Seven West Media soared, ending the week 27.3 per cent higher at 70¢ a
share. The firm's shares surged after the Australian Competition and
Consumer Commission decided not to oppose the acquisition by Seven West
and Nine Entertainment of Network Ten's stake in the TX Australia joint
venture.
Network Ten has vowed to appeal the ruling. In addition, Seven
Group Holdings chief executive Ryan Stokes said that his firm's interest
in Seven West Media will hopefully grow, soothing worries that the
Stokes family could sell out of its media interests.
Key US jobs data are due out Friday morning US time and RBC economist Tom Porcelli says the evidence continues to suggest that the US job market remains relaxed. Jobless claims came in much better than expected in the final week of April, he notes.
While both ISM readings came in light of consensus on the headline for April, recent data readings have been quite volatile, he says. "There are no implications for non-farm payrolls from a slight deceleration in ISM employment. We remain at 255/250k for headline/private."
The Reserve Bank of Australia's Statement on Monetary Policy out on Friday contained almost no changes to the central bank's key forecasts but did provide a few more clues on its thinking around interest rates.
The statement "provided a clearer sign that the RBA has moved on from wondering if interest rates need to rise to considering when they will rise," noted Paul Dales at Capital Economics. "But the bank also appears to be all-but ruling out a hike this year. We continue to believe that interest rates are unlikely to rise until late next year.
Key US jobs data are due out Friday morning US time and RBC economist Tom Porcelli says the evidence continues to suggest that the US job market remains relaxed. Jobless claims came in much better than expected in the final week of April, he notes.
While both ISM readings came in light of consensus on the headline for April, recent data readings have been quite volatile, he says. "There are no implications for non-farm payrolls from a slight deceleration in ISM employment. We remain at 255/250k for headline/private."
The Reserve Bank of Australia's Statement on Monetary Policy out on Friday contained almost no changes to the central bank's key forecasts but did provide a few more clues on its thinking around interest rates.
The statement "provided a clearer sign that the RBA has moved on from wondering if interest rates need to rise to considering when they will rise," noted Paul Dales at Capital Economics. "But the bank also appears to be all-but ruling out a hike this year. We continue to believe that interest rates are unlikely to rise until late next year.
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