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.
Commodities drag ASX to gain, Star hit by strategic review, rate hikes expected
The local sharemarket managed to eke out a tiny 0.1 per cent gain on Wednesday as another mixed week continued amid mixed economic and corporate profit messages. The only sector truly in the green was materials, with iron ore miners Independence Group (ASX:IGO) and BHP (ASX:BHP) adding 4 and 1.5 per cent respectively and driving the market to a gain almost singlehandedly. Gold miners were also back in favour, with Gold Road (ASX:GOR) up 3.9 per cent on a rally in the price of bullion. The biggest news came from casino operator Star Entertainment (ASX:SGR) after management put the Sydney casino up for review, announcing the cutting of at least 500 jobs. Salaries will be frozen along with bonuses, with the company also engaging Barrenjoey investment bank for a strategic review. This comes after a recent earnings downgrade and amid a rapid deterioration in trading conditions.
Fund managers get bearish, Soul Pattinson launch, AMP outflows continue
The monthly Bank of America survey of fund managers is showing that professional investors are among the most bearish they have ever been, with a 10 per cent overweight to fixed income in favour of shares. Shares in Washington H Soul Pattinson (ASX:SOL) managed to buck the trend amid the selloff, gaining 0.6 per cent, after the company announced a partnership with fund manager Pengana to establish a private credit fund to be launched in Australia, but invest into European and US companies; it continues a diversification trend for the group. AMP (ASX:AMP) recorded another $600 million in outflows from its wealth management division in the first quarter, slowing from $900 million in the prior quarter. While WA-based engineering group Decmil (ASX:DCG) has been a rare winner, gaining 18 per cent on the back of an earnings and revenue upgrade. The group has been seeing a surge in demand for construction of renewable energy projects under the new Federal government.
US markets flat on stick UK inflation, Morgan Stanley outperforms, Bed Bath and Beyond the latest meme
Global sharemarkets were mixed on receiving news that UK inflation remained above 10 per cent, albeit at a slightly lower level than the prior month. Despite the country facing its own challenged, the market has once again repriced the risk of more rate hikes in the US and Australia. The result was a small drop in the S&P500 and Dow Jones, down 0.2 per cent, and a 16 point gain in the Nasdaq. The bigger influence has been the accelerating reporting season with Morgan Stanley (NYSE:MS) broadly flat after reporting a stronger than expected earnings result. The group reported a 15 per cent fall in profit, along with higher provisions on the back of concerns in the property sector, yet US$110 billion in inflows into the wealth management business were a highlight. The shift towards money market accounts has likely been a driver of this. Shares in United Airlines (NYSE:UAL) were 7 per cent higher after the company boosted profit expectations on booming travel demand.
