The share market has closed well down again after Wall Street suffered its worst hit in two and a half years because of a crisis with its banks. Consumer confidence here in Australia has also taken a battering. 7NEWS
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New York’s largest office-to-condo conversion opens on Wall StreetAn upmarket Wall Street apartment complex is the latest commercial buildings to be repurposed in New York, where the housing shortage has worsened, while office-occupancy rates are languishing.
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Wall Street bankers gripped by SVB, brace for further painSilicon Valley Bank’s depositors should be protected, but bankers are wary of contagion if the US FDIC cannot find a buyer for SVB assets.
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Wall Street is still worried about a banking crisisWhile depositors of Silicon Valley Bank breathe a sigh of relief, investors are on the hunt for the next weakest link. And Charles Schwab is under watch.
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Consumer confidence plunges to its lowest level since April 2020Sky News Business Reporter Edward Boyd says consumer confidence, following the RBA’s decision to hike interest rates for a 10th time, has plunged to its lowest level since April 2020. “People are not feeling confident at the moment with spending money – they're really concerned, according to ANZ Roy Morgan, about rising interest rates,” Mr Boyd told Sky News Australia. “This one of the, sort of, signs that we’re seeing of people tightening up their spending, maybe staying at home more, putting more money on the mortgage, and that’s what the Reserve Bank wants.”
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Xi Jinping says China’s military will be a ‘Great Wall of Steel’Chinese President Xi Jinping has called for the military to be developed into a 'Great Wall of Steel' and for the nation to resist those wanting to split Taiwan. Sky News Asia Correspondent Brent O’Halloran said President Xi touched on a “range of issues” at the National People’s Congress. “The call for a greater focus on science and technology, the claimed pressure from foreign nations that they’re putting on China, the importance of unification of Taiwan and the need to boost China’s armed forces,' Mr O'Halloran said. “On that last point, President Xi said that the military must be modernised and turned into a 'Great Wall of Steel'.”
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Xi Jinping says China's military should become a 'Great Wall of Steel'Speaking to the National Peoples' Congress, the president says China must ensure its military can safeguard the country's sovereignty, security and developmental interests, as their new premier takes a swipe at the US.
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