Opening up early access to super for housing would have a negative effect on the balances of even those members that don’t dig into their savings, with funds forced to adopt more conservative investment strategies and hold more liquid assets.
The circa $88 billion industry fund for workers in health and community services reckons that alleviating the affordable housing crisis will boost its other investments by easing the cost of living and inflation.
Local market weakens, as guidance flows in, Platinum outflows continue
The S&P/ASX200 continued to weaken as the guidance flows in from numerous sectors of the economy.
The industrials sector was the rare highlight, gaining 0.4 per cent, with the energy and technology sectors finished down 1.6 and 1 per cent respectively.
Among the biggest drivers was a continued weakening of the AUD even as the 10-year government bond yield reached 4 per cent, the highest point in several years.
Among the highlights were mining stocks Orica (ASX:ORI) and Mineral Resources (ASX:MIN), which gained 2.8 per cent after confirming the potential cost of their major mine upgrade.
It was a busy day for earnings guidance, with Telstra (ASX:TLS) adding 0.3 per cent after the new CEO Vicki Brady confirmed the company expected free cashflow of $1.1 billion in FY23 along with an increase in earnings.
It was the opposite story for fund manager Platinum Asset Management (ASX:PTM), which lost 0.9 per cent after confirming another $172 million in outflows in September, sending assets under management to $17.45 billion.
Moneyme jumps, Baby Bunting sinks on downgrade, travel stocks shine
Shares in lender and recent acquirer of peer-to-peer lending platform Society One, being MONEYME added more than 15 per cent after confirming the company will reach $200 million in net revenue and expects to reach profitability in FY23.
Retailer Baby Bunting (ASX:BBN) fell by more than a quarter after the company announced they expected their margins to be significantly impacted by higher inflation in the economy.
Management reported a 2.3 per cent fall in profit margins despite a 12 per cent increase in sales over the first quarter of the year. Both freight and foreign exchange are hitting the company.
Shares in HelloWorld (ASX:HLO) fell 0.5 per cent despite the company reporting a more than 300 per cent increase in total transaction value and positive earnings of $5.3 million.
The company also reaffirmed guidance for FY23. Luxury retailer Cettire (ASX:CTT) added 1.2 per cent after the company reported earning of $5.5 million on a 72 per cent increase in earnings to $66 million.
However, fellow retailer City Chic (ASX:CCX) was among the worst performers falling close to 8 per cent.Â
Nasdaq hits lowest point since 2020, BOE bond purchases expand, Uber hit by labour reform
The Nasdaq has fallen to its lowest point since 2020, with the benchmark down another 1.1 per cent on Tuesday, the fifth straight day of losses.
The selling pressure was widespread but the likes of Meta (NYSE:META) and Netflix (NYSE:NFLX) down more than 4 and 6 per cent respectively.
A key driver has bene the bond yield, with the two year exceeding 4.3 per cent, the highest level since 2007.
The S&P500 fell 0.7 per cent while the Dow Jones posted a small 0.1 per cent gain on hopes the energy sector will drive earnings in the upcoming reporting season.
Analysts expect 4.5 per cent growth across the market, with energy to grow 6.3 but financials to fall 1.6 per cent.
The IMF has downgraded US growth to just 1.6 per cent in 2023, down from a forecast of 2.3 per cent just three months ago.
