Daily Report

Boomers struggling to get finance as banks pull back from reverse mortgages; farm production plummets as drought starts to show for eastern states; and the Fed rejects the idea of Modern Monetary Theory, closing the door on ever-increasing debt levels. Here’s what’s happening in markets today.

What I’m reading

Banks pull back on reverse mortgages

Many retirees rely on unlocking the equity in their homes to supplement their income in retirement. But with banks increasingly cautious to lend in this sector, it’s creating issues for some Baby Boomers.

Read article

Farm production plummets due to east-coast drought

Despite a bumper year in WA, falling livestock, wool, and milk production in the eastern states has left a $5.8B hole in the economy and the hip pockets of farmers.

Read article

Debt and deficits still matter

Democratic politicians in the US have proposed social programs that would cost upwards of $US90 trillion, and hope to print money and increase debt levels to pay for it. Why does it matter to Australians? Well, if such policies were implemented, it would undermine the Greenback’s status as the world’s reserve currency.

Read opinion

Stocks to watch

  • OZ Minerals (OZL) has completed a scoping study on the expansion of its Carrapateena project
  • Myer (MYR) announced half year results. Total sales and same store sales were both down, but their net loss last year has swung to a net profit this year, as margins improved, and debt was reduced
  • Bubs Australia (BUB) announced a partnership with Beingmate China to market and distribute its infant formula in China.

Key market data

  • ASX Futures: 6,189.0 (-0.39%)
  • AUD/USD: 0.7085 (-0.12%)
  • ASX200: 6,199.30 (-0.29%)
  • S&P 500: 2,789.65 (-0.11%)
  • China A50: 12,960.37 (-0.12%)
  • Australia 2-yr bond: 1.736 (-1.08%)
  • Australia 10-yr bond: 2.157 (-1.37%)
  • US 2-yr bond: 2.547 (+0.18%)
  • US 10-yr bond: 2.719 (-0.19%)
  • Gold (USD/oz): 1,288.70 (+0.09%)
  • Copper (USD/lb): 2.937 (+0.89%)
  • Brent Oil (USD/bbl): 65.64 (-0.05%)
  • 62% Iron Ore (USD/t): 87.15 (+0.69%)

Upcoming releases and events

  • Australian GDP for Q4 is released today at 11:30am AEST
  • Retail sales and trade data for January are released tomorrow at 11:30am AEST
  • Chinese trade data for February is released on Friday
  • US housing starts and building permits are released on Friday at 11:30pm AEST.

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John Gates

J Gates I swear by LICs but, if Bill Shorten has his way, He will grab my ATO tax refund of about $18500-00-Bit of a blow at 95, and I shall be obliged to sell most of my LICs to reinvest for higher return to compensate. Hoping for LITs and unfranked share recommendations.