Latest updates on Key Economic Indicators:

Australian Dollar: $0.6942 USD (up $0.0048)

Iron Ore Jul Spot Price (SGX): $114.35 USD (down $3.50 USD)

Oil Price (WTI): $107.62 USD (up $3.64 USD)

Gold Price (24 Jun): $1,827.54 USD (up $4.63 USD)

Gold Price (27 Jun): $1,830.30 USD (up $2.76 USD)

Copper Price (CME): $3.7390 (up $0.0035 USD)

Bit-coin: $21,357.30 (up 0.68% in the last 24 hours)

Dow Jones: 31,500.68 (up 823.32 on Thursday's close)

All changes compared to 7am Friday, except gold and Bitcoin.

Russia missiles strike Kyiv:

Russian missiles struck an apartment block and close to a kindergarten in the Ukrainian capital Kyiv on Sunday, in strikes U.S. President Joe Biden condemned as "Barbarism" as world leaders gathered in Europe to discuss further sanctions against Moscow.

Up to four explosions shook central Kyiv in the early hours, in the first such attack on the city in weeks

Deputy Mayor Mykola Povoroznyk said one person was killed and six wounded. He said explosions heard later in other parts if Kyiv were air defences destroying further incoming missiles.

As Europe's biggest land conflict since World War Two entered its fifth month, the Western alliance supporting Kyiv was starting to show signs of strain as leaders fret about the growing economic cost.

British Prime Minister Boris Johnson said the West needed to maintain a united front against Russian President Vladimir Putin.

"The price of backing down, the price of allowing Putin to succeed, to hack off huge parts of Ukraine, to continue with his programme of conquest, that price will be far, far higher," he told reporters.

Ukrainians Pull Out Of Syevyerodonetsk:

Kyrylo Budanov, head of Ukraine's military intelligence agency, told Reuters late on June 25 that the country’s forces would continue their eastern defense from embattled Lysychansk after pulling out of Syevyerodonetsk.

"The activities happening in the area of Syevyerodonetsk are a tactical regrouping of our troops. This is a withdrawal to advantageous positions to obtain a tactical advantage," Budanov said.

"Russia is using the tactic...it used in Mariupol: wiping the city from the face of the Earth. Given the conditions, holding the defense in the ruins and open fields is no longer possible. So the Ukrainian forces are leaving for higher ground to continue the defense operations," he said.

In a late-night address, Ukrainian President Volodymyr Zelenskiy vowed that his forces would win back all the cities that had been lost to Russia, including Syevyerodonetsk.

Warning to NATO on China-Russia pact

The Australian - Page 1 & 2 : 27 June 2022 - Original article by Ben Packham - PortMac.News Summary

Prime Minister Anthony Albanese and his counterparts from South Korea, Japan and India make up a special Indo-Pacific delegation that are attending the NATO summit in Madrid.

Albanese says that the summit is being held in the context of democratic nations standing up for Ukraine as it continues to resist Russia's invasion, while he says China's 'no limits' pact with Russia means that NATO is required to focus on a broader threat than just Russia.

A senior NATO official has indicated that it does not view China, like Russia, as an adversary, but as "A challenge" that needs to be constantly managed.

'Don't touch 2-3% inflation target'

The Australian Financial Review - Page 4 : 27 June 2022 - Original article by John Kehoe - PortMac.News Summary

Federal Treasurer Jim Chalmers is commissioning an independent review of the Reserve Bank of Australia, something he had flagged when he was the shadow treasurer.

At that time, he indicated that the RBA's long-standing inflation target of 2-3% would form part of the review.

Shadow treasurer Angus Taylor has called for the inflation target to be retained, and he has told Chalmers that the Opposition would not support any expansion of the RBA's charter.

Chalmers has been collaborating with RBA governor Philip Lowe about the review, and Chalmers has made it clear that it is not a "Witch hunt" into the central bank.

Chalmers seeks more RBA board 'Diversity'

The Australian Financial Review - Page 3 : 27 June 2022 - Original article by John Kehoe - PortMac.News Summary

The independent review of the Reserve Bank of Australia is slated to report to the federal government in mid-2023.

Treasurer Jim Chalmers has indicated that the size and composition of the RBA's board are among the issues that will be considered; he says the government wants the board to be comprised of people representing all parts of Australia and all parts of the economy.

The RBA board is currently dominated by people from the business sector, but there have been calls for it to include more economists.

ACTU secretary Sally McManus has in turn advocated having a union representative on the board for the first time since the 1990s.

(See full story on Portmac.News today)

Dilemma over targeted vaccines

The Australian - Page 3 : 27 June 2022 - Original article by Jamie Walker, Sarah Petty - PortMac.News Summary

The BA.4 and BA.5 subvariants of Omicron are rapidly becoming the dominant strains of COVID-19 in Australia.

They are better able to evade existing vaccines, but companies such as Pfizer and Moderna have indicated that they have had some success in developing vaccines that target these variants.

While Australians who meet certain criteria can now receive a second booster dose, health authorities may delay recommending a broader rollout until vaccines that target these variants are available.

Victorian Premier Daniel Andrews is amongst those who support this view; the state recorded 5,824 new COVID-19 cases and 15 deaths on Sunday. There were 7,461 new infections and seven deaths in NSW.

US mulls bill to train Aussie sailors

The Australian Financial Review - Page 13 : 27 June 2022 - Original article by Matthew Cranston - PortMac.News Summary

The Australia-US Submarine Officer Pipeline Act has been introduced to the US Congress by the four heads of the Congressional AUKUS working group.

The bill is aimed at establishing an exchange program which will allow Australian naval personnel to undertake training on US nuclear submarines.

It will be the first significant piece of legislation under the AUKUS alliance between Australian, the UK and the US.

The federal government is looking at options such as leasing several nuclear-powered submarines, rather than simply purchasing the entire fleet.

Political myopia: why the Liberals still don't get it

The Weekend Australian - Page 13 : 25 June 2022 - Original article by Katrina Grace Kelly - PortMac.News Summary

There appears to be support within the Liberal Party for Josh Frydenberg to make a political comeback at some stage.

However, it is uncertain as to when this may occur, and indeed if there would be sufficient support among Victorian electors for the former treasurer to return to politics.

Frydenberg lost his seat to teal candidate Dr Monique Ryan.

While climate change was a key driver of the teal movement's success, other factors were also at play; however, this does not seem to have been recognised by some Liberal party figures in the wake of the election defeat.

Retail patch not so purple

The Weekend Australian - Page 36 : 25 June 2022 - Original article by Paul Zahra - PortMac.News Summary

There has been a lot said about the increased cost of living in Australia, but the rising cost of doing business is just as big a problem at the present time.

Businesses are having to deal with rising rents and energy bills, labour shortages and supply-chain problems, while payments that had been deferred by the pandemic are now being called in.

Sales might indicate the retail sector is going through a purple patch, but analysts are suggesting it is looking at its worst economic outlook in 15 years.

It is very important that the new federal government gets the 'Settings' right in areas such as skills, immigration, industrial relations and employment.

ATO crackdown on family trust rorts causes alarm

The Guardian Australia - Page Online : 27 June 2022 - Original article by Ben Butler - PortMac.News Summary

The Australian Taxation Office recently issued guidance on the type of behaviour by family trusts that it considers may warrant prosecution.

The guidance has sparked concern among tax advisers as some of the practices cited by the ATO have become common ones.

The advisers fear that the ATO will be examining the previous behaviours of family trusts that could result in bills for back taxes, and that the provision of advice aimed at avoiding tax risks could see them hit with significant fines and penalties.

One example of a practice that the ATO has indicated is not acceptable involves a child being given money which they later repay to their parents for the cost of bringing the child up.

Plan for over-65s to ease jobs crisis

The Australian - Page 1 & 2 : 27 June 2022 - Original article by Patrick Commins - PortMac.News Summary

Employers' groups and the Council on the Ageing have expressed support for a proposal to address the skills crisis by allowing older Australians to work additional hours without affecting their pension payments.

Australian Chamber of Commerce & Industry CEO Andrew McKellar estimates that this could encourage at least 400,000 people over the age of 65 to return to the workforce.

Treasurer Jim Chalmers has indicated that the proposal is among the issues that will be discussed at the national employment summit later in 2022.

Uni enrolments plummet as school-leaves opt for jobs

The Australian Financial Review - Page 8 : 27 June 2022 - Original article by Julie Hare - PortMac.News Summary

The Australian Bureau of Statistics has reported that the number of full-time university student enrolments fell by 8.7% in the year to May.

Higher education expert Andrew Norton says the ABS data is just one of a range of recent indicators that an increasing number of people are electing not to study when they finish school and are instead electing to enter the job market.

However, Australia Institute research economist Eliza Littleton suggests that the decline could also be the result of universities having put up charges for some courses as a result of changes to funding places under the Jobs Ready Graduate program.

'Central banks club' warns of stagflation

The Australian - Page 13 & 16 : 27 June 2022 - Original article by Richard Gluyas - PortMac.News Summary

The world's central banks have been urged to act quickly to ensure that inflation does not become entrenched, with the warning coming from the Bank for International Settlements in its latest annual report.

With the Reserve Bank having already warned that inflation could hit 7%t by the end of 2022, the BIS warns that there is a risk of stagflation if quick action is not taken, and that the priority of central banks needs to involve preserving financial stability by restoring low and stable inflation and minimising the impact on economic activity

Aussie wheat boom out of world's reach

The Australian - Page 6 : 27 June 2022 - Original article by Charlie Peel - PortMac.News Summary

Australia's wheat crop has reached a record 36 million tonnes in 2021-22; some 26 million tonnes will be exported, compared with an average of about 17.6 million tonnes per year.

Farmers are also benefitting from a surge in the price of Australian wheat, but supply chain constraints will limit the ability of the local industry to meet the shortfall in global demand that has arisen due to the invasion of Ukraine.

Seven's streaming arm fuels success

The Australian - Page 19 : 27 June 2022 - Original article by James Madden - PortMac.News Summary

Seven West Media's 7plus broadcast video-on-demand platform recorded year-on-year growth of 57% in 2021.

Seven's chief digital officer Gereurd Roberts recently indicated that 7plus accounted for 45% of all BVOD streaming minutes in the free-to-air sector during the year, while Seven CEO James Warburton wants BVOD viewing numbers to be included in the official ratings data.

Seven has dominated the ratings so far in 2022, winning 13 of the 17 weeks in metropolitan areas and every week in regional areas.

Nine, Foxtel talked of united front

The Australian Financial Review - Page 29 : 27 June 2022 - Original article by Miranda Ward, Max Mason - PortMac.News Summary

Sources have confirmed that executives from Nine Entertainment Company and pay-TV group Foxtel held talks in 2019 on jointly developing a streaming video service.

The proposal would have seen the two companies create a subscription video-on-demand service that would feature content from both Stan and Foxtel.

However, valuation was among the sticking points that saw the plan fail to progress beyond early discussions.

It was felt that joining forces would enhance their ability to compete against international streaming services. Foxtel subsequently launched Binge in May 2020.

Shadow of horror haunts Hollywood as Netflix axes more jobs, and its investors fret

The Australian - Page 19 : 27 June 2022 - Original article by Kieran Southern - PortMac.News Summary

Streaming service Netflix has announced it has made around 300 staff redundant, with the layoffs following on from the 150 employees it shed in May.

Shares in Netflix have fallen by 70% so far in 2022 amid falls in subscriber numbers and competition from rival providers.

Warner Bros Discovery is being tipped to cut staff after the completion of its merger in April, while job losses are expected to result from the upcoming merger between talent agencies ICM and CAA.

Loss of trust : Turmoil at the Judith Neilson Institute

The Sydney Morning Herald - Page Online : 27 June 2022 - Original article by Zoe Samios - PortMac.News Summary

Launched in 2018 by billionaire Judith Neilson, the Judith Neilson Institute for Journalism and Ideas has undergone two months of turmoil. Its four independent directors have quit and executive director Mark Ryan has hired lawyers to negotiate his exit from the organisation.

The directors were said to be concerned about Neilson's desire to become more involved in the running of the Foundation, claiming this would harm its independence.

There are suggestions that Neilson's change of heart about her relationship with the Foundation was the result of her having lost trust in its leadership as a result of her coming to feel that she was being disrespected.

Bloodbath looming for junior miners

The Australian - Page 15 : 27 June 2022 - Original article by Nick Evans - PortMac.News Summary

The impact of rising costs and labour shortages are likely to be a key feature of the July reporting season for Australian mining companies, particularly smaller players.

Peter O'Connor of Shaw & Partners has told clients that more companies are likely to issue guidance warnings ahead of the end of the financial year.

While much of the focus has been on rising wage and fuel costs in the mining sector, the cost of consumables such as cyanide has also risen sharply.

Vendors turn to private market

The Australian Financial Review - Page 11 : 27 June 2022 - Original article by Nick Lenaghan - PortMac.News Summary

Preliminary data from CoreLogic shows that the auction clearance rate in Sydney's residential market rose slightly to 55.9% in the week to 25 June.

However, nearly 30% of homes scheduled to go under the hammer were withdrawn from auction due to lack of sufficient interest from prospective bidders.

The preliminary clearance rate in Melbourne rose to 61%; the national clearance was almost 60%, with a total of 2,358 homes listed for auction across all capital cities.

ASX set to jump

The Australian - Page 14 : 27 June 2022 - Original article by Cliona O'Dowd - PortMac.News Summary

Futures pricing suggests that Australian equities will gain about 1.6% when the market opens on today.

A positive lead from Wall Street is likely to bolster the local bourse.

Craig James of CommSec says it is too soon to know if financial markets have bottomed, although he adds that the recent rally has been encouraging.

Meanwhile, the upcoming release of retail sales, job vacancy and private sector credit data will be a key focus for investors in the coming week.