Asian stocks, oil sell off on second wave fears

first_img“We assume that any second wave is likely to be more manageable than the first given earlier policy experience,” analysts at Morgan Stanley wrote in a note.“Policy easing will also help Asia (excluding Japan) get back on its feet better.”The Chinese yuan dipped in offshore trade to 7.0877 per dollar while the risk-sensitive currencies of Australia and New Zealand were also sold off. Both were last down 0.4 percent at US$0.6855 and $0.6424, respectively.Investors are keeping a close eye on Chinese industrial production and retail sales figures due later in the day for signs of recovery in the world’s second-largest economy.Elsewhere, the dollar was little changed at 107.46 yen as investors avoided big moves before a Bank of Japan policy meeting ending Tuesday.No major changes are expected, but some investors may be interested in Governor Haruhiko Kuroda’s views on its yield curve control policy.US central bankers have discussed the option of adopting yield curve control to cap bond yields.Analysts said further tests awaited global markets this week – in particular whether re-opening hopes could still push equities higher.Federal Reserve Chairman Jerome Powell is due to testify before Congress where “he may try to spin a more upbeat/hopeful outlook – but whether markets listen remains to be seen,” said Betashares chief economist David Bassanese.Also of interest is US May retail sales figures on Tuesday, which are expected to bounce smartly after a slump in April.“If the market can’t rally on retail sales it will be a strong signal that the initial ‘re-opening bounce’ has finally been priced,” Bassanese added.“If so, that means going forward economic data – which will provide guideposts on the actual shape of the recovery – will start to matter again.”In commodities, oil prices slipped with Brent down 2 percent at $37.95 a barrel while US crude fell 2.7 percent at $35.26. Gold rose 0.2 percent to $1,732.2 an ounce on safe haven demand.Topics : However, risk sentiment took a knock after Beijing recorded dozens of new COVID-19 cases in recent days, all linked to a major wholesale food market.Investors are also fretting over a spike in cases in the United States.Another large coronavirus outbreak could roil financial markets, which had been rallying recently on hopes for economic recovery.Some analysts were still hopeful Monday’s sell-off will be temporary. Asian markets started the week on the backfoot on Monday while oil prices slipped as fears of a second wave of coronavirus infections in China sent investors scurrying for safe-havens.MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.25 percent with Australian shares off 0.4 percent and South Korea slipping 0.6 percent. Japan’s Nikkei fell 0.75 percent.The losses follow a strong rally in global equities since late March, fuelled by central bank and fiscal stimulus and optimism as countries gradually lifted restrictions put in place to curb the spread of the novel coronavirus.last_img read more

Queensland wins eight national awards for housing prowess

first_imgQueensland builders picked up eight out of 21 possible awards at the Australian HIA Awards.QUEENSLAND has scooped the pool at this year’s HIA — CSR Australian Housing Awards, winning eight out of a possible 21 awards, proving the Sunshine State is leading the way in innovative housing design.HIA managing director Shane Goodwin said the Awards recognised outstanding achievement within the residential building industry. Space Constructions, based in Bulimba, won Australian Display Home for its Bulimba Parade home.The judges noted that the clever use of double-height glazing and a striking feature wall delivered a wow factor as the living area unfolds.Space Constructions joint principal Bob Antic said the living area was also his favourite part of the stunning home. Planbuild Homes “Australian Display Home” 2017.More from newsMould, age, not enough to stop 17 bidders fighting for this home4 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor4 hours agoPlanbuild Homes marketing and design manager Niki McKay said the home showcased an area of the market that the company had taken under their wing.“We’re a project builder but we’re very good at that, so we can take a larger plan and customise it and turn it into something special,” she said.Ms McKay said the designs brief was to create a resort style home with dual recreational areas, with a resort style pool, media room, billiard room, spa, sauna, steam room and guest/family bedrooms on the lower level; while the upper level provided an informal living space and balcony showcasing the views.“We’re honoured by the nomination and win, there were some great builders and really beautiful homes,” she said.The judges were impressed by Epernay’s modern interpretation of the classic Hampton’s style home, saying it was perfectly designed to maximise the space of a smaller lot.Aria Property Group on Australian Apartment Complex for Botanica in South Brisbane. Space Constructions “Australian Display Home” of the year 2017.Mr Antic started Space Constructions around 10 years ago with joint principal Andy Tomic, and they joined forces with Hugo Design to work on the award-winning home.“The double height ceilings in the living room, with the fireplace and stone wall, and especially the feature timber ceiling, are probably my favourite features of the home,” Mr Antic said.He said he was genuinely surprised to win the award because it was a heavily contested award.“We’re very proud and pleased with the win as it’s a combination of many years of hard work and to be recognised by your peers as a relatively small company compared to other competitors, was a real surprise, Mr Antic said. Planbuild Homes, based in Kedron, won Australian Project Home for “Epernay” built overlooking the racecourse at Hendra.The creation of Planbuild Homes managing director Robert Thomson, the original floor plan was designed to fill a gap in the project home market allowing clients to enjoy a view from an upstairs living space.center_img ARIA Property Group’s “Australian Apartment Complex” 2017 for Botanica.The 20-level building, including six levels of car parking camouflaged by a living green wall, impressed the judges with its workmanship and comfortable communal spaces.JW Constructions won the Australian Renovation/Addition Project and James Thompson took out the Jim Brookes Australian Apprentice Award.Queensland winners;:Space Constructions — Australian Display HomePlanbuild Homes — Australian Project HomeJW Constructions — Australian Renovation/Addition ProjectAria Property Group — Australian Apartment ComplexEnigma Interiors — Australian Kitchen of the YearSublime Architectural Interiors — Australian Kitchen DesignKeir Constructions — Australian Specialised HousingJames Thompson — Jim Brookes Australian Apprenticelast_img read more