A UK research report has found a growing number of couples over 60 live in separate households, a trend particularly pronounced among those entering a new relationship at this stage of their lives. Improved mental health is a bonus.
Speakers of the calibre of David Knoff, the expedition leader stranded with his team in Antarctic during COVID, can regularly be heard at this global institution that places a premium on knowledge, not qualifications.
ASX closes 0.5% higher with mining and tech boost
ASX snaps losing streak, tech platforms jump, South 32’s big deal
The S&P/ASX200 (ASX: XJO) broke a three-day losing streak to finish 0.5% higher, however, a late sell off in the banking sector meant gains of as much as 1.2% were reversed.
The financials and energy sector were the primary drags, down 0.9 and 0.5% as investors seek out higher quality, less cyclical businesses.
The tech sector was once again the standout, jumping over 4% and the industrial sector gaining on another strong report from investment platforms Hub 24 (ASX: HUB) and Netwealth (ASX: NWL).
These stocks finished 15 and 8% higher respectively after reporting record inflows on their administration, reporting and super platforms.
In the case of Netwealth, the group reported $4 billion in inflows in the September quarter, taking the total to $52 billion and now expects a total of $12.5 billion over the full year.
It was a similar story for Hub 24, reporting $3 billion in inflows, a quarterly record taking funds under administration to $63.2 billion; this doubled the group’s market share.
Despite the positive news, analysts have begun to suggest the record inflows may begin to slow giving growing pressure on the financial advice sector.
Unemployment pain, Redbubble struggles post pandemic, South32 buys copper
The lingering pain of the pandemic lockdowns was on show today with the economy losing 138,000 jobs in September, taking the total losses since August to $280,000.
There are 110,000 fewer people in work but more concerningly, the participation rate dropped by 0.7%, for the third consecutive month, suggesting many are giving up on finding work.
A2 Milk’s (ASX: A2M) recovery continued jumping 4.3% as signs that the Daigou channel is beginning to improve buoyed sentiment.
Shares in diversified miner and ex-BHP unit (ASX: S32) jumped close to 5% after announcing the purchase of a 45% share in Sierra Gorda, a copper mine in Chile for US$1.55 billion; this markets another miner seeking to position itself for a battery boom.
Popular day trading stock Redbubble (ASX: RBL) slumped another 12% after reporting a 34% fall in gross profit in the September quarter.
As highlighted previously the company benefitted from a massive spike in demand for masks during the pandemic, a trend that was clearly ‘transitory’ and not justifying the high multiple.
Bank earnings boost market, Wells Fargo struggles, Dow gains 500 points
Once again earnings are driving global equity markets, which is a relief after months of geopolitical and political sentiment changes.
The Dow Jones added 1.6%, with the S&P 500 and Nasdaq outperforming jumping 1.7% after a series of strong investment banking results.
Morgan Stanley (NYSE: MS) jumped over 2% after smashing expectations for investment banking income, which was 68% higher, and seeing growing asset management flows from wealth private clients.
Revenue fell 1% but the acquisitions of Eaton Vance and e-Trade both contributed strongly.
The more traditional bank in Wells Fargo (NYSE: WFC) fell in a bad sign for Australia big four, as net interest weakened due to lower loan balances likely a result of higher savings levels.
Loan growth also slowed despite the booming property market in what may be a precursor for Australia’s January reporting season.
Shares in TSMC were slightly higher after announcing their intention to build a fabrication facility in Japan in a step to reduce future chip shortage.
