Qantas – Chief Executive Officer of Qantas, Alan Joyce says that Qantas’ financial recovery is going well as demand for flights is strong. Qantas is expecting to post a 1.3 billion pre-tax profit in the half year to December which is more than double what some analysts were expecting.
Inflation – US Inflation has risen at twice the pace forecast by economists with the Consumer Price Index hitting a four decade high of 6.6%. The information released by the Federal Reserve gives an indication that they are facing increasing pressure to reduce prices and in doing so will have to raise interest rates.
US markets – One of the largest US indexes, the Dow Jones Industrial Average fell about 500 points and then rose about 800 points in a single day of trading for the first time, ending the session up 2.8% which is the largest one-day percentage gain since November 2020.
AUD – The Australian dollar reached its lowest level in 2 ½ years on Monday with mounting global recession risks and rising coronavirus cases in China putting downward pressure on the dollar.
IAG – IAG has halted their shares as they consider the impact of the recent High Court’s decision to not allow IAG and policyholders special leave to appeal the Judgement of the Full Federal Court. IAG is disputing claims it failed to update its policies wording and inform the market about the consequences of this error.
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