ASX and beyond.
A mixed session on Wall Street overnight sets the tone for local market action today.
The Dow Jones index rose 0.1 per cent, the S&P 500 lost 0.3 per cent and the Nasdaq Composite down 0.7 per cent.
ASX futures were down 16 points or 0.2 per cent to 8,192 at 7:24am AEDT.
At the same time, the Australian dollar was up 0.2 per cent to 61.90 US cents.
Brent crude oil was down 1.2 per cent, trading at $US80.02 a barrel.
Spot gold gained 0.4 per cent to $US2,672.72.
Iron ore rose 1.9% to $US100.88 a tonne.
