Latest updates on Key Economic Indicators:

Australian Dollar: $0.6880 USD (down $0.0046)

Iron Ore Jul Spot Price (SGX): $132.75 USD (down $2.40 USD)

Oil Price (WTI): $119.07 USD (down $1.83 USD)

Gold Price: $1,808.47 USD (down $10.75 USD)

Copper Price (CME): $4.1380 (down $0.0620 USD)

Bit-coin: $22,000.43 (down 5.60% in the last 24 hours)

Dow Jones: 30,364.83 at 4.20pm NY time (down 151.91 points on 7am yesterday's close)

All changes compared to 7am yesterday.

Xi Jinping announces plans to allow Chinese military to undertake 'Armed forces operations' abroad

Analysts say China's leader Xi Jinping has set the legal basis for an expansion of the Chinese military's role in other countries, just weeks after Beijing signed a security pact with Solomon Islands.

With little published detail, Mr Xi's government declared he had signed off on a set of new trial outlines that allowed for Chinese "Armed forces operations" that were not war.

Xi signed off on 59 articles, according to state media, but those articles have not been published.

Instead, government reports say they set a legal basis within China for the People's Liberation Army to "Safeguard China's national sovereignty, security and development interests",

"Chinese troops can prevent spillover effects of regional instabilities from affecting China, secure vital transport routes for strategic materials like oil, or safeguard China's overseas investments, projects and personnel," the report in the Global Times said.

Ukraine suffering heavy losses, needs anti-missile weapons now:

Ukrainian forces are suffering painful losses in fighting Russian troops in both the eastern city of Sievierodonetsk and the Kharkiv region, President Volodymyr Zelenskiy said on Tuesday.

In a late night address, he also said Ukraine needed modern anti-missile weapons now, adding there could be no justification for partner countries to delay delivery. Some Russian rockets are evading defences and causing casualties, he said.

Ukraine said its forces were still trying to evacuate civilians from Sievierodonetsk after Russia destroyed the last bridge to the city.

"But we have to hold strong - holding strong is so critically important in Donbas. The more losses the enemy suffers there the less strength it will have to pursue its aggression," he said.

ASX dives on US recession fear

The Australian Financial Review - Page 1 & 26 : 15 June 2022 - Original article by Emma Rapaport, Richard Henderson, Alex Gluyas, Michael Read - PortMac.News Summary

The Australian sharemarket slumped on Tuesday, amid bearish global sentiment in response to growing concern about a potential recession in the US after the nation's inflation rate rose to 8.6% in May.

The S&P/ASX 200 Index shed 3.5% to close at 6,686 points, slashing the market capitalisation of companies in the benchmark index by $82bn.

The sell-off occurred across the board, with energy stocks falling 4.9%, technology stocks down 4.5% and the materials sector shedding 4.4%.

Damien Klassen of Nucleus Wealth says the likelihood of a global recession has increased, as the US Federal Reserve will need to aggressively raise interest rates in order to curb inflation.

Markets smashed ahead of more interest rate pain

The Australian - Page 20 : 15 June 2022 - Original article by Robert Gottliebsen - PortMac.News Summary

The S&P 500 Index shed more than four per cent on Tuesday, and it has now fallen by over 21% since the start of 2022.

Traders fear that there is much worse to come, given that the S&P 500 has fallen by an average of 30% during the 14 bear markets in the US since the Second World War.

Expectations that the latest US inflation data will prompt a sharp rise in interest rates also weighed on the bond market, with two-year treasury bond rising to a 15-year high of 3.25%. Meanwhile, the Australian dollar fell below $US0.70 and Bit-coin fell below $US23,000.

Lowe flags 7% inflation, more rate hikes

The Age - Page Online : 15 June 2022 - Original article by Rachel Clun - PortMac.News Summary

The Reserve Bank of Australia recently forecast that the inflation rate will peak at 6%.

However, RBA governor Philip Lowe now anticipates an inflation rate of around 7% by the end of 2022, adding that the central bank will do whatever it takes to restore inflation to within its target range of 2-3%.

Lowe also said that the strength of the Australian economy means that emergency interest rate settings are no longer necessary, and he signalled that a more 'Normal' cash rate would be about 2.5%.

He said the pace at which the cash rate will be increased to around this level will be determined by the data that the RBA's board has at its disposal each month.

PM: Onus on China to mend relations

The Australian - Page 5 : 15 June 2022 - Original article by Ben Packham - PortMac.News Summary

Prime Minister Anthony Albanese has welcomed signs of an improvement in Australia's relationship with China, following the recent meeting between the two nations' respective defence ministers.

However, Albanese says China must take "Concrete steps" to improve its relations with Australia, including the removal of the trade bans on a range of Australian imports.

Meanwhile, Defence Minister Richard Marles says that there has been no change in Australia's substantive policy with regard to China and the Indo-Pacific region under the new federal government.

America may lease or sell nuclear subs

The Australian - Page 5 : 15 June 2022 - Original article by Ben Packham - PortMac.News Summary

Labor and the former Coalition government have both committed to building some of the nuclear-powered submarines under the AUKUS alliance in Adelaide.

However, former US navy commander Bryan Clark says there is a widely held view within the US defence industry that Australia lacks the capability to build nuclear submarines.

He has flagged the possibility that the US Navy might be willing to sell two Virginia-class submarines to Australia and allow the nation to lease the remaining six vessels; alternatively, these submarines could remain in the US fleet and simply be based in Australia.

NDIS can deliver financial return

The Australian - Page 2 : 15 June 2022 - Original article by Stephen Lunn - PortMac.News Summary

The National Disability Insurance Scheme currently costs about $30bn a year, and this is slated to blow out to $60bn by 2030.

However, NDIS Minister Bill Shorten will use a speech on Wednesday to argue that there is often too much focus on the cost of the scheme.

He will argue that the NDIS can deliver a big return on investment over the long-term if it is run effectively, including better social and economic connections for people with disabilities and lower costs for the government in other areas.

Cabinet goes regional to reconnect

The Australian - Page 6 : 15 June 2022 - Original article by Rosie Lewis - PortMac.News Summary

The federal government's first regional cabinet meeting will be held in the Queensland town of Gladstone on Wednesday.

Assistant Regional Development Minister Anthony Chisholm says the choice of Gladstone shows that Labor will be a government for "All of Australia".

Gladstone is in the federal electorate of Flynn, which was retained by the Liberal-National Party despite a 4.84% swing against it.

Labor did not gain any Queensland seats at the election on 21 May, and it lost the seat of Griffith.

Judgment day for 1.3m low-pay workers

The Australian - Page 4 : 15 June 2022 - Original article by Ewin Hannan - PortMac.News Summary

The Fair Work Commission will announce its decision in the annual minimum wage case at 10am on Wednesday.

The ACTU is seeking a minimum wage increase of 5.5%, or $38 per week, lifting the hourly minimum wage rate from $20.33 to $21.35.

The Australian Industry Group has advocated a 2.5% increase, while the Australian Chamber of Commerce & Industry supports a 3% rise.

The new federal government in turn supports a wage increase in line with the inflation rate of 5.1% for the low-paid, including both those on the minimum wage and award-reliant workers.

WHO to assess monkeypox emergency status

The West Australian - Page Online : 15 June 2022 = PortMac.News Summary

Data from the World Health Organization shows that there have been 1,600 confirmed cases of monkeypox in 39 countries so far in 2022, and 72 deaths from the virus.

There are also 1,500 suspected cases of monkeypox.

The WHO has advised that an emergency committee will decide on 23 June whether to declare monkeypox as a public health emergency of international concern.

COVID-19 and polio are the only illnesses that currently have this designation. Experts have been urging the WHO to act more quickly on monkeypox following criticism of its initial response to the COVID-19 pandemic.

NSW government knocked back Origin offer to sell Eraring plant

The Australian Financial Review - Page 5 : 15 June 2022 - Original article by Samantha Hutchinson - PortMac.News Summary

It has been revealed that the New South Wales government held confidential talks with Origin Energy about buying the Eraring coal-fired power station in late 2021.

Origin approached the government about such a deal in mid-2021, and negotiations began in November; however, documents show that amongst other things the government was concerned that extending the life of the ageing plant could deter investment in other energy sources.

Government advisers also contended that Origin would not shut Eraring down in 2025 if the market needed the supply.

Origin subsequently announced that the plant would close seven years ahead of schedule in August 2025.

Be prepared to rein in risky mortgages, APRA tells banks

The Australian Financial Review - Page 17 : 15 June 2022 - Original article by Ayesha de Kretser, James Eyers - PortMac.News Summary

Data from the Australian Prudential Regulation Authority shows that 23.1% of new mortgages had a debt-to-income ratio of at least six times in the March quarter.

This is lower than the record high of 24.3% in the December quarter, but still well above the 18.9% recorded a year ago.

APRA has formally put lenders on notice that they must take action to limit growth in higher-risk residential mortgage lending.

Start-ups to be hit hard in tech rout

The Australian - Page 19 : 15 June 2022 - Original article by David Swan - PortMac.News Summary

The S&P/ASX All Technology Index shed four per cent on Tuesday, extending its loss to 37% for the year to date.

Block, WiseTech Global and DigitalX are among the technology stocks that were heavily sold down on Tuesday; the bearish sentiment was prompted by a similar retreat in the US, with the Nasdaq Composite Index shedding 4.68%.

The valuations of technology start-ups have also been hit, and Den Burykin of Fastlane Solutions expects conditions in this sector to remain challenging for the next 12-24 months.

Preference for Australian-made goods unchanged at 96%

Market Research Update - Page Online : 15 June 2022 - Original article by Roy Morgan - PortMac.News Summary

New data from Roy Morgan shows that the preference for Australian-made goods has remained strong over the last year.

An unchanged majority of 96% of Australians said they are more likely to buy products made in Australia in the 12 months to March 2022 - far ahead of products made in any other countries.

Australian consumers are more likely to buy goods manufactured in nearest neighbour New Zealand on 60% than any other foreign country, despite a fall of 1% point from 2021.

Also faring well are goods made in two of Australia's closest allies, with preference for goods made in the UK up 3% points to 57% and up 5% points to 54% for goods made in the USA.

World Cup qualification 'A big commercialisation win for SBS'

The Australian Financial Review - Page 3 : 15 June 2022 - Original article by Miranda Ward - PortMac.News Summary

SBS will exclusively broadcast all 64 matches of the 2022 soccer World Cup, live on broadcast TV and its SBS On Demand service.

Thomas Macerola of media agency Zenith Sydney anticipates strong ratings for SBS's coverage of the FIFA World Cup after the Socceroos defeated Peru in a qualifying play-off on Tuesday.

SBS paid $20m for the World Cup broadcasting rights, although the Ten Network currently holds the rights to World Cup qualifiers.

Lynas wins more US funding for new plant

The Australian - Page 15 : 15 June 2022 - Original article by Nick Evans - PortMac.News Summary

Lynas Rare Earths will build a heavy rare earth separation plant in the US after receiving $US120m in funding from the Department of Defense.

Lynas has indicated that this should be sufficient to fully fund construction of the plant, which will help to further reduce China's dominance of global supply.

Lynas has previously received about $US30m in funding for a light rare earths manufacturing plant in the US.

The new plant will initially be supplied with raw materials from the Mt Weld min in Western Australia, although Lynas is open to processing third-party ore.