The price of gasoline falls with the price of crude oil; retailers want to open on the national day of mourning; The ASX goes up

The S&P/ASX200 gained 69.50 points or 1.01% to 6,963.70, topping its 20-day moving average. Over the past five days, the index has gained 1.63%, but is down 6.46% for the last year to date.

The best performing stocks were Nickel Industries Ltd up 6.98% and Gold Road Resources Ltd (ASX:GOR) up 5.88%.

Among the sectors, energy lost 0.07% as crude oil continued to fall and health care lost 0.28% in the red. In the circle of winners were Materials up 2.17%, Consumer Discretionary up 1.54%, Financials up 1.08%, Information Technology up 1, 58% and utilities up 1.54%.

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Comm Bank attempts to mitigate rate hike with new fuel app

All four big banks passed on the Reserve Bank of Australia’s recent cash rate hike in full.

The 50 basis point rise dealt a blow to mortgage holders, but shareholders are enjoying the gains.

Australia and New Zealand Banking Group Ltd rose 1.5%, Westpac Banking Corp was ahead 1.29%, CBA, Australia’s largest mortgage provider, rose 0.93% and National Australia Bank Ltd rose just 0.2%.

Updated variable home loan rates will take effect from September 16, with the exception of Westpac which is giving customers an additional week of grace.

The official exchange rate is now at 2.35%, and further increases are expected. At this time, the lowest variable home loan rate will be Westpac at 3.99%. It comes with a caveat of being a two-year loan for new customers and will drop to 4.39%.

The CBA’s lowest rate will drop to 4.19%, the NAB’s to 4.24% and the ANZ’s to 4.19%.

Some savings accounts will grow.

In what may be a cynical move to disguise rising rates, or a genuine move to add value, Commonwealth Bank has launched a fuel finder feature in its CommBank app to help customers find the cheapest fuel expensive and to “manage the rising cost of fuel”. .

This is a pilot feature rolling out to 250,000 customers in New South Wales. It will monitor fuel consumption habits to predict when refueling is needed and remind them of the cheapest options available.

It will be accompanied by a fuel price card.

“Fuel Finder is different because it’s customized for each customer and does all the work for them. The CommBank app is able to let them know where they can buy the cheapest fuel nearby, at a time when they might need to fill up,” said CBA GM trader Rochelle Eldridge.

Gasoline prices at their lowest since November

Drivers and other fuel consumers are paying the least they’ve paid since November 2021 as demand for crude oil weakens, fears of a global economic slowdown continue.

According to the Australian Petroleum Institute (AIP), the national average price of unleaded petrol fell 8.5 cents per liter last week to an eight-month low of 164.4 cents per litre. In Melbourne, it has fallen back to around $1.50.

CommSec Chief Economist Craig James estimates that oil prices in Australia could end up falling 5-6% in the September quarter, which would reduce the quarterly inflation rate by 0.2%.

“But with the reinstatement of the fuel excise, petrol prices are likely to rise again in the December quarter – adding to inflation – unless global oil prices can continue to ease. “, did he declare.

The Australian Competition and Consumer Commission predicts that once fuel excise duties are reinstated, petrol will go up an additional 23.5 cents per litre, which is still better than paying almost 2, $50.

CommSec estimates that the average family now pays $230.16 per month to fill up the car – well below the record high of $297.50 per month in March.

Crude oil prices are currently down 30% from June highs

In Sydney, the cheapest unleaded petrol is 154.3 c/litre, followed by Adelaide at 155.4 c/l. Darwin had the most expensive at 180.0c/l and Canberra at 179.8c/l.

Queen’s holiday hurts retailers

Retailers believe an extra-long weekend will hurt businesses still recovering from the pandemic.

The National Retail Association has called for retail businesses to be allowed to operate on the September 22 public holiday, which honors the late Queen.

“The National Day of Mourning is an opportunity for the community to observe the loss of the Queen in their own way, which means some retailers will remain open in accordance with public holiday business regulations,” said Victoria Hansen, head of the engagement of NRA members.

“Given the short notice of the holidays, store opening and closing instructions determined by states and territories should take into account the complications for businesses, which must manage a change in opening hours, staff schedules and the impact on cash flow.

“However, we support the voluntary nature of the work arrangements, so businesses that wish to remain open can, and those that choose to close for the day can make other arrangements.”

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Richard L. Militello