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S&P/ASX 200 dives 1.65% as retail sales rise at a slower pace in January

Brent crude fell 0.64% to settle at US$63.93 per barrel after rising as high as US$65.52, its highest since January 2020.

Havilah Resources Ltd - S&P/ASX 200 dives 1.65% as retail sales rise at a slower pace in January
Spot gold inched 0.1% lower to US$1,774.21 per ounce, near its lowest since November 30.

S&P/ASX 200 (INDEXASX:XJO) has fallen further into the red by 1.55 pm, down 1.65% to 6772 as retail sales rose at a slower pace than expected in January.

Preliminary retail sales data from the Australian Bureau of Statistics show sales in January rose 0.6% seasonally adjusted, a weaker result than the 2% rise expected.

Is Australia spending our grandchildren’s future? - Dale Gillham

According to Katsua, an independent research firm, the US printed $4.5 trillion dollars in 2020, which represents around 21% of all US dollars printed in the last 30 years.

According to Statista, a company specialising in market and consumer data, the US stimulus packages represent 13.2% of GDP to October 2020, whereas the Australian stimulus packages represent 14% of our GDP while Japan heads the list at a massive 21% of GDP.

In Dale Gillham’s opinion, the US printed too much money following the GFC and it is repeating this behaviour again in the current crisis. The result that is likely to unfold when the next stock market crash does occur is that it will be far worse in the US than what they experienced in early 2020. As for Australia, any market crash in the future is unlikely to be as bad as what the US will suffer, which will be consistent with what occurred during the great depression in 1929 and subsequent depressions in the US. 

For now, it is imperative that Australia repeat the good work it did following GFC, which is to get the economy back on track and pay off our debt so we are ready for any inevitable crash in the future. On an individual level, it is also imperative that we prepare for the next challenge by paying down debt and, above all, invest in good assets like shares and property to create income streams independent of our job so we can provide a safety net for ourselves, and our families.     

Top gainers

Today’s top gainers on the ASX include Rimfire Pacific Mining N L (ASX:RIM) (+12.50%), Blue Star Helium Ltd (ASX:BNL) (+12.12%), MGC Pharmaceuticals Ltd (ASX:MXC) (+15.79%), Engage:BDR Ltd (ASX:EN1) (20.00%) and Emyria Ltd (ASX:EMD) (10.00%).

Proactive news headlines:

Proactive to host Copper Webinar next Tuesday, February 23, showcasing three ASX-listed companies

Proactive will host a Copper Webinar on Tuesday, February 23, featuring three ASX-listed copper companies set to highlight upcoming plans.

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