ASX set to lift Jobs data helps US markets reset records
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Rating changes, via Bloomberg
Enterprise systems provider Technology One is bolstering its higher education vertical with the acquisition of UK software provider Scientia for £12 million ($24 million).
In a statement to the ASX this morning Technology One says it will make an initial payment of £6 million with progressibe earnouts to 2023.
“This acquisition forms part of our strategic focus to deliver the deepest functionality for Higher Education and it will accelerate our growth and competitive position in the UK as well as have significant benefits in the Australian Higher Education market,†Technology One chief executive Edward Chung says.
TechnologyOne CEO Edward Chung. Credit:Attila Csaszar
The company says Scientia provides mission critical software for over 150 leading Universities across the United Kingdom, and Australia including the University of St Andrews, University of Exeter, Monash University and the University of Queensland.
“The integration of the Scientia’s advanced academic timetabling and resource scheduling capabilities, combined with our market leading Student Management, HR & Payroll, Enterprise Asset Management and Finance capabilities, will provide smarter decision-making eliminating underutilisation of space and resources that is paramount for Higher Education across the globe in a post-covid world,†Chung says.
The $3 billion Technology One last traded at $10.13, just short of record highs.
For the half year ending March 31, it reported that revenue increased 5 per cent to $144.3 million, and net profits rose 48 per cent to $28.2 million and a final dividend of 9.41c per share.
The boss of $39 billion toll giant Transurban says Australia must start making plans to charge motorists for every kilometre they drive to pay for roads as the take-up of electrical vehicles erodes fuels excise revenue.
Scott Charlton’s view is backed up by Infrastructure Australia in the independent infrastructure advisor’s five-yearly infrastructure plan, to be published on Friday, which calls for a national distance-based “road user charge†for all vehicles within 15 years.
Transurban says Australia needs to prepare for the shift to road user charging now. Credit:Steven Siewert
Australia’s 43.3¢ per litre fuel excise is the largest single source of funding for building and maintaining the country’s roads. But the gradual adoption of electric vehicles will make that unsustainable, Mr Charlton said, meaning state and federal government governments have to plan for an alternative now.
“I drive an electric car, so I don’t pay anything to use the roads and I don’t think people would find that very fair,†he said in an interview ahead of the Infrastructure Australia report’s release.
“Mass introduction is still probably a decade away, but it’s how you transition to that over time which seems to make sense - 10 to 15 years - as more and more fleet becomes more and more efficient.â€
Victoria has already put a road-user charging system in place for electric and plug-in hybrid vehicles; South Australia and New South Wales have announced similar schemes.
Read the full story here
National Australia Bank’s small business banking executive Ana Marinkovic has called for greater certainty around the end of lockdowns, warning some small businesses may be forced to close if restrictions continue for much longer.
NAB has seen a 20 per cent increase in call volumes from small business owners seeking assistance during the latest lockdowns in Victoria and NSW, Ms Marinkovic said.
Ana Marinkovic, NAB executive general manager for small business lending.Credit:
She praised the government’s financial support packages but said many small businesses needed greater certainty around when restrictions would be eased.
“I feel the Australian government has done more in this space to support small businesses than any other government globally,†Ms Marinkovic said.
“What small business needs now more than anything else is the certainty, and making sure we have a coherent plan on how are we going to reopen? When are we going to reopen? Under which conditions are we going to open?
“The continuous opening and shutting down is what is impacting a lot of small businesses.â€
Read the full story here
Victoria’s daily coronavirus numbers are in.
The state has recorded 208 new, locally acquired cases of COVID-19 and one in hotel quarantine. This is Victoria’s highest daily figure in more than 12 months.
Of the 208 local cases, 96 are linked to known outbreaks. This means there are, at this stage, 112 mystery cases.
The Department of Health has not yet said how many local cases were in isolation for their entire infectious period.
There are now 1180 active cases of coronavirus across Victoria.
Today’s numbers are off the back of yesterday’s 48,572 tests.
Asian stocks look set for a steady start Friday after cyclicals led Wall Street to a record and the dollar fell ahead of a US jobs report that will shape views on the outlook for Federal Reserve monetary policy.
Futures for Japan and Australia rose, but retreated for Hong Kong. US equity contracts fluctuated after energy and industrial shares helped the S&P 500 scale a new peak. The US 10-year Treasury yield edged down and a gauge of the dollar hit a four-week low.
The payrolls report will colour expectations about when the Fed might start tapering pandemic-era stimulus and how long it can wait before hiking interest rates. The US probably added 725,000 jobs in August -- a more moderate pace versus the prior two months, but stronger than early 2021 gains.
Wall Street pushed further into record territory overnight. Credit:AP
In commodities, crude oil was near $US70 a barrel on bets that the market can absorb additional supply from OPEC+ as the US Gulf grapples with Hurricane Ida’s impact.
The payrolls report is another potential test of the prevailing calm in financial markets, which so far have weathered risks to economic reopening from coronavirus variants and the prospect of less expansive monetary policy.
“Most market watchers aren’t expecting the US central bank to announce its taper plans until its November meeting at the earliest, a full three non-farm payroll (NFP) reports from now,†Matt Weller, global head of research at Forex.com and City Index, wrote in a note to clients.
“Nonetheless, traders will still key in on Friday’s big jobs report to see if the labour market is recovering as expected.â€
In the latest comments from Fed officials, Atlanta President Raphael Bostic said “we’re going to let the economy continue to run until we see signs of inflation,†before stepping in on interest rates.
Meanwhile, Goldman Sachs Group strategists said concerns about economic growth are overdone, opening the way for potential gains in cyclical assets in the near future.
Traders are continuing to monitor the political debate over planned U.S. fiscal outlays. Senator Joe Manchin is demanding a “strategic pause†in action on President Joe Biden’s economic agenda, potentially imperilling the $US3.5 trillion tax and spending package.
Bloomberg
ASX futures up 17 points or 0.2% to 7479 at 8.30am AEST
Hello, and welcome to today’s Markets Live.
The ASX200 closed at its lowest in nearly two weeks on Thursday as ex-dividend mining titan BHP plunged, continuing a soft start to September for local equities. The index declined 0.6 per cent to 7485.7 for the session.
Futures are pointing to an early rise for the local market after another record-setting session on Wall Street.
Your editors today are Alex Druce and Colin Kruger.
This blog is not intended as financial advice.
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