Business in 90 Seconds
In this update: New inflation data appears to give the RBA scope to keep rates lower for longer; and BHP Biliton has reported record iron ore production across its WA mines.
Transcript
-
THE LATEST INFLATION DATA APPEARS TO GIVE THE RBA SCOPE TO KEEP RATES LOWER FOR LONGER
THE BUREAU OF STATISTICS SAYS THE CONSUMER PRICE INDEX INCREASED BY HALF A PER CENT IN THE DECEMBER QUARTER
THAT TAKES THE ANNUAL RATE TO 1.5% UP FROM 1.3% IN THE PREVIOUS QUARTER
THE NUMBER IS SLIGHTLY BELOW ANALYSTS EXPECTATIONS
AND REMAINS WELL OUTSIDE THE RESERVE BANK'S 2-3% TARGET RANGE
THE AUSTRALIAN DOLLAR HAS EASED BACK AFTER THE FIGURES WERE RELEASED AS TRADERS REASESS THEIR RATES FORECASTS
ITS BUYING 75.68 US CENTS
THE AUSTRALIAN SHARE MARKET IS MANAGING MODEST GAINS
MINING AND BANKING STOCKS ARE IN THE LEAD
THE ALL ORDS IS UP A THIRD OF A PER CENT
THE ASX 200 INDEX IS UP A SIMILAR AMOUNT
BHP BILLITON HAS REPORTED RECORD IRON ORE PRODUCTION ACROSS ITS WEST AUSTRALIAN MINES IN THE SECOND HALF OF 2016.
THE WORLD'S BIGGEST MINER'S OUTPUT WAS UP 4% FROM THE SAME TIME A YEAR AGO.
IT CREDITS THE RAMP UP OF ITS JIMBLEBAR MINE IN THE PILBARA.
BHP SAYS IT RECEIVED AN AVERAGE PRICE OF $US55 A TONNE UP 28% FROM THE SAME TIME IN 2015.
IRON ORE PRICES DOUBLED IN 2016 THANKS TO A JUMP IN CHINESE DEMAND.
THE MINER IS ON TRACK TO MEET ITS PRODUCTION TARGET FOR THE YEAR.
