🚀Unemployment rate rises to 3.8% in March
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👋 I’m Miko and welcome back to the Evening Post Wrap.
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S&P/ASX 200 (XJO) closed 36.5 points higher at 7,642.1, up 0.48% from its session low and 0.19% from its low. Advancers outnumbered decliners 172 to 104 in the S&P/ASX 300 (XKO).
After a poor lead from the Nasdaq overnight, the Information Technology (XIJ) (+1.0%) sector led today. Due to a JP MorgaEvening Wrap: ASX 200 bounces! Gold, copper and metals rallies still running hot as brokers update BOQ, EVN, and RIO (marketindex.com.au)n rating upgrade to overweight, Macquarie Technology Group (ASX: MAQ) (+6.5%) gained a lot. The broker doubled MAQ's price target to $100. Sector leader Wisetech Global (ASX: WTC) rose 2%, which likely helped the XIJ.
Resources (XJR) (+0.83%) and Financials (XFJ) (+0.66%) also performed well today. I think these heavyweights drove the benchmark's gain. The combined XJR-XFJ best performers list included Pantoro (ASX: PNR) (+6.1%) (Gold – you're welcome), Aurelia Metals (ASX: AMI) (+5.9%) (Copper), and Metals X (ASX: MLX) (+3.4%) (Tin). [ Read more ]
💡Evening’s Headlines
The results of a crackdown on illicit online gambling services operating around the 2023 FIFA Women's World Cup were made public today by the Australian Communications and Media Authority (ACMA).
A Brisbane man, who is allegedly the Australian head of a transnational organised crime group, has been charged by the AFP regarding an unsuccessful attempt to import 900 kg of cocaine, which resulted in bricks of the drug washing up on beaches in New South Wales.
A bishop stabbed at a Sydney church on Monday says he is "recovering quickly" and forgives his attacker.
🗳️ AUS POLITICS
Unemployment rate rises to 3.8% in March
The seasonally adjusted unemployment rate rose by 0.1 percentage point to 3.8 per cent in March, according to data released today by the Australian Bureau of Statistics (ABS).
Bjorn Jarvis, ABS head of labour statistics said: “With employment falling by around 7,000 people and the number of unemployed rising by 21,000 people, the unemployment rate rose to 3.8 per cent.”
The small drop in employment in March followed a larger-than-usual flow of people into employment in February, following smaller-than-usual flows in December and January. However, in March, the flows into employment had returned to a more usual pattern.
As a result of the fall in employment and the pace of growth in the population, the seasonally adjusted employment-to-population ratio fell 0.2 percentage points to 64.0 per cent and the participation rate fell 0.1 percentage point to 66.6 per cent.
📠 BUSINESS
AER Report Reveals 20% Increase in QLD Electricity Prices and 9% in VIC Amidst Extreme Heat and High Price Events
The Australian Energy Regulator’s (AER) latest Wholesale Markets Quarterly Report reveals that seasonal changes and weather-related events contributed to increased wholesale electricity and gas prices during January to March 2024 compared with the previous quarter.
The report also shows that average quarterly electricity prices in QLD and VIC increased by 20% and 9% respectively compared to the corresponding quarter in 2023.
The 2023-24 summer was Australia’s third warmest on record, marked by widespread and persistent heat. [ Read more ]
🥫CONSUMER
ACCC Takes Legal Action Against Clorox for Misleading "Ocean Plastic" GLAD Bags
In violation of the Australian Consumer Law, the ACCC has filed a lawsuit in Federal Court against Clorox Australia Pty Ltd, the company that makes kitchen and trash bags under the GLAD brand. The lawsuit alleges that the company made false or deceptive claims that a specific line of kitchen and trash bags was partially composed of recycled "ocean plastic."
The ACCC alleges that Clorox represented that its GLAD Kitchen Tidy Bags and Garbage Bags were comprised of 50 per cent recycled ‘ocean plastic’ collected from an ocean or sea, when that was not the case.
The ACCC alleges that these GLAD kitchen and garbage bags were instead partly made from plastic that was collected from communities in Indonesia up to 50 kilometres from a shoreline, and not from the ocean or sea. [Read more ]
🖥️ Technology
Slack is expanding its customer base and making all of its AI tools available, but the cost will be high.
An AI-powered Slack expansion may make it much simpler to stay up to date on all of your recent work updates and conversations.
The online collaboration platform has announced that all paying customers will now have access to its Slack AI service, providing time-saving and productivity-enhancing tools to businesses worldwide.
Additionally, the business is introducing a new recap feature that can deliver a daily morning digest of summaries for the channels it believes the user would find significant. [Read more ]
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🌎 World Tonight
Thursday marks Prince William's first public appearance since his wife's cancer diagnosis, supporting the royal family as the princess and King Charles III continue to be sidelined by health issues. [AP]
Over 100 people have died in the neighbouring countries of Pakistan and Afghanistan as a result of the recent unseasonal rains, according to authorities. [CNN]
Dubai airport operations are still disrupted by heavy rains in the UAE and neighbouring countries. On Tuesday, the storm flooded roads and parts of the busy international airport in the UAE. Flash floods in Oman and the UAE have killed 20 and one, respectively. [BBC]
🏅 Fact Check
Many elections, many consequences
With a vast number of citizens around the world voting for leaders and legislatures this year, much will depend on their trust in the electoral process.
More than 50 countries are holding national elections this year, making 2024 the biggest year for democratic voting in history.
By year’s end, around 2 billion people will have had the chance to go to the polls, including in eight of the ten largest nations.
Democracies are made up of many moving parts, arranged in various formations, but they all start with one essential component: popular elections.
The simple fact that so many people now have the opportunity to vote – the equivalent of the entire world population a century ago – is an extraordinary demonstration of how far democratic rights have advanced.
But elections also mean transitions – and risk. [ Read more ]
📰 Good News, Inspiring, Positive Stories
ANZAC Day bus commemoratively launched by CDC NSW
NSW Minister for Regional Transport and Roads, The Hon. Jenny Aitchison, today joined veterans and staff from CDC NSW to officially unveil a special commemorative “Anzac Spirit” bus that pays tribute to Australians who currently serve and have served in the Australian Defence Force.
The “Anzac Spirit” bus will travel around the Hunter Valley and features a custom exterior wrap design depicting iconic images and symbols honouring the Australian and New Zealand Army Corps who served their country proudly. The design includes silhouettes of Australian diggers, poppies and an Australian sunrise along with the words “Lest We Forget” prominently displayed.
Minister for Regional Transport and Roads Jenny Aitchison said: “It is wonderful to see CDC NSW pay tribute to our local veterans in this way for
Anzac Day. These buses will be visible around the Hunter Valley over the next month and remind the local community of the great sacrifices made by past and present service men and women from our region.”
The “Anzac Spirit” bus will remain in operation for one month following Anzac Day as a traveling memorial.
Chief Executive Officer of CDC NSW, David Mead said “CDC NSW is honoured to commemorate the courage and sacrifice of our Australian veterans and active military members through this special ‘Anzac Spirit’ bus design.
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