Latest news with #US77
West Australian
4 days ago
- Business
- West Australian
‘More uncertainty': Rate cut on the cards as economic fallout continues
In mixed news for households, the conflict between Israel and Iran is unlikely to impact future rate cuts unless the worst-case scenario plays out. Economics forecasts say the conflict that started on Friday will add about 0.2 per cent to headline inflation on the back of higher petrol prices. AMP chief economist Shane Oliver told NewsWire the escalation just added more 'uncertainty' but hadn't changed the probability of a July rate cut. 'I don't think the probability of a July cut has changed, we still expect a rate cut in July, August, November and February, taking the official cash rate to 2.85 per cent,' he said. IG market analyst Tony Sycamore said it would all depend on the fallout, with the worst-case scenario being Iran blocks the Strait of Hormuz, which is the primary route for oil producers including Saudi Arabia, Iraq, the UAE, and Kuwait. While pointing out blocking the Strait of Hormuz was a 'last resort' move by Iran, Mr Sycamore said if it did happen, it could impact interest rates. 'This would hamper central banks' ability to cut interest rates to cushion the anticipated growth slowdown from President Trump's tariffs, which adds another variable for the Fed to consider when it meets to discuss interest rates this week,' he said. Mr Oliver agreed, saying any blockage could lead to a dramatic spike in oil prices. 'During the Ukraine conflict we saw oil get to above $US120 a barrel, which would see petrol prices push well above $2 a litre, impacting inflation and more importantly household spending power,' he said. 'The RBA would then have to work out what is more important and I suspect they would look through the inflation spike and be more concerned about the negative impact on economic growth.' Regardless of whether it sways the Reserve Bank of Australia, the fallout will still hurt Australian consumers. Futures markets for Brent oil have spiked in recent days and are now pricing $US77 a barrel when it was just more than $US65 this time last week. Every $US1 increase in the price of oil roughly adds 1 cent a litre to how much Aussies will pay when they fuel up. MST Financial senior energy analyst Saul Kavonic warned that 'higher oil prices will flow directly through to the pump', adding to the cost-of-living pressures. 'If you start to see prolonged higher prices or even an energy crisis scenario, it will also flow through to our electricity prices via international gas prices,' Mr Kavonic told the ABC. He said this would eventually hit Australian consumers. 'It will flow through to the cost of living because nearly every single thing that you buy and use on a day-to-day basis has energy as a core input cost along its supply chain,' Mr Kavonic said.
Perth Now
4 days ago
- Business
- Perth Now
What Iran crisis means for rate cut
In mixed news for households, the conflict between Israel and Iran is unlikely to impact future rate cuts unless the worst-case scenario plays out. Economics forecasts say the conflict that started on Friday will add about 0.2 per cent to headline inflation on the back of higher petrol prices. AMP chief economist Shane Oliver told NewsWire the escalation just added more 'uncertainty' but hadn't changed the probability of a July rate cut. 'I don't think the probability of a July cut has changed, we still expect a rate cut in July, August, November and February, taking the official cash rate to 2.85 per cent,' he said. Petrol prices could jump on the back of the Israel-Iran crisis. NewsWire / John Gass Credit: News Corp Australia IG market analyst Tony Sycamore said it would all depend on the fallout, with the worst-case scenario being Iran blocks the Strait of Hormuz, which is the primary route for oil producers including Saudi Arabia, Iraq, the UAE, and Kuwait. While pointing out blocking the Strait of Hormuz was a 'last resort' move by Iran, Mr Sycamore said if it did happen, it could impact interest rates. 'This would hamper central banks' ability to cut interest rates to cushion the anticipated growth slowdown from President Trump's tariffs, which adds another variable for the Fed to consider when it meets to discuss interest rates this week,' he said. Mr Oliver agreed, saying any blockage could lead to a dramatic spike in oil prices. 'During the Ukraine conflict we saw oil get to above $US120 a barrel, which would see petrol prices push well above $2 a litre, impacting inflation and more importantly household spending power,' he said. 'The RBA would then have to work out what is more important and I suspect they would look through the inflation spike and be more concerned about the negative impact on economic growth.' Higher oil prices could flow through to the wider economy. NewsWire/ Gaye Gerard Credit: News Corp Australia Regardless of whether it sways the Reserve Bank of Australia, the fallout will still hurt Australian consumers. Futures markets for Brent oil have spiked in recent days and are now pricing $US77 a barrel when it was just more than $US65 this time last week. Every $US1 increase in the price of oil roughly adds 1 cent a litre to how much Aussies will pay when they fuel up. MST Financial senior energy analyst Saul Kavonic warned that 'higher oil prices will flow directly through to the pump', adding to the cost-of-living pressures. 'If you start to see prolonged higher prices or even an energy crisis scenario, it will also flow through to our electricity prices via international gas prices,' Mr Kavonic told the ABC. He said this would eventually hit Australian consumers. 'It will flow through to the cost of living because nearly every single thing that you buy and use on a day-to-day basis has energy as a core input cost along its supply chain,' Mr Kavonic said.
AU Financial Review
13-06-2025
- Business
- AU Financial Review
This is the only outcome markets should fear in Iran-Israel conflict
Amid all the turmoil on markets in recent months, the fall in the price of oil – down from $US80 a barrel in January to a low of $US55 a barrel in early May – has been a little ray of sunshine. It has acted as a counter to any inflationary pressure from tariffs, and provided a tailwind for consumers and businesses straining under an interest rate environment that remains very different to the one they've known for the past decade. So the sharp spike in oil following Israel's air strikes against Iran – crude leapt 12 per cent to around $US77 a barrel – is a headache global markets didn't need.
The Age
30-05-2025
- Entertainment
- The Age
One 15-letter word stood between Faizan and the title of best speller in the English language. He nailed it
But Sarv misspelled again, followed in the next round by Sarvadnya, and Faizan stayed just calm enough to ensure his competitors wouldn't get back to the microphone. It was a riveting conclusion to a competition that started in 1925 and appears to have a bright future. Scripps, a Cincinnati-based media company, had a few dozen former champions on hand to celebrate the centennial of an event that began when the Louisville Courier-Journal invited other newspapers to host spelling bees and send their champions to Washington. Faizan lost to Bruhat Soma last year in a tiebreaker known as a 'spell-off'. He became only the fifth runner-up to come back and win and the first since Sean Conley in 2001. With the winner's haul of $US52,500 ($81,700) added to his second-place prize of $US25,000, Faizan increased his bee earnings to $US77,500. His big splurge with his winnings last year? A $US1500 Rubik's cube with 21 squares on each side. This is the last year the bee will be held at its home for the past 14 years, a convention centre just outside Washington on the banks of the Potomac River. In 2026, the competition returns to the nation's capital at Constitution Hall, a nearly century-old concert venue near the White House. Other finalists – Aishwarya Kallakuri, a 14-year-old eighth-grader from Concord, North Carolina, and winner of the SpellPundit National Spelling Bee. – Harini Murali, a 13-year-old eighth-grader from Edison, New Jersey, a finalist last year and the younger sister of Navneeth Murali, who would have been a top contender in the 2020 bee had it not been cancelled because of COVID-19. –Esha Marupudi, a 13-year-old seventh-grader from Chandler, Arizona, who is competing at the bee for the first time. –Oliver Halkett, a 13-year-old seventh-grader from Los Angeles and a two-time bee participant. –Sarvadnya Kadam, a three-time speller and a 14-year-old eighth-grader from Visalia, California. –Sarv Dharavane, an 11-year-old from Dunwoody, Georgia, who made the semifinals last year as a fourth-grader. –Brian Liu, a 13-year-old eighth-grader from Great Neck, New York, who was a semifinalist two years ago but didn't make it to the bee in 2024. –Akshaj Somisetty, a 13-year-old eighth-grader from Mechanicsburg, Pennsylvania, and a two-time speller who leapt from quarterfinalist to finalist.
Sydney Morning Herald
30-05-2025
- Entertainment
- Sydney Morning Herald
One 15-letter word stood between Faizan and the title of best speller in the English language. He nailed it
But Sarv misspelled again, followed in the next round by Sarvadnya, and Faizan stayed just calm enough to ensure his competitors wouldn't get back to the microphone. It was a riveting conclusion to a competition that started in 1925 and appears to have a bright future. Scripps, a Cincinnati-based media company, had a few dozen former champions on hand to celebrate the centennial of an event that began when the Louisville Courier-Journal invited other newspapers to host spelling bees and send their champions to Washington. Faizan lost to Bruhat Soma last year in a tiebreaker known as a 'spell-off'. He became only the fifth runner-up to come back and win and the first since Sean Conley in 2001. With the winner's haul of $US52,500 ($81,700) added to his second-place prize of $US25,000, Faizan increased his bee earnings to $US77,500. His big splurge with his winnings last year? A $US1500 Rubik's cube with 21 squares on each side. This is the last year the bee will be held at its home for the past 14 years, a convention centre just outside Washington on the banks of the Potomac River. In 2026, the competition returns to the nation's capital at Constitution Hall, a nearly century-old concert venue near the White House. Other finalists – Aishwarya Kallakuri, a 14-year-old eighth-grader from Concord, North Carolina, and winner of the SpellPundit National Spelling Bee. – Harini Murali, a 13-year-old eighth-grader from Edison, New Jersey, a finalist last year and the younger sister of Navneeth Murali, who would have been a top contender in the 2020 bee had it not been cancelled because of COVID-19. –Esha Marupudi, a 13-year-old seventh-grader from Chandler, Arizona, who is competing at the bee for the first time. –Oliver Halkett, a 13-year-old seventh-grader from Los Angeles and a two-time bee participant. –Sarvadnya Kadam, a three-time speller and a 14-year-old eighth-grader from Visalia, California. –Sarv Dharavane, an 11-year-old from Dunwoody, Georgia, who made the semifinals last year as a fourth-grader. –Brian Liu, a 13-year-old eighth-grader from Great Neck, New York, who was a semifinalist two years ago but didn't make it to the bee in 2024. –Akshaj Somisetty, a 13-year-old eighth-grader from Mechanicsburg, Pennsylvania, and a two-time speller who leapt from quarterfinalist to finalist.
