The Australian share market was down today, in line with a very weak Wall Street, after making a positive start this morning. The S&P ASX 200 dropped 53.20 points or 0.75% to 6,987.60.
Bottom-performing stocks at the time of writing were Core Lithium Ltd and Tabcorp Holdings, down 4.35% and 2.43% respectively. The Technology, Real Estate and Energy sectors were in the green, while Financials, Industrials and Health Care were looking grim.
The index has lost around 0.63% for the last five days but is virtually unchanged over the last year to date.
New RBA deputy governor
The Australian Federal Government has appointed Andrew Hauser, a former central banker from the Bank of England, as the new deputy governor of the Reserve Bank of Australia (RBA).
Hauser, who has accumulated more than 30 years of experience at the Bank of England, steps into the role previously held by Michele Bullock before her promotion to RBA governor earlier this year.
Treasurer Jim Chalmers said: "His appointment strikes the right balance between providing deep central banking experience and offering a fresh, global perspective to the work of the RBA."
Chalmers emphasised Hauser's expected contribution to implementing the recommendations of the Review of the RBA, including enhancing the monetary policy framework.
Hauser said he was eager to collaborate with Governor Michele Bullock and her team, as well as the staff at the RBA, to fulfil the recommendations outlined in the RBA Review.
The current governor of the Bank of England, Andrew Bailey, also commented on Hauser's new role. He lauded Hauser as "an outstanding central banker, respected around the world”.
Bailey went on to say: "While he will be greatly missed at the Bank of England, I am delighted that he is taking up such an important role at the Reserve Bank of Australia."
Hauser's transition to the RBA is anticipated to begin before the board's first meeting next year. It remains to be seen whether this new era will also be marked by a change in the direction of monetary policy.
Fuse Minerals goes public
Regional copper explorer Fuse Minerals Ltd's initial public offer (IPO) opened on Friday, November 17, and is set to close on December 4, paving the way for an ASX listing before the year closes out.
Chair Nyunggai Warren Mundine AO will promote the IPO at a lunch in Perth on Tuesday.
Fuse, which was founded in 2021 to prospect for ‘future-facing commodities’, has the backing of a number of mining luminaries and is looking to raise up to $10 million at IPO to fund exploration at its gold and copper plays in Western Australia and Queensland.
Its three key projects – Mt Sydney and Mt Sandiman in WA, and Eastern Isaac in Queensland – are chasing base metals such as copper, lead, zinc, nickel, silver and gold."
Class action on ‘contracts for difference’
Law firm Piper Alderman has initiated a class action against International Capital Markets Limited (IC Markets) on behalf of Australian investors who have lost significant amounts trading contracts for difference (CFDs). The action alleges losses incurred due to IC Markets' alleged unconscionable and misleading conduct from December 2017 to March 2021 and for breaches post-October 2021.
CFDs, legal in Australia but controversial and banned in some countries, are leveraged financial products allowing investors to speculate on asset value changes without owning the assets.
The Australian Securities and Investments Commission (ASIC) imposed stringent conditions on CFDs in 2021, following revelations that a majority of retail clients trading CFDs incurred losses, often exceeding their initial investment.
The class action aims to recover losses for retail investors, particularly those with little trading experience, who were allegedly not adequately informed about the risks involved in trading CFDs.
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Aeris Resources launches $30 million equity raising supported by major shareholder
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Australian Cell and Gene Catalyst calls for cell and gene therapies to be recognised as medical specialty
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Krakatoa Resources ups the ante on King Tamba with aggressive new drilling
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