TMH Market Update: Australia eyes surprise second surplus as Treasurer Chalmers reveals better-than-expected budget deficit

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TMH Market Update: Australia eyes surprise second surplus as Treasurer Chalmers reveals better-than-expected budget deficit

The Market Herald2023-12-13

US inflation came in at 3.1 per cent overnight for November, down 0.1 per cent from the 3.2 per cent read in October. The US Federal Reserve meets tonight, and it’s still widely tipped that rates will...

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Ruiqing
·2023-12-14
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The US looks set to get close towards the two per cent target in 2024. \nAlso today, the Albanese government’s mid-year budget review has revealed a smaller deficit than expected of only $1.1 billion, largely cut down by a withdrawal of spending commitments on key projects.\nAt a press conference today, Treasurer Jim Chalmers said while it’s not yet forecast, the nation is “within striking distance” of a surprise second surplus. The Albanese government delivered the first budget surplus in 15 years last financial year.\nThe news has taken a positive turn towards the local share market– with the ASX200 trading in the green–up nearly half a per cent in early afternoon trade.\nHealthcare stocks are in the lead, while energy stocks are struggling, losing .7 of a per cent.\nAir New Zealand (ASX:AIZ) has shed 1.5 per cent after adjusting its first-half earnings guidance.\nThe airline now anticipates earnings to be “around the lower end of its A$167.7 million to A$214.4 million range initially provided on October 12.”\nIt cites the reasons as softness in domestic travel demand, particularly in corporate and government travel, with late booking activity also remaining weaker compared to the previous year.\nAIZ also cautioned that the June half-year will present increasing challenges.\nAIZ has been trading at 60 cents.\nRaiden Resources (ASX:RDN) entered into a memorandum of understanding (MOU) with First Quantum Minerals Australia (FQMA) over its Mt Sholl project in Western Australia.\nRaiden will maintain its rights to gold and lithium-caesium-tantalum (LCT) over the project, with exploration continuing. FQMA will have its eyes on the nickel-copper-PGE rights of the project.\nUnder the agreement, First Quantum Minerals Australia will solely fund the project up to the decision to mine (DTM), while Raiden continues to hold a 30 per cent free-carried interest.\nDuring a 12-month due diligence period, FQMA will invest in Raiden through staged investments and milestone cash payments.\nRDN has been trading at 3.6 cents.\nAnd Vulcan Energy (ASX:VUL) has taken a step forward in its quest to establish a more sustainable battery electric vehicle (BEV) supply chain in Europe by securing the go-ahead from the Landau City Council in Germany.\nThe green light from the council will allow Vulcan to build its Phase One Geothermal renewable energy and Lithium Extraction Plant (G-LEP) on designated land in the city’s planned commercial park.\nPhase One boasts a targeted annual production capacity of 24,000 tonnes of lithium hydroxide, which is enough for roughly 500,000 battery electric vehicles.\nVulcan is targeting the first lithium production from its optimisation plants in Q1 2024 and aims to finalise Phase One financing by Q2 end.\nVUL has been trading at $2.11.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":251863616741616,"gmtCreate":1702533396239,"gmtModify":1702533400523,"author":{"id":"4119331802872342","authorId":"4119331802872342","name":"Ruiqing","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4119331802872342","authorIdStr":"4119331802872342"},"htmlText":"jin","listText":"jin","text":"jin","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/251863616741616","repostId":2391584799,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}