World News – CA – “Turn it off and on again?”: Frustration over ASX trading shutdown due to ‘data issues’

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SA Chairman Stephen Marshall announced that gyms and entertainment centers will be closed and community sports matches canceled from midnight

He advised people to work from home, avoid visitors, avoid unnecessary travel, and wear a mask.

The Australian share market will remain closed for the rest of the day after a technical disruption this morning caused problems in stock prices immediately after the opening..

The local market got off to a strong start with all sectors rallying, led by real estate companies, miners, banks and oil stocks, but the Australian Stock Exchange announced that trading had been paused shortly after the opening at 10:24 AM ET due to who Market data issues.

At 2:58 PM EST, the ASX said the root cause of the problem has been identified but trading will not resume until tomorrow.

The ASX said: « The root cause of the problem has been identified and a pathway for resolution has been established to allow trading to begin before tomorrow at 10 AM (EST) ». .

Some users were unhappy, and responded with sarcasm, with an approaching market outage shortly after ASX revamped its website amid complaints about new formatting and functionality..

In early trade, the ASX 200 Index is up 1. 2 percent, or 79 points, to 6,484, the highest level in eight months before trading was paused at 10:24 a.m. EST.

All major banks increased with the Commonwealth Bank 1 increase. 9 percent, and 1 Westpac. 4 percent, ANZ rose 2. 7 percent and NAB 1. 8 percent.

Buy now, pay later after a new report from the corporate regulator lost that one in five consumers who use services are late on paying their payments.

ASIC found that in the 2018-2019 fiscal year, companies like Afterpay and Zip made $ 43 million in customers who were unable to pay on time..

Afterpay shares are down 0. 4 percent to $ 101. 40, Zip shares tumbled 0. 8 percent to $ 6. 00 and Sezzle 1’s shares fell. 4 percent to $ 6. 60.

Markets in Asia rebounded with the Nikkei 225 up by 1. 7 percent to 25,805, and the Shanghai Composite Index rose 0. 6 percent to 3331 at 2:30 pm EST amid renewed hopes for a coronavirus vaccine and good economic data.

Chinese industrial output rose faster than expected 6. 9 in October compared to the previous year, expanding for the seventh month in a row as the economy quickly recovers from the Coronavirus recession and rebound in global demand.

Retail sales increased 4. 3 percent last month compared to the previous year, compared to 3. 3 percent in September.

Increase investment in fixed assets 1. 8 percent in the first ten months of 2020, compared to 0. 8% growth in the first nine months of the year.

Japan’s economy expanded at its fastest pace ever in the third quarter, recovering from its biggest post-war decline due to the coronavirus..

The rise in exports and consumption helped the economy grow, but analysts warned that the sharp recovery came from the recession caused by the epidemic..

The Japanese economy expanded at a rate of 21 per year. 4 percent from July to September, the first increase in four quarters.

The economy shrank by nearly a third on an annual basis during the second quarter amid coronavirus lockdown.

On Friday on Wall Street, the Dow Jones rose by 1. 4 percent to 29,480 in optimistic earnings reports and hopes for a successful COVID-19 vaccine.

The S&P 500 closed at a record high of 1. 4 percent to 3585, and the Nasdaq index rose 1 percent to 11829.

Shares of Nine Entertainment, a media company, tumbled 2 percent after the stock exchange reported that CEO Hugh Marks would resign during the second half of the current fiscal year..

On Saturday, Mr. Marx told Nine Sydney Morning Herald that he is in a relationship with Nine ex-executive Alexi Baker, a former subordinate.

The news came just before an email was sent to the staff announcing that he would be stepping down.

In an interview with Australian Financial Review, Marx said intense rumors about his new affair led him to announce his resignation over the weekend..

He admitted that the board was only informed about his new relationship last week and said that any conflict of interest had been appropriately handled..

In a statement, Nine said Mr. Marks « will continue actively as Group CEO » while the board is looking for a new president to move the company through the next phase of its development..

The nine businesses include the Nine Television Network, the Australian Financial Review, the Sydney Morning Herald, the Stan Live Streaming Service and the Domain real estate website..

Marx said that with nearly half of the company’s earnings from digital assets, he is confident this is the time to announce his retirement..

« When I was appointed CEO five years ago, my brief was to drive the transformation of what was at the time a TV company, into a digital-based media company. ».

“We have achieved a lot in that time frame. Bringing together three legacy media companies, each with their own structural challenges, and investing in assets that will secure our place at the forefront of Australia’s media future.

The Chairman of the Nine Board of Directors Peter Costello said Marx was a very successful CEO of Nine.

« Nine’s transformation into multimedia and digital work has been comprehensive, and we now have a non-replicable set of assets suitable for our leadership through the digital age, ».

“We respect Hue’s decision, allowing us lots of notifications to act over the next few months, enabling an orderly transition. We wish him well in all his future endeavors.

This service may include material from France Press (AFP), APTN, Reuters, AAP, CNN, and BBC World Service which is copyright and cannot be reproduced..

AEST = 10 hours ahead of Greenwich Mean Time (Greenwich Mean Time)

ASX, stock market, stock exchange, S&P / ASX 200, market data

World News – CA – “Turn it off and turn it back on again?”: Frustration with closing ASX trading Due to « data problems »
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Ref: https://www.abc.net.au

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