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ASX set for flat start Wall Street mixed iron ore rises

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Summary
  • SPI futures were down 6 points and hinting at a weak start for the S&P/ASX 200. The market lost 0.3% on Thursday to close at 7335.9 as Victorians joined Sydney in lockdown
  • Wall Street was mixed overnight with the Nasdaq dropping 0.7% as Apple, Amazon and other tech companies fell on an improved jobs report. The data fed investor concerns about a recent inflation spike
  • Brent crude fell 2.1% to $US73.22 a barrel, and US oil lost 2.3% to $US71.47, as investors prepared for additional OPEC supply to hit the market
  • Iron ore gained another 1.6% to $US222.09 a tonne on the back of stronger-than-expected Chinese economic data 
  • The corporate regulator will not pursue criminal charges against AMP Financial Planning for alleged fees-for-no-service conduct arising from its Buyer of Last Resort Policy
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  • The corporate regulator will not pursue criminal charges against AMP Financial Planning for alleged fees-for-no-service conduct arising from its Buyer of Last Resort Policy (BOLR).

    ASIC this morning said the decision to finalise the investigation comes following consultation with the Commonwealth Director of Public Prosecutions.

    ASIC’s investigations into other allegations of fees for no service conduct within the AMP Limited group - arising from evidence supplied at the Financial Services Royal Commission - are continuing.

    ASIC has will not pursue criminal charges against AMP Financial Planning for its alleged fees-for-no-service breach arising from a Buyer of Last Resort Policy.

    ASIC has will not pursue criminal charges against AMP Financial Planning for its alleged fees-for-no-service breach arising from a Buyer of Last Resort Policy. Credit:Will Willitts

    ASIC’s investigations into conduct by entities within the AMP Limited group - including the BOLR policy - resulted in two briefs of evidence being referred to the Commonwealth Director of Public Prosecutions in mid-2020.

    This morning it said no further action will be taken on the BOLR matter.

    “The CDPP has now determined, on the basis of the available evidence and weighing the relevant public interest factors, that no charges should be brought for that conduct,” ASIC said in a release this morning.

    AMP Group General Counsel David Cullen welcomed the decision and acknowledged the deficiencies in its historic systems and processes within the advice business to monitor ongoing service fees.

    “In 2018, the business completed the implementation of enhanced systems and controls to improve monitoring and reporting and to protect against recurrence. We have apologised to all affected clients and confirm that remediation was also completed in full in 2018,” Mr Cullen said.

    “With today’s confirmation that no action will be taken, we are pleased to have closure on this matter.”

    ASIC has conducted a number of investigations into alleged civil contraventions by entities within the AMP Limited group.

    Civil penalty proceedings were commenced in the Federal Court in May 2021 against five companies that are, or were, part of the AMP Limited group for allegedly charging fees to deceased customers

    Major US stock indexes closed mostly lower on Thursday in New York, pulling back further from the record highs they reached at the start of the week.

    The S&P 500 fell 0.3 per cent after shedding an early gain. The benchmark index is now on pace for its first weekly loss in four weeks. The Australian sharemarket is poised to edge lower, with futures pointing for a drop of 6 points, or 0.1 per cent, at the open.

    Wall Street has slipped further from the record highs it reached earlier in the week.

    Wall Street has slipped further from the record highs it reached earlier in the week.Credit:AP

    Technology and communications stocks, and companies that rely on consumer spending, accounted for much of the pullback, outweighing gains elsewhere in the market. Energy stocks fell following a broad slide in energy prices. Among the winners were financial stocks, including banks, which have been reporting mostly solid earnings.

    Bond yields fell. The yield on the 10-year Treasury note slipped to 1.30 per cent from 1.35 per cent the day before.

    Investors continued to focus on where the economy is headed as the pandemic wanes and on what companies have to say about how higher inflation is affecting their business.

    “As long as inflation ends up being transitory, as the Fed believes, the economy is set to continue to do real well,” said Chris Gaffney, president of TIAA Bank World Markets. “The big risk is that inflation spikes and stays here.”

    Read the full story here

    AP

    ASX futures down 6 points at 7237 at 8.30am AEST

  • Australian dollar at 74.22 US cents
  • Wall Street: S&P500 -0.3%, Dow +0.2%, Nasdaq -0.7%
  • Europe: Stoxx 50 -1.1%, FTSE -1.1%, DAX -1%, CAC -1%
  • Spot gold +0.1% at $US1829.50 per ounce
  • Brent crude -2.1% to $US73.22 a barrel; US oil -2.3% to $US71.47 a barrel
  • Iron ore +1.6% to $US222.09 a tonne
  • 10-year yield: US 1.30% Australia 1.28% Germany -0.34%
  • Bitcoin flat at $US31,778; Ethereum flat at $US1,927

    • Good morning everyone, and welcome to Markets Live. Alex Druce is on deck and will be steering this ship into the weekend.

    Drop him a line in the comments if you see something noteworthy out there. He does love to get mail.

    The ASX is set for a flat start after a mixed session on Wall Street overnight. Iron ore rose, while oil prices went the other way.

    This blog is not intended as financial advice

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