Australian shares are set to open higher, extending Thursday’s gains. Techs rally in New York. Apple, Atlassian results on deck. $A slips lower.
: The impact on the global economy from China’s lockdowns looks bleak. But Fortescue boss Elizabeth Gaines sees iron ore demand holding up, writes James Thomson.: Gross domestic product fell at a 1.4 per cent annualised rate in the first quarter following a 6.9 per cent pace at the end of last year.The contraction was due to a jump in imports and a drop in exports, coupled with a slower buildup of businesses’ stockpiles. On a year-over-year basis, the economy grew 3.6 per cent.
Menu price hikes and a new loyalty program helped McDonald’s beat estimates for quarterly sales and profit, despite inflationary pressure on consumers, the war in Ukraine and COVID-19 lockdowns in China. The airline said it turned a profit in the month of March and expects to be “solidly profitable” this year despite higher fuel and labour costs.
France’s TotalEnergies gained 3.7 per cent following plans to buy back its own shares after core earnings rose sharply on soaring oil and gas prices. The Hang Seng Index rose 1.7 per cent, to 20,276.17, while the China Enterprises index gained 2.0 per cent, to 6918.62 points.Daily new coronavirus caseload dropped for a fifth straight day. Mainland China reported 11,367 new coronavirus cases for Wednesday, down from 14,298 new cases a day earlier.: Three out of the four major banks anticipate the RBA to start lifting the cash rate as soon as next week due to red-hot inflation.
There had been some market speculation the BOJ might step back a little given the pressure building across foreign exchange markets.: Aberdeen’s Michelle Lopez, who is learning to live off-grid, explains why the firm stands by investing in Judo’s IPO, and increased its exposure to supermarket stocks.Steel reported a more than 30 per cent plunge in first-quarter net profit, citing higher raw material prices and poor domestic demand.
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