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 down 1%, Megaport falls as tech weakness continues, Dixon in administration
The S&P/ASX200 couldn’t overcome another negative lead from the US, with bond rates and reporting season driving the market again.
Only two of the markets 11 sectors posted a positive result, with technology continuing its selloff falling 2.6% and the healthcare sector, down 1.6% also underperforming.
Once again, energy remains the highlight as oil moved towards multi-year highs with the likes of Origin (ASX: ORG) benefitting from the rally, finishing 1.4% higher.
The major detractor from the market today was Megaport (ASX: MP1) with the data centre service provider falling 16% after delivering weaker than expected revenue growth of just 8%.
Shares in E&P Financial Group (ASX: EP1) formally Evans & Dixon fell just 1.7% despite announcing that the Dixon Advisory business that focused on SMSF investors, had entered voluntary administration as legal cases, class actions and complaints mount about conflicted advisers over the last decade and ultimately threatened the group’s solvency.
BHP flags weaker quarter, Hub 24 gaining $1 billion per month, Lynas hits records
BHP (ASX: BHP) fell along with the market after reporting a better-than-expected finish to 2021, shipping 73.2 million tonnes of iron ore compared to the 71.4 million expected.
This was an improvement on Rio Tinto’s (ASX: RIO) weaker performance but management noted that disruptions were ahead as WA and Queensland loosen restrictions and the ongoing impacts of a train driver shortage.
Whilst exports were down 3%, the received price improved to US$113.54 per tonne, with the company also enjoying record coking coal prices amid a global energy crisis.
Production of coking coal fell 10%, whilst copper and Nickel production were also down double figures due to maintenance.
Shares in Lynas (ASX: LYC) fell 1.1% despite reporting record revenue of $200 million in the quarter, a 60% increase in September.
Production grew by around a third with demand for their key rare earths remaining ‘very strong’.
Hub 24 (ASX: HUB) gained 2.1% after reporting another $3.6 billion in platform inflows, taking total assets under administration to $68.3 billion.
The quarter saw 28 new agreements with financial advisory firms as the independent advisory space continues to expand.
US markets enter correction, investment bank profits grow, Proctor and Gamble upgrades
The US stockmarket is officially in a technical correction with all three benchmarks falling again overnight.
The Dow Jones underperformed once again, down 1.0%, the S&P500 down the same and the Nasdaq 1.1.
The key driver was another day of reporting season dominated by the investment banks, which make up a large portion of the index.
Bank of America (NYSE: BAC) was the highlight reporting a 29% increase in profit on a 10% increase in revenue, most importantly net interest income was significantly higher as both loans and deposits continued to surge.
Consumer banking grew earnings by 8%, and wealth management income hit a record after adding 16%; shares were up 0.4%.
Morgan Stanley (NYSE: MS) also beat estimates with profit up 10%, as the investment bank benefitted from a surge in acquisition and trading activity, shares were 1.9% higher.
Proctor & Gamble (NYSE: PG) gained 3.4% as the maker of Gilette razors and other consumer brands reported a 6% organic increase in sales and upgraded earnings expectations for 2022.
In a worrying sign, they warned of significant cost headwinds including $2.3 billion in input costs and $300 million in freight.
