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Sydney behind the gates as Melbourne and Adelaide exit lockdown

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As Sydney continues to battle high Covid-19 case numbers, Melbourne and Adelaide will come out of lockdown from 11:59pm local time tonight

From 11.59pm tonight, Victorians will be able to leave their homes for any reason. Restaurants and cafes can also reopen for seated service. Retail and beauty and personal care will open in line with density limits, as will entertainment venues and community facilities.

Melbourne to lift lockdown restrictions

Premier Daniel Andrews has announced the “cautious” easing of restrictions, in place to limit social interaction while allowing business to reopen.

It follows Melbourne and the state of Victoria recording 10 new Covid-19 infections today, which were all linked to current outbreaks and all quarantining whilst infectious. 

What changes for Victoria?

This news will be a welcome relief for businesses who have been severely impacted by this fifth lockdown.

“To every Victorian who checked in with our QR system, who got tested and quarantined, and stayed home to slow the spread of this virus, thank you – it’s because of you we’ve able to get on top of this Delta outbreak and open up our state”

Premier Daniel Andrews

The conservative easing of regulations will see hospitality and retail reopen, with strict density limits, but masks will still be required both indoors and outdoors and visitors at home will remain banned. 

Public gatherings will be allowed with up to 10 people, with infants under 12 months not included in the cap.

“Today is welcome news but with thousands of Victorians in quarantine, we need to remain vigilant to keep each other safe – so please check in everywhere, every time, wear a mask and get vaccinated as soon as you’re eligible.

Minister for Health Martin Foley

However, due to the significant transmission risk we have seen throughout the pandemic, gatherings in the home are still not permitted. People will only be able to book accommodation with their household, intimate partner or single bubble person.

Live music venues, dance classes and physical recreation facilities, including gyms, will all open with density requirements of 1 person per 4sqm.

“We understand that that will be challenging for people who have not seen family and friends for a couple of weeks now … but we know that this is where transmission occurs.”

Mr Andrews also said there will be no crowds at large gatherings for a few weeks.

“No crowds at large events theatres or those sorts of gatherings for at least two weeks.”

A maximum of 50 people will be permitted at weddings. Funerals will also have a cap of 50 mourners, plus those conducting the funeral.

Health officials say they take “some comfort” in knowing that all cases over the past 48 hours have been in isolation whilst infectious. 

Sydney records highest daily covid-19 numbers

NSW has reported 172 new local coronavirus cases on Tuesday, its highest daily case total since the start of Sydney’s current outbreak, with at least 60 infectious in the community.

“My message to everybody is please come forward and get the vaccine,” the Premier said.

“Not only are you protecting yourself but you’re protecting those closest to you.”

Half of Australia’s population in lockdown until midnight Tuesday

Australia’s second-biggest city plunged into lockdown five two weeks ago after an outbreak of COVID-19.

NSW has now recorded its ninth and 10th deaths related to outbreak.

Meanwhile, South Australia’s lockdown is expected to end at midnight but a range of restrictions will remain in place.

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Money

Dow rises 400 points as trade tensions ease

Dow climbs 400 points as trade tensions ease, Trump signals no plan to fire Fed Chairman Powell.

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Dow climbs 400 points as trade tensions ease, Trump signals no plan to fire Fed Chairman Powell.

In Short

Stocks rose significantly on Wednesday, with the Dow up 461 points amid optimism about reduced U.S.-China tariffs.

Investors reacted positively to President Trump’s comments on trade, improving overall market sentiment after a four-day losing streak.

Stocks saw significant movement on Wednesday, with the Dow Jones Industrial Average rising by 461 points, or 1.2%.

The S&P 500 and Nasdaq Composite also experienced gains of 1.7% and 2.6%, respectively.

Initially, the Dow surged by 1,100 points due to optimism surrounding U.S.-China trade relations.

President Donald Trump indicated a willingness to adopt a less aggressive trade strategy, suggesting that the current 145% tariff on imports from China would be significantly reduced but not eliminated entirely.

Trade agreement

Treasury Secretary Scott Bessent commented on the potential for a beneficial trade agreement between the two nations, expressing a desire for joint efforts to address trade imbalances.

Market reactions reflected relief at the prospect of eased tensions, with Keith Buchanan from Globalt Investments noting that investors were hopeful the worst might be over, though uncertainties remain.

Reports indicated that the U.S. administration was contemplating reducing tariffs on China to between 50% and 65%, contingent upon mutual concessions from both countries.

Stocks affected by trade dynamics, particularly tech companies like Apple and Nvidia, showed marked increases, with Tesla’s shares rising 5% partly attributed to these easing tariff concerns.

Investor sentiment improved further when Trump reaffirmed that he has no intention of dismissing Federal Reserve Chairman Jerome Powell, a shift from his previous criticism of Powell’s leadership.

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Money

Credit-card firms prepare for economic downturn risks

Credit card companies prepare for economic downturn; rising delinquencies prompt tighter lending despite continued consumer spending.

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Credit card companies prepare for economic downturn; rising delinquencies prompt tighter lending despite continued consumer spending.

In Short

US credit card companies are preparing for a possible economic downturn by tightening lending and increasing reserves, even as consumer spending remains high.

While the wealthy continue to spend, access to credit is diminishing for lower-income individuals, and caution is growing among banks.

Credit card companies in the US are preparing for a potential economic downturn despite current consumer spending levels. Businesses are increasing reserves and tightening lending as delinquencies rise to pre-pandemic levels.

JPMorgan Chase and Citigroup have augmented their rainy day funds to mitigate expected losses. Retail card issuer Synchrony is applying stricter lending criteria, while U.S. Bancorp is targeting wealthier customers to reduce risk.

Although large lenders are still reporting profits, the effects of Trump’s trade war have yet to reflect in financial results. Recent data shows that Americans are spending and borrowing at a faster pace compared to last year.

Travel and entertainment

However, there are warning signs as consumers begin to cut back on nonessential expenditures such as travel and entertainment. The trend of cardholders making only minimum payments is above pre-pandemic levels.

Despite consumers showing confidence in spending in early April, banks remain cautious. They are redirecting their marketing strategies towards affluent households, recognising that the wealthiest individuals account for a significant proportion of total spending.

Conversely, access to credit is tightening for lower-income individuals, with Synchrony reporting declines in active accounts and purchase volumes. American Express, meanwhile, continues to perform well among high-income clients, with strong consumer spending growth reported.

Unemployment rates among white-collar workers remain low, offering some stability in credit card portfolios for certain issuers.

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Money

U.S. shares rebound amid tariff negotiation optimism

U.S. shares rebound over 2.5% amid tariff optimism, despite economic warnings and mixed global market performance.

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U.S. shares rebound over 2.5% amid tariff optimism, despite economic warnings and mixed global market performance.

In Short

U.S. shares rebounded significantly due to optimism over tariff negotiations, with major indexes rising over 2.5%. However, companies continue to face challenges from tariffs and uncertainty in the market, leading to mixed results overseas.

U.S. shares saw a significant rebound on Tuesday, with major indexes increasing by over 2.5%.

This recovery was influenced by optimism regarding tariff negotiations, as noted by Treasury Secretary Scott Bessent, who expressed confidence in a potential de-escalation of the trade war with China.

Despite this positive sentiment, companies are still grappling with the effects of the Trump administration’s tariffs.

Defense contractor RTX announced an anticipated $850 million financial impact, and Kimberly-Clark cited a “global geopolitical landscape” for a lowered profit outlook.

Economic forecasts

The International Monetary Fund has revised its economic forecasts for the U.S. and globally, highlighting tariffs as a factor in slower growth.

Goldman Sachs CEO David Solomon indicated that high levels of uncertainty are hindering corporate decisions and impacting asset prices, and the Institute of International Finance warned of a probable U.S. recession later this year.

Gold prices have fluctuated, retreating after reaching a record high on Tuesday, reinforcing its status in uncertain markets.

Tesla’s quarterly earnings did not meet estimates, but the company’s share price remained stable.

Concerns about President Trump’s trade policies and his remarks regarding Federal Reserve Chair Jerome Powell contributed to market volatility earlier in the week.

In trading results, the Dow Jones increased by 1,017 points or 2.7%, while the Nasdaq and S&P 500 both rose by 2.7% and 2.5%, respectively.

Treasury yields decreased slightly, and Bitcoin’s value climbed past $91,000.

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