Money
Major Australian airport calls for vaccine speed-up as industry runs dry
The CEO of Melbourne Airport says the vaccine rollout in Australia must “increase significantly” after reporting a major decline in traffic in July
Melbourne Airport’s July traffic numbers saw a 85.7 per cent drop compared to pre-pandemic levels.
The international hub welcomed just over 467,000 people in July, almost all of them being domestic travellers.
Chief of Aviation of Lorie Argus says the mood at the airport right now at the terminal is dull.
Melbourne Airport’s passenger traffic for the last financial year dropped to its lowest level since 1984
Argus says the airport is supportive of the Australian Government’s four stage plan back to freedom, however stressed further devastation will be felt to airlines and airports themselves if lockdowns and travel restrictions continue in the short term.
“It’s really hard for airlines and airports to keep operating at such losses”
Airports hit heavy – not just airlines
In an interview with ticker NEWS, Argus says that all levels of the travel market continue to be left devastated by changes to COVID rules, but highlighted an important notice – airports are struggling too.
Argus says airports continue to face financial losses due to the decline in traffic through terminals.
The Chief of Aviation says that unlike airlines “airports must continue and keep the lights on” – highlighting that hubs around the globe must continue to keep the doors open regardless of passenger numbers, and mostly that’s due to having to cater for freighter flights.
The business’ chief executive, Lyell Strambi, says it was now a matter of “urgent and critical national interest” to address the country’s vaccine supply challenges.
“The nation’s rolling border closures obliterate air travel and damage confidence, making it almost impossible for people to plan and book interstate trips,”
According to reports, passenger numbers for FY20-21 at Melbourne Airport was just 6.1 million. Domestic numbers made up the bulk of passengers – 5,939,368 – but that number alone was a 68.8 per cent decline on FY19-20. International numbers of 230,455 represented a 97.2 per cent drop on the same time last year.
Money
Stocks rally ahead of Thanksgiving as markets log four days of gains
Markets gain momentum ahead of Thanksgiving, with the Dow up 388 points and Oracle rising 4% amid investor optimism.
Markets gain momentum ahead of Thanksgiving, with the Dow up 388 points and Oracle rising 4% amid investor optimism.
Markets are moving into the Thanksgiving break with strong momentum, as stocks notch four straight days of gains. The Dow Jones Industrial Average jumped 388 points, while the S&P 500 added 0.9%, pushing both indexes toward their best week since June.
Oracle led major movers, rising more than 4% after Deutsche Bank reaffirmed its bullish outlook on the tech giant. Broad investor optimism continues building across sectors as economic data softens and earnings remain resilient.
All eyes are now on the Federal Reserve and what potential shifts in interest-rate policy may mean for the markets. U.S. markets will close Thursday for the Thanksgiving holiday and reopen Friday for a shortened trading session.
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Money
Dow surges 500 points amid rate cut optimism
Dow jumps 569 points on fresh hopes for December rate cut and AI market optimism
Dow jumps 569 points on fresh hopes for December rate cut and AI market optimism
– Dow Jones rose 569 points, reflecting optimism for a Federal Reserve interest rate cut.
– Alphabet’s stock increased as Meta may invest in AI chips, but Nvidia’s declined amid market concerns.
Markets anticipate an 85% chance of a quarter-point rate cut in December, driven by comments from New York Fed President John Williams, who indicated the possibility of lower rates soon. Investor sentiment strengthened following reports that Kevin Hassett may be appointed as the next Fed chair, potentially resulting in a more lenient monetary policy.
Tech Sector
Alphabet saw its stock rise by over 1% after reports indicated that Meta Platforms might invest in its AI chips. This could signal increased demand for AI technology, benefiting the sector overall. However, Nvidia’s stock fell more than 3%, suggesting concerns about its dominance in the AI chip market.
Investors are also wary of the valuation of tech stocks. Despite recent gains, the S&P 500 and Nasdaq remain down over 1% and 3%, respectively, for November, while the Dow has lost more than 1% this month. The broader market’s performance indicates ongoing scrutiny regarding tech valuations amid changing economic expectations.
Money
Gold prices surge as Central Banks buy big, but risks grow ahead
Gold prices surge as central banks increase demand; risks include a stronger dollar and rising interest rates.
Gold prices surge as central banks increase demand; risks include a stronger dollar and rising interest rates.
Gold prices are climbing fast as central banks ramp up buying, pushing demand to its highest levels in years. The metal’s reputation as a safe haven is strengthening, especially amid rising geopolitical tensions and global financial uncertainty.
But experts warn the shine could fade. A stronger US dollar and the possibility of rising interest rates may weigh on momentum, making investors question how long the rally can last.
Dr Steven Enticott from CIA Tax breaks down the drivers behind gold’s surge—from ETF inflows to physical bar demand—and what could send the price sharply higher… or lower.
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