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.
Commodity push market higher, Westpac profit flat, banks sold down
The local bourse managed a positive start to the week, with signs of an improving economic outlook in China boosting the commodities sector. Materials gained 3.4 per cent behind 5 per cent rallies in BHP (ASX:BHP) and Fortescue (ASX:FMG), supporting a 0.6 per cent improvement in the S&P/ASX200. Energy also rallied 1.4 per cent despite a 7 per cent fall in Coronado Coal (ASX:CRN) that came after merger talks with Peabody Coal were called off. Only three sectors finished lower, led by technology, down 2.2 per cent and financials, which fell 1.4 per cent. ANZ Bank (ASX:ANZ) and Westpac (ASX:WBC) were among the hardest hit, down 4.6 and 3.9 per cent following a weak report from the latter. Westpac reported a 1 per cent increase in cash profit, with statutory profit up just 4 per cent. Interest margin fell 0.17 per cent over the year but managed a slight improvement in the second half as interest rates rose. The dividend was increased and management confirmed little pain currently exists within the loan book but that they are watching the business sector closely for changing consumption habits.
Suncorp payouts to hit profit, Medibank refuses to pay ransom, GQG assets boosted
Shares in private health insurer Medibank Private (ASX:MPL) gained 0.4 per cent after the company indicated it was not willing to pay a ransom for hacked data that could impact as many as 9 million Australians. Shares in fund manager GQG Partners (ASX:GQG) fell 2 per cent despite the company reporting a US$3 billion jump in assets in October, with strong market performance and stock selection the key contributor. It was a similar story for Magellan (ASX:MFG) which gained 0.7 per cent after the company confirmed that embattled founder Hamish Douglass had sold around two thirds of his holding at a price below $10 per share. Suncorp Bank (ASX:SUN) flagged a potential loss of as much as $410 million related to 13,000 natural hazard claims coming from the recent storm and weather events, with the impact ‘still unfolding’.
US markets boosted by energy, Apple flags troubles, mid-terms ahead
All three benchmarks finished higher as positive geopolitical news continues to drive sentiment. The Dow Jones rallied on stronger energy prices, gaining 1.9 per cent, as President Biden encouraged the Ukraine government to engage with Russia on a ceasefire. The S&P500 and Nasdaq also gained, just 1.0 and 0.9 per cent, with all eyes remaining fixed on China amid hopes of an end to the COVID-zero era policies. The next major event is the US mid-term elections which many expect will see the Republicans regain some control in a positive move for markets. Shares in Apple (NYSE:AAPL) were broadly flat after the company flagged the potential for lower shipments of the Apple iPhone 14 due to production issues in China. Shares in Meta (NYSE:META) gained close to 5 per cent after the company announced they indicated it intends to layoff a significant portion of its workforce.
