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5 things you need to know today

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Published on: Tuesday, January 10, 2017

  • The local market surged through 5,800 points yesterday, closing at its highest level in 20 months. The S&P/ASX200 closed 51.8 points higher at 5,807.4 points after solid US wage data buoyed investor confidence in the US economy. This was the fifth straight positive close for the local market this year. 

 

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  • Prime Minister Malcolm Turnbull stood aside Health Minister Sussan Ley yesterday, after an expenses scandal related to her tax-payer funded trips to the Gold Coast. Ley appeared before the media yesterday after she committed to reimbursing taxpayers for Gold Coast trips – including one that involved an apartment purchase. Ley said she is confident that the investigations will show she had not broken any rules.
  • Oil prices dropped almost 4% on Monday on the back of worries that production cuts by OPEC and non-OPEC nations would be successful in buoying prices. There are concerns that record Iraq exports, along with rising U.S. oil output, will curb efforts to limit global oversupply. However Kuwait’s oil minister said a committee will meet in Vienna on January 21 to monitor compliance and agree on a “final monitoring mechanism”. Brent crude fell by 3.8% to US$54.94 a barrel while US Nymex lost 3.8% to US$51.96 a barrel.
  • Capital city house prices fell 0.1% last week, however prices are up 10.6% on one year ago. In the week to January 8, Melbourne had the biggest house price growth, up 0.2%. According to research house CoreLogic, Sydney’s home values are up 15.1% on a year earlier, while Melbourne’s are 13.6% higher. 

  • At 0700 AEDT on Tuesday, the local SPI 200 futures contract was down 22 points at 5,753 points.


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