Bitcoin +0.1% to $US16,958 at 5.50am AEDTTesla -1.6% Apple -1.3% Amazon -1.2%Brent crude -1.6% to $US85.47 a barrelWith the labour market still tight, average hourly earnings increased 0.6 per cent after advancing 0.5 per cent in October. That raised the annual increase in wages to 5.1 per cent from 4.9 per cent in October. Wage growth peaked at 5.6 per cent in March.
The broad wage gains suggest that the moderation in inflation, evident in October data, will be gradual. Economists said this also raised concerns about a wage-price spiral that could keep service prices rising outside the shelter component.“The broad-based nature of the increase and its consistency with other data on wages makes us think that around 5 per cent average hourly earnings growth is not an aberration,” Andrew Hollenhorst, chief US economist at Citigroup in New York, told Reuters.
Energy and technology stocks were among the biggest drags on the broader index, offsetting gains in real estate and retailers. Data this week from Europe showing cooling inflation and falling German retail sales and exports have also made the case for the European Central Bank to opt for a smaller hike.
However, ECB vice-president Luis de Guindos said on Friday the central bank needs to focus on bringing inflation down to its 2 per cent mid-term goal and therefore keep raising interest rates despite a recent deceleration in the pace of price rises.Among individual stocks, French drugmaker Sanofi fell 1.9 per cent after saying that if it bid for biotech company Horizon Therapeutics Plc, it would do so in cash.
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Surprise fall in inflation casts doubt on Reserve Bank’s next rate moveThere may be signs inflation pressures are easing, giving the RBA time to think about future rate rises.
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Federal parliament ends 25-year-old ban on territory euthanasia lawsThe Commonwealth imposed the veto on the Northern Territory and the ACT in 1997, but the Senate has now voted to remove it. Good. Finally some increasingly rare good sense. Of course. First, terminal physical illness. Then mental illness (as defined by the patient) Followed by “you know, what quality of life does this poor really have and if it’s so intolerable to even think about his shitty their existence is, why not decide for them.” bread leave
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Labor's workplace reforms pass federal parliament | 7NEWSThe largest shake-up of Australia's workplace laws in decades has passed on the final day of federal parliament. Business groups claim it will do little for the economy as AlboMP claims a major victory in the fight to lift wages. auspol 7NEWS AlboMP Their fluffing around and it wont do anything ! talk about patting themselves on the back for nothing AlboMP Disastrous! AlboMP What a massive win for investors and big business. Higher wages means higher prices and higher cost of living ensuring the rich get richer and the people get poorer. I love have Labor trick people into thinking it’s a good thing. Suckers.
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Food organic waste target abandoned by the federal governmentAustralia has abandoned its goal of collecting food organic waste in kerbside bins by 2023, now aiming for all metropolitan households and businesses to be able to put food in their green bins by the end of the decade. . The Federal Govt has zero ability to effect change in rubbish. Rubbish is the responsibility of states, which allocate it to local councils or developers (same thing). But if you have ever seen a landfill operation or been given a tour, you will know this is REALLY FN BAD! . Imagine composting your own scraps and growing your own food, what a revolutionary idea. Probably no money in it 🤡
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