ASX to rise, US bank earnings in focus

Three of the biggest US banks made billions more than they and analysts had projected in the March quarter.

“Leading up to the June meeting, we think further slowing in employment and core inflation, alongside the judgment that cumulative effects of past policy actions and tighter credit means policy is sufficiently in restrictive territory, and will keep the Fed comfortable with holding rates steady.“Our preliminary forecast for May job gains at 136,000 and core CPI at 0.25 month, we think extends the evidence of slowing momentum, and policymakers will be able to extrapolate from recent trends.

In a note, investment firm BCA Research sees few near-term catalysts for the currency though it’s longer-term outlook is positive. That said, BCA said “it will take much lower realised inflation – and a few softer job reports – before the RBA will be pressured to start easing policy”.

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Australian buys entire town in Californian desertAustralian theatre producer Ross Molson has bought an 80-acre town in the Mojave Desert in California after the town was originally sold to a “cannabis company,” says News Corp US Correspondent Tom Minear. The Melbourne man has been running the theatre company Spiegelworld in Las Vegas since his move to the United States in the early 2000s. “It’s a really fascinating place,” Mr Minear told Sky News Australia. “I feel like it’s a bit hard for us in Australia to get our heads around – you know, we’re used to small towns in regional areas being run by local councils and things like that. “Whereas in the US, this is a little bit more common – people can take ownership of a town.”
Source: SkyNewsAust - 🏆 7. / 78 Read more »