17 May 2021
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5 things you need to know today

Switzer Daily
30 April 2021

1. ASX hits 14-month high

The S&P/ASX 200 closed at its highest level since February 2020 yesterday, rising 17.60 points or 0.25% during the session to 7,082.30. The index is expected to be up just over 4% for the month, marking the best monthly gain since November.

2. Copper reaches over US$10,000 for first time since 2011

Copper prices have surged due to strong demand from China, rising to above US$10,000 per tonne for the first time since February 2011. The price of copper has risen more than 25% so far this year. A Reuters survey of analysts noted prices are expected to fall to US$8,800 a tonne in the third quarter of 2021 as China pulls back on spending.

3. Amazon jumps as Twitter falls

Amazon reported a 44% increase in sales in the first quarter of 2021 and earnings of US$15.79 per share after the market closed compared to an anticipated US$9.54 according to Refinitiv. The stock moved more than 3% higher in after hours trade. Meanwhile, Twitter reported a lower than expected earnings and user growth, sending the stock more than 11% lower after hours.

4. Three rental properties in Australia affordable to individuals on JobSeeker according to Anglicare

Anglicare Australia's latest Rental Affordability Snapshot found that three of the 74,266 rental properties listed on realestate.com.au on March 26 were affordable for a single person on JobSeeker. "There is a major disconnect between the commentary on the rental market and how it’s actually working for those on the lowest incomes. Many will be surprised to learn that affordability has not improved for these people. Instead, it has crashed," wrote Anglicare Australia executive director Kasy Chambers.

5. S&P 500 reaches new record

The S&P 500 rose by 28.29 points or 0.68% to 4,211.47 on Thursday, boosted by strong results for Facebook which rose by 7.30% after the company reported a 48% jump in revenue. The Dow Jones close 239.98 points or 0.71% higher to 34,060.36 and the Nasdaq rose 31.52 points or 0.22% to 14,082.55

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