● The Australian Bureau of Statistics said on
Wednesday the consumer price index grew just 0.2 per cent quarteronquarter, leaving inflation for the year at 1.7 per cent.
● in Australia: average unleaded petrol prices reached a low of $1.17 per litre in December 2014, the lowest recorded average daily price since February 2009."
OPEC says oil may have hit bottom: ● March Brent crude rose US17¢ to $US48.33 a barrel, after settling down 1.3 per cent on Monday.
● Oil prices have lost nearly 60 per cent in value since last peaking in June 2014, in a rout fuelled by ample global supplies from the US shale oil boom and a decision by OPEC to keep its production quotas unchanged. Markets Live: $A jumps on CPI surprise:
● The dollar has jumped on the back of higher than expected core inflation, while the stock market slipped slightly, as the chances of another RBA rate cut drop.
● Australia: inflation is holding at the low end of the
Reserve Bank’s target 23%.
● It is pretty clear that inflation is not a threat to the domestic economy
, meaning that the Reserve Bank can comfortably keep interest rates at exceptionally low levels over the medium term.
● The tradeable component of the CPI result fell by
0.6% in the December quarter.
Shares: Crown is rallying
● Shares are up 8 per cent at $13.75
following yesterday's 4.3 per cent rise.
● gross gaming revenue rose 6 per cent for the week ending January 25, according to
Bank of America.
● The stock has also been upgraded to a
'conviction buy' at Goldman Sachs
, with a price target of $17.50.
Loans data shows Australia's housing boom