Latest updates on Key Economic Indicators:

Aussie $: $0.6610 USD (down $0.0040 USD)

Iron (SGX): $99.55 USD (down $2.55 USD)

Oil (WTI): $73.78 USD (up $1.97 USD)

Gold: $1,975.26 USD (up $3.52 USD)

Copper (CME): $3.6395 (down 0.0380 USD)

Bit-coin: $27,201.63 (up 0.99%)

Dow Jones: 33,055.51 (down 231.07 pts)

All changes compared to 7am yesterday.

Ukraine War:

Bakhmut:

Ukrainian forces still control the south-western edge of the city of Bakhmut and fighting in the city itself has decreased, deputy Ukrainian defence minister Hanna Maliar claimed on Tuesday.

She wrote on the Telegram messaging app that Kyiv’s forces had made some progress “On the flanks to the north and south of Bakhmut” and that Russian forces, which say they have taken the city itself, were continuing to clear areas they control.

Push Back:

Moscow claims to have pushed back the fighters it says launched a cross-border attack from Ukraine into the Belgorod region.

There has been little clarity about who ordered the attack.

Russia has claimed it was carried out by “Ukrainian militants”, dismissing reports they had self-identified as an ethnic Russian, anti-Kremlin militia.

The Kremlin spokesperson, Dmitry Peskov, said there were many ethnic Russians inside Ukraine, but that this did not mean they were not Ukrainian militants.

Kyiv has disavowed any connection to the Russian partisan fighters, saying they act independently and are not subject to military control.

Anti-Russian “Partisan” Video:

Video footage posted online by one of the groups of Russian “Partisans” appeared to show US manufactured military vehicles were involved in the raid including Humvees and what appeared to be International Maxxpro 1224 mine resistant vehicles.

On Monday a US state department official reiterated the US policy that it did not support military action by Ukraine beyond Ukraine’s borders.

The events of the past 48 hours appear to confirm assessments in US intelligence documents – leaked by US airman Jack Teixeira to Discord – that Ukraine has trained and armed Russian volunteers with NATO equipment.

Ukrainian pilot training for F-16's:

The training of Ukrainian pilots to fly F-16 jets has begun in Poland, the EU foreign policy chief Josep Borrell has said, after the US gave its green light.

Zelenskiy visits marines:

Volodymyr Zelenskiy visited marines on Tuesday on the Vuhledar-Maryinka defence line in the Donetsk region, as part of celebrations for the national day of Ukrainian marines.

Modi’s rock-star welcome to Sydney

More than 20,000 people throng stadium for event that plays to confidence of India’s diaspora.

It was a rock-star welcome that would have made any of the world’s biggest stars blush - But not Narendra Modi.

Entering a heaving Qudos Bank Arena in Sydney’s west on Tuesday night, he was greeted by a roaring crowd who cheered and clapped throughout his speech.

The Indian leader spoke for nearly an hour, on both Australian-Indian relations as well as Indian economic and cultural successes.

“There are three Cs that defined our relationship with Australia: the Commonwealth, Cricket and Curry. But now it is three Ds: Democracy, Diaspora & Dosti [friendship],” he started. “Now there are also three Es that define the relationship: Energy, Economy & Education.”

Modi went on to list popular eateries in Harris Park, a central suburb for the Indian diaspora in Sydney, much to the delight of the crowd: “I want you all to take my friend Australian PM Albanese to these places.”

He said: “Mutual trust and mutual respect have not developed only due to the diplomatic relations of India-Australia. The real reason, the real power is – all of you Indians who live in Australia.”

“Man, this is awesome,” said Bhoomika Sampath, one of the volunteers at the event. “We are very proud of our country, we each hold on to that pride and want to be a part of it. We want to participate, and thats why we’re here.”

Consumer Confidence up 1.4pts

Market Research Update - Page Online : 24 May 2023 - Original article by Roy Morgan - Portmac.News Summary

ANZ-Roy Morgan Consumer Confidence rose 1.4pts to 77.3 in the week to 21 May.

The index has now spent 12 straight weeks below the mark of 80; the last time Consumer Confidence spent at least 12 weeks below the mark of 80 was during the 1990-91 recession, when the index was conducted on a monthly rather than a weekly basis.

Consumer Confidence is now 13.5pts below the same week a year ago (90.8), and 2.9pts below the 2023 weekly average of 80.2.

Consumer Confidence was up in Victoria, Queensland, WA and SA, but down in New South Wales.

Now 18% of Australians (up 1ppt) say their families are 'Better off' financially than this time last year, while 49% (down 7ppts) say their families are 'Worse off' financially.

Some 30% (unchanged) of Australians now expect their family to be 'Better off' financially this time next year, while 36% (down 1ppt) expect to be 'Worse off' financially.

Only 8% (up 2ppts) of Australians expect 'good times' for the Australian economy over the next 12 months, while 39% (up 2ppts) expect 'Bad times'.

Meanwhile, 17% (down 1ppt) of Australians say now is a 'Good time to buy' major household items, while 53% (down 2ppts) say now is a 'bad time to buy'.

Australia's economy is in better shape than most

The Australian Financial Review - Page 26 : 24 May 2023 - Original article by Cecile Lefort - Portmac.News Summary

Fitch Ratings expects the Australian economy to expand by just 1.5% in 2023, slightly below the Reserve Bank's forecast of 1.7% growth.

However, Fitch contends that the domestic economy is better-placed than most developed nations to cope with rising borrowing costs and slowing economic activity; this includes the other 10 nations that still have an AAA rating from the three major rating agencies.

Fitch cites a number of factors in Australia's favour, including a high level of household savings in the wake of the pandemic, exports to China and an increase in net overseas migration in coming years.

No worse time for IR reforms: builder

The Australian - Page 5 : 24 May 2023 - Original article by Mackenzie Scott - Portmac.News Summary

Data from the Australian Securities & Investments Commission shows that more than 1,800 companies in the construction industry have been declared insolvent so far in 2022-23.

Perth builder Robert Shaw believes that the turmoil in the sector means it is the wrong time for the federal government to be pursuing key measures in its second tranche of industrial relations reforms.

Amongst other things, the reforms will target 'Employee-like' working arrangements. Shaw contends that any move to force subcontractors on to inflexible award conditions will threaten the viability of small builders.

His firm has 12 full-time employees and uses about 400 subcontractors when required.

ASIO: Voice campaign may trigger violence

The Australian - Page 2 : 24 May 2023 - Original article by Sarah Ison - Portmac.News Summary

The Australian Security Intelligence Organisation's director-general Mike Burgess has raised concern about the national security implications of the referendum on an Indigenous Voice to parliament.

He has told a Senate estimates hearing that the referendum may lead to some protests and counter-protests, and that this could result in "Spontaneous violence".

Burgess also said that there is currently no evidence at present to suggest the potential for a terrorist attack or foreign interference in the referendum process, but cautions that such risks cannot be ruled out.

Australian producers plead not to be made a 'scapegoat' in EU trade talks

The Guardian Australia - Page Online : 24 May 2023 - Original article by Daniel Hurst - Portmac.News Summary

The federal government is close to finalising a free-trade agreement with the European Union, with hopes that the deal will be sealed by mid-2023.

Trade Minister Don Farrell has indicated that the use of geographical indicators for products such as feta remains a key sticking point in the negotiations.

Australian Dairy Farmers president Rick Gladigau says the government must not succumb to pressure from the EU on the issue.

He argues that banning the use of such names for Australian products would have a "Huge negative effect" on the local dairy industry and could force smaller cheese makers to go out of business.

Strong super gains tipped for 2023

The Australian - Page 17 : 24 May 2023 - Original article by Louise Brannelly - Portmac.News Summary

Data from Chant West shows that the median growth superannuation fund posted a return of 1.2% in April and 8.1% for the first 10 months of 2022-23.

Mano Mohankumar of Chant West shows that returns have been flat so far in May, but growth funds are still on track to achieve a full-year return of around eight per cent.

This compares with a loss of 3.3% in 2021-22.

SuperRatings' executive director Kirby Rappell is also upbeat about the sector's performance in 2022-23.

Qantas sets a course for $2.5bn profit

The Australian - Page 13 & 16 : 24 May 2023 - Original article by Robyn Ironside - Portmac.News Summary

Qantas has advised that its underlying profit for 2022-23 is expected to be within the range of $2.425bn to $2.725bn.

This compares with a loss of $1.8bn for the previous financial year. The carrier's quarterly update shows that air travel has rebounded from the pandemic-induced downturn.

Domestic operations' revenue is now at 118% of pre-Covid levels, while its international arm's revenue is at 123% of 2019 levels.

Meanwhile, seat capacity is now at 87% of levels prior to the pandemic, and CEO Alan Joyce expects this to reach 93% by the end of 2023.

Nine signs Paris Paralympic Games deal

The Australian Financial Review - Page Online : 24 May 2023 - Original article by Sam Buckingham-Jones - Portmac.News Summary

Nine Entertainment Company has secured the broadcasting rights to the 2024 Paralympic Games in Paris.

Paralympics Australia CEO Catherine Clark describes it as the most significant media rights deal in the history of the Australian Paralympic movement.

Nine has indicated that it will leverage the rights across its free and paid platforms, which is likely to result in some events being shown exclusively on the Stan streaming service.

Nine recently struck a multi-year deal for the broadcasting rights to the Summer and Winter Olympic Games

St Barbara rejects Silver Lake offer

The Australian Financial Review - Page 19 : 24 May 2023 - Original article by Elouise Fowler - Portmac.News Summary

St Barbara has formally rejected Silver Lake Resources' revised offer for its Gwalia gold mine in Western Australia, several days after it was increased to $722m.

St Barbara notes amongst other things that Silver Lake's offer is non-binding and "Unacceptably conditional", while if a binding offer emerges it would still be subject to shareholder approval.

St Barbara will instead continue to support the rival but lower offer from Genesis Minerals.

Gina, Twiggy & Modi talk lithium

The Australian Financial Review - Page 4 : 24 May 2023 - Original article by Brad Thompson - Portmac.News Summary

India's Prime Minister Narendra Modi held private talks with mining magnates Gina Rinehart and Andrew Forrest in Sydney on Tuesday.

Rinehart subsequently stated that Australia needs to "Work harder" to develop its relations with India.

However, she declined to comment on whether she had discussed lithium or other mining projects with Modi.

Representatives of the Indian government-owned National Mineral Development Corporation - the nation's largest iron ore producer - were recently in Western Australia, prompting speculation about a potential lithium joint venture with Rinehart's Hancock Prospecting.

They are already working together on the undeveloped Mount Bevan magnetite project in WA.

ASX WiseTech & Block jump

The Australian Financial Review - Page 26 : 24 May 2023 - Original article by Tom Richardson - Portmac.News Summary

The Australian sharemarket edged lower on Tuesday, with the S&P/ASX 200 easing 0.1% to close at 7,259.9 points.

Wesfarmers fell 1.9% to end the session at $49.91, Qantas was down 2.2% at $6.36 and 29Metals shed 3.3% to finish at $1.02.

However, Block rose 4.5% to $91.95 and Macquarie Group added 2.1% to close at $180.27.