Christmas has come early for the bank’s shareholders with the decision to slightly increase the 2024 dividend – despite a single-digit decline in the net profit and cash earnings.
Beating the market benchmark is never easy, with 72 per cent of Australian actively managed global equity general funds trailing the S&P World Index in the six months to June 30, 2024. Domestic equity funds performed slightly better, albeit against a significantly lower bar set by the S&P/ASX 200 Index.
Inside Investor Morning Report – April 20th
After finishing up 1.9% for the week, taking the recovery to 20% off the market bottom in March, the S&P/ASX 200 (ASX: XJO) looks to open strongly again today.
US markets make it positive CY20
US markets rallied strongly to finish the week with the tech-focused NASDAQ now in positive territory for the year. The key driver has been an apparent slowing of COVID-19 infection rates across the US and Europe. Investors seem to believe the one-off recessions are already priced in and that business, as usual, maybe closer than we think.
Companies reporting
Friday saw a diverse range of companies reporting, both in the US and Australia.
Amid the most market carnage since the Great Depression, Amazon.com Inc (NASDAQ: AMZN) hit all-time highs as those stuck at home relied upon its home delivery and diverse range of products. It’s now a $1.2 trillion company and its likely this period has shown many people how much easier shopping online may actually be.
Chinese GDP falling
Chinese GDP collapsed in the third quarter, falling -6.8%, with the majority of the massive economy on hold for as long as two months. This is the sharpest fall since 1992 and was driven by an incredible 19% drop in retail sales.
The slowdown hasn’t seemed to hamper demand for iron ore, with Rio Tinto reporting a 5% increase in exports. Closer to home, CHEP pallet distributor Brambles Limited (ASX: BXB) reported revenue in line with expectations, noting the spike in grocery volumes as the shutdowns began.
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