Latest updates on Key Economic Indicators

Australian Dollar: $0.7280 USD (down $0.0018 USD)

Iron Ore Dec Spot Price (SGX): $118.99 USD (up $0.75 USD)

Oil Price (WTI): $41.41 USD (up $1.01 USD)

Gold Price: $1,875.66 (up $7.35 USD)

Dow Jones: 29,459.52 (down 120.51 points)

All changes compared to 7am yesterday.

Anthony Fauci says he will take Pfizer's COVID-19 vaccine next month

The US Government plans to begin vaccinating Americans in December, as long as Pfizer submits the positive initial data from its COVID-19 vaccine trial to health regulators as quickly as expected.

op US infectious disease expert Anthony Fauci and Health Secretary Alex Azar both said high-priority groups would be the first to receive the vaccine.

On Monday (local time), Pfizer said the vaccine it had been developing with German partner BioNTech SE was 90 per cent effective against COVID-19, based on an early look at results from its large, late-stage trial.

The US drug maker said that as soon as next week it expected to have safety data needed to apply for emergency use authorization (EUA) with the US Food and Drug Administration (FDA).

Upon FDA authorisation, the United States would receive about 20 million doses of the Pfizer vaccine per month, Mr Azar said on a call with reporters, noting that the Department of Health and Human Services could being procuring supplies at the end of this month.

The Australian Government has signed a deal to take 10 million doses of the Pfizer vaccine, which will cover five million people based on the two doses needed.

The manufacturer last month received "Provisional determination" from the Therapeutical Goods Association (TGA).

That means the TGA has already began to assess the vaccine and will streamline the process, however, it is the first step and does not mean it will be approved for use in Australia.

Vaccine boost to take time

The Australian Financial Review - Page 1 & 6 : 11 November 2020 - Original article by Jill Margo, Finbar O'Mallon - PortMac.News Summary

Prime Minister Scott Morrison says the initial clinical trial results of Pfizer's COVID-19 vaccine trial are 'very promising'.

However, epidemiologists have expressed caution about the early results from the phase-3 trial, noting that limited details have been published to date.

Distributing the Pfizer vaccine would also present a logistical challenge in Australia, given that it must be stored at minus 70 degrees.

The federal government has secured 10 million doses of the vaccine, but people will require two doses each in order for it to be effective. It is also uncertain as to whether Australia will be given priority in being allocated doses of the vaccine.

Two-thirds of Victorians say office workers should be able to return to work in a COVID-safe office now

Market Research Update - Page Online : 11 November 2020 - Original article by Roy Morgan - PortMac.News Summary

A special Roy Morgan survey into Victoria's COVID-19 restrictions shows that two-thirds of Victorians (66%) say office workers should be able to return to work in a COVID-safe office now, like people working in restaurants, cafes and other retail outlets.

Support for returning to the office is highest amongst L-NP supporters (72%) and supporters of Independents/Others (71%), but there are also large majorities of ALP supporters (68%) and Greens supporters (55%) who say office workers should be allowed to return to working in the office.

In addition, 65% of Victorians still say they want face mask wearing to remain compulsory now - although this is down from 87% two months ago during the middle of Victoria's Stage 4 lockdown.

This special Roy Morgan Snap SMS survey was conducted with a Victoria-wide cross-section of 1,253 Victorians aged 18+ on November 9-10. Victoria has recorded 11 consecutive day with no new COVID-19 cases.

ANZ-Roy Morgan Consumer Confidence increases for tenth straight week

Market Research Update - Page Online : 11 November 2020 - Original article by Roy Morgan - PortMac.News Summary

ANZ-Roy Morgan Consumer Confidence rose 3.2pts to 103.1 on the weekend of November 7/8.

It is now 8.7pts above the 2020 weekly average of 94.4, but still 8pts lower than a year ago (111.1). Consumer Confidence has now increased for 10 straight weeks and is up 12.9pts since ending August at 90.2, and at its highest since March 1 (104.8).

Now 27% (up 5ppts) of Australians say their families are 'better off' financially than this time last year, while 33% (down 1ppt) say their families are 'worse off' financially. In addition, 35% (down 1ppt) of Australians expect their family to be 'better off' financially this time next year, and 17% (up 1ppt) expect to be 'worse off' financially.

Some 12% of Australians (unchanged) expect 'good times' for the Australian economy over the next 12 months, while 29% (down 1ppt) expect 'bad times' (the lowest figure for this indicator since July 2019).

Meanwhile, 41% (up 6ppts) of Australians say now is a 'good time to buy' major household items (the highest figure for this indicator since May 30/31), while 27% (down 5ppts) say now is a 'bad time to buy' (the lowest figure for this indicator since early March).

Aussie coal aboard a 'Floating Chinese jail'

The Australian - Page 1 & 2 : 11 November 2020 - Original article by Will Glasgow, Nick Evans - PortMac.News Summary

An Indian-owned cargo ship and its crew have become an unwitting casualty of Australia's growing trade tensions with China.

The 'MV Jag Anand' has been detained in Chinese waters since mid-June, after leaving the port of Gladstone on 26 May; it is carrying 160,000 tonnes of coal from Anglo-American's mines in Queensland.

Chinese authorities are refusing to allow the vessel to leave, although Japan has agreed to buy the shipment of coal.

The National Union of Seafarers of India says that some members of the ship's crew have now been aboard the vessel for nearly 20 months.

Labor to back foreign influence bills

The Australian Financial Review - Page 3 : 11 November 2020 - Original article by Andrew Tillett - PortMac.News Summary

The federal government's Foreign Relations Bill seems set to be passed by the Senate within days after Labor indicated that it will back the legislation even if its proposed amendments are rejected.

The bill will give the federal government the power to veto agreements that states, local councils or universities make with foreign governments.

Labor's foreign affairs spokeswoman Penny Wong says the legislation should be redrafted because it was drawn up without proper consultation.

Flaws highlighted in election poll 'Failure'

The Australian Financial Review - Page 3 : 11 November 2020 - Original article by Andrew Tillett - PortMac.News Summary

The Association of Market & Social Research Organisations has made 10 recommendations in the final report of its inquiry into the performance of public opinion polls in the lead-up to the 2019 federal election.

The Coalition won the election with 51.5 per cent of the two-party preferred vote, but all major opinion polls ahead of election day suggested that Labor would win.

Amongst other things, the AMSR has recommended the creation of a code of conduct for the industry.

JobMaker laws set to bypass objections

The Australian - Page 7 : 11 November 2020 - Original article by Olivia Caisley - PortMac.News Summary

Shadow employment minister Brendan O'Connor has indicated that Labor is unlikely to oppose legislation to enact the federal government's JobMaker hiring credit scheme.

However, he says the bill is "woefully inadequate" and no amount of amendments will fix it. The Senate has passed amendments to the bill that were proposed by Labor and the Greens; they are aimed at preventing employers from exploiting the scheme by sacking existing staff and replacing them with younger workers in order to qualify for the subsidy.

Welfare lifeline 'Risking the recovery'

The Australian - Page 7 : 11 November 2020 - Original article by Patrick Commins - PortMac.News Summary

Prime Minister Scott Morrison has defended the federal government's decision to further reduce the JobSeeker coronavirus supplement.

He contends that the government needs the "right settings in place" to assist employers to attract staff as the pandemic abates.

Council of Small Business Organisations CEO Peter Strong has backed the decision to reduce the JobSeeker supplement to $150 per fortnight; he notes that many small businesses are finding it difficult to fill vacant positions, particularly in regional areas.

Bourse surges on hopes of vaccine

The Australian - Page 23 : 11 November 2020 - Original article by Samantha Bailey - PortMac.News Summary

The Australian sharemarket posted solid gains on 10 November; the S&P/ASX 200 rose 0.7 per cent to close at 6,340.5 points, after reaching an intra-day high of 6,438.

BHP was 0.4 per cent higher at $36.03, National Australia Bank rose 7.6 per cent to end the session at $21.26 and Flight Centre added 9.3 per cent to finish at $15.70. However, Northern Star Resources was down 11.5 per cent at $14.91 and Afterpay shed 10.9 per cent to close at $93.18.

NAB sticks to guns on fees for no service

The Australian Financial Review - Page 17 : 11 November 2020 - Original article by James Frost - PortMac.News Summary

The Australian Securities & Investments Commission's case against National Australia Bank over the fees-for-no-service scandal is likely to proceed to trial in mid-2021.

NAB has made a number of admissions over the scandal, including the fact that it had engaged in misleading and deceptive conduct.

However, the bank will contest a number of allegations, including that it engaged in unconscionable conduct.

NAB also disputes the number of breaches of Section 962P of the Corporations Act that ASIC has alleged.

Rewards platform prepares for IPO

The Australian - Page 21 : 11 November 2020 - Original article by Damon Kitney - PortMac.News Summary

My Rewards International proposes to list on the Australian sharemarket in early 2021. Telstra and MLC are among the companies that use MyRewards to provide digital rewards and discounts for their employees and customers.

My Rewards will also pursue growth by expanding into the direct-to-consumer market. My Rewards was previously listed on the ASX as The Rewards Factory.

Spiderman & Wonder Woman are the most popular superheroes for kids in 2020

Market Research Update - Page Online : 11 November 2020 - Original article by Roy Morgan - PortMac.News Summary

New research from Roy Morgan reveals that Spiderman has leapt into first place as Australia's favourite superhero for kids aged 6-13 years old, after over-taking previous favourite Wonder Woman.

An estimated 335,000 Aussie kids picked Spiderman as their favourite superhero in the year to June 2020, up 165,000 compared with two years ago.

Wonder Woman is in a clear second place, picked by 260,00 kids (down 108,000 on two years ago), ahead of caped superhero Batman (chosen by 211,000 - down 92,000 on 2018).

Spiderman is far and away the most popular superhero for boys with Peter Parker's alter-ego picked by 232,000 boys in 2020, up 107,000 from two years ago. Spiderman was also picked by 102,000 girls.

Wonder Woman's gender split is far starker with the daughter of Queen Hippolyta and Zeus picked by 257,000 girls but only 3,000 boys.

The top 10 list of superheroes is dominated by Marvel Comics with six characters compared to four created by rival DC Comics.

As well as the most popular superhero, Spiderman, other Marvel Comics superheroes to figure prominently include Iron Man on 130,000, Thor on 82,000, Captain America on 62,000, The Incredible Hulk on 54,000 and newcomer Black Panther on 45,000.

Sarah Hanson-Young to push for media diversity inquiry after Kevin Rudd's Murdoch petition

The Guardian Australia - Page Online : 11 November 2020 - Original article by Amanda Meade - PortMac.News Summary

Greens senator Sarah Hanson-Young has called for a Senate inquiry to examine the federal government's "cosy" relationship with media giant News Corporation.

The Greens want the environment and communications references committee to examine issues such as media diversity and the independence and reliability of the media in Australia.

The proposed inquiry would need the support of Labor, One Nation and crossbenchers.

A petition calling for a royal commission into News Corp's domination of the media sector was recently presented to parliament.

Fox get King Kohli all to themselves

The Australian - Page 28 : 11 November 2020 - Original article by Ben Horne - PortMac.News Summary

Fox Sports' exclusive coverage of Australia's upcoming One-Day International cricket series against India will give it a major advantage over free-to-air rival Seven Network.

Indian captain and star batsman Virat Kohli will only play in the six-match series and the First Test in Adelaide, before flying home for the birth of his first child. Kohli has been regarded as a key drawcard for Cricket Australia and the two broadcasters during the 2020-21 summer, and he has been central to the networks' marketing campaigns for their cricket coverage.

Live events are 'On the cusp of returning'

The Australian - Page 21 : 11 November 2020 - Original article by David Swan - PortMac.News Summary

Eventbrite CEO Julia Hartz is upbeat about the outlook for Australia's live events industry, which has been hard hit by the coronavirus pandemic.

She expects the initial focus to be on smaller and more local live events due to social distancing requirements.

Eventbrite's survey of Australian music fans earlier in 2020 found that there was already a strong preference for smaller live events prior to the pandemic.

Eventbrite's revenue fell by 75 per cent year-on-year in the September quarter.

Indigenous advisory group to counsel Rio

The Australian - Page 17 : 11 November 2020 - Original article by Paul Garvey - PortMac.News Summary

Rio Tinto will seek to improve relations with traditional owners by establishing an indigenous advisory group.

The resources giant has appointed indig­enous leader Wayne Bergmann as a special adviser; he will consult with traditional owners regarding the proposed advisory group, which is part of Rio Tinto's response to the controversy over its destruction of ancient rock shelters at Juukan Gorge.