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Melbourne in lockdown limbo: state locked down with no end in sight

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Sydney and Melbourne will both remain in lockdown this week amid a growing number of new Covid-19 infections

Victorian state premier Daniel Andrews has announced that Covid-19 lockdown will not end tomorrow night.

Twelve million Australians are now in Covid-19 lockdown, with hundreds of new cases. In New South Wales, authorities recorded 111 new cases in the previous 24 hours, up from 97 the day before. Around 80% of these infections are from three areas in Sydney.

The state government has banned more than 600,000 people from these hotspot areas from leaving their districts, even for work. Workers in the health or emergency sector are exempt, but need to be tested every three days. These restrictions will stay in place until at least the end of the month.

It follows the New South Wales Premier, Gladys Berejiklian saying it may take up to five more days before the impact of the state’s tougher restrictions become clear.

Premier extends Melbourne lockdown

Just last weekend, Melbourne recorded its 11th-straight day of zero new Covid-19 infections. Now, the city is days into a snap lockdown, which the government planned to end tomorrow.

State Premier Daniel Andrews says ending the lockdown would “not be the right thing to do”. There will be no further advice as to when the lockdown will end until tomorrow.

People wait in line outside a coronavirus disease (COVID-19) vaccination centre at Sydney Olympic Park in Sydney, Australia, July 14, 2021. REUTERS/Jane Wardell

Australia’s vaccination roll-out

As many Australians go into lockdown, some good news is on the horizon. Amid the lockdowns, Australia’s lacklustre vaccination rollout program will get a much needed boost. One million new Pfizer Covid vaccination doses will arrive in Australia today.

The nation’s Covid-19 Taskforce Commander hopes to see an acceleration in vaccination rates. He says every Australian who wants a jab will have one by the end of the year.

Australia now has 13 per cent of the population fully vaccinated, with 10 million doses now administered. Australia has recorded 31,632 coronavirus cases and 913 deaths since the pandemic began.

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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U.S. small business confidence hits 3-1/2-year peak

US small business confidence hits 3.5-year high post-election, driven by optimism for economy and hiring plans.

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U.S. small-business confidence reached its highest point in nearly 3-1/2 years in November, according to the National Federation of Independent Business (NFIB).

The NFIB’s Small Business Optimism Index increased by 8.0 points to 101.7, marking the highest level since June 2021.

This surge followed the recent elections, which saw Donald Trump winning the presidential race and the Republican Party gaining control of Congress.

Small business owners, who typically lean Republican, showed increased confidence, a trend anticipated by economists.

Other sentiment surveys also reported improvements in consumer confidence post-election.

Economic improvement

The percentage of small business owners expecting economic improvement rose significantly, indicating a shift in outlook.

More owners believe now is a good time to expand their business, with expectations for higher sales growth increasing. Concerns about inflation slightly lessened, as fewer owners cited it as their primary issue.

Additionally, the uncertainty index for small businesses dropped, reflecting increased stability in economic expectations.

Despite ongoing labor shortages in various sectors, the number of businesses planning to hire rose to the highest level in a year.

Compensation for employees saw an uptick; 32% of owners reported increases, while a notable percentage plans further raises in the coming months.

 

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Money

Inflation report tests stock rally before Fed meeting

**Inflation report next week could impact stock rally; Fed rate cuts anticipated amid strong job growth and resilient economy.**

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An upcoming inflation report will assess the strength of the U.S. stock market rally and influence the Federal Reserve’s rate cut strategy.

The S&P 500 has recorded its third consecutive weekly gain, increasing over 27% year-to-date.

This upward momentum in equities is influenced by expectations of additional Fed interest rate cuts amid a resilient economy.

Friday’s employment report indicated stronger than expected job growth, reinforcing this positive outlook. However, this data is not expected to change the Fed’s rate plans for its upcoming December meeting.

The consumer price index data due on Wednesday may alter this optimistic sentiment if inflation exceeds expectations, posing risks for well-performing stocks.

Experts note that if inflation rates are high, it could create uncertainty for investors before the Fed meeting.

Following the recent jobs report, the probability of the Fed cutting rates has increased, with nearly a 90% chance predicted for a 25 basis point cut.

The consumer price index is expected to rise by 2.7% over the past year.

If CPI results are higher than expected, it might prompt a cautious approach on future cuts, affecting outlooks for 2025.

Additionally, inflation concerns are heightened by the potential introduction of tariffs by President-elect Donald Trump.

Despite these factors, stock prices continue to rise, although there are warning signs of overly optimistic sentiment in the market.

Some analysts maintain a positive view on stocks heading into the year-end, citing a reduction in concerns surrounding the economy and interest rates.

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Money

Stocks on the way to achieve three consecutive years of gains

S&P 500’s strong 2024 raises hopes, but concerns linger over AI sustainability and economic headwinds affecting future gains.

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The S&P 500 has risen 28% in 2024, poised for consecutive annual gains of over 20%.

Major banks forecast more modest returns for 2025, projecting the index reaching 6500, a 6.7% rise from approximately 6090.

Barclays has a more optimistic target of 6600, with Bank of America and Deutsche Bank expecting 6666 and 7000, respectively.

President-elect Donald Trump’s policies are seen as potentially beneficial for stocks, though high interest rates and geopolitical issues pose risks.

Investors remain cautious about the sustainability of the rally.

Economic conditions

Upcoming inflation data will be crucial for assessing economic conditions before the Federal Reserve’s anticipated rate cut in December.

Increasingly, small-cap stocks are joining the rally, with the Russell 2000 index nearing record highs.

More than 220 S&P stocks have hit 52-week highs recently, which indicates broader market strength, making it less susceptible to downturns.

The early market gains were largely driven by major tech stocks, which continue to perform well amid various challenges.

Long-term growth expectations, however, appear dim, with forecasts suggesting limited gains over the next decade.

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