Australian share opened in line with losses on Wall Street, after the latest US inflation data renewed bets that the Federal Reserve is not yet done lifting interest rates.

The S&P/ASX 200 dropped 50 points, or 0.7 per cent at open, to 7040.6. The All Ordinaries was also down 0.7 per cent.

Rate sensitive companies were sold off with real estate the worst performing of the 11 sectors to be down 1.5 per cent. Utilities stocks were the only group to move higher in early trade to be up 0.3 per cent.

Meanwhile, the local currency plunged 1.6 per cent overnight below US64¢ and is trading at around US63.13¢ with the US dollar set to post its best session in five weeks. Looking ahead, CPI and PPI from China will be released just after midday.

What happened overnight

The US sharemarket turned lower, with the S&P 500 down 0.6 per cent, after US core consumer prices, which exclude food and energy, rose 0.3 per cent last month. Headline prices were 0.4 per cent higher. Both metrics were forecast to rise 0.3 per cent.

The year-on-year growth rate held at 3.7 per cent, whereas economists had forecast a drop to 3.6 per cent.

“I think the [Fed’s policy committee] would look at this and still conclude that underlying inflationary pressures remain too hot for their liking,” Scotiabank’s Derek Holt said.

The yield on the US 10-year note surged 13 basis points to 4.69 per cent at 4.30pm in New York. The two-year yield, more sensitive to rate moves, reached 5.07 per cent, and the 30-year yield was at 4.86 per cent.

Stocks on the move

Pact Group fell 1.4 per cent after billionaire Raphael Geminder’s plan to take his struggling packaging company off the ASX hit a major speed bump. Shareholders being urged to reject the deal following an independent review.

ResMed is trading 2.4 per cent lower and near its 52-week low following a note from brokers at RBC, which that downgraded stock to perform from outperform.

Bega Cheese is up 1.6 per cent after analysts at Bell Potter upgraded the foods business to a buy rating.

Perpetual is up 1.4 per cent after its assets under management held steady in the September quarter, in a sign flows may be stabilising for the struggling funds management firm.

Harvey Norman shares, which trade ex-dividend as of today, are down 3.9 per cent.

Fletcher Building will brief investors and analysts later today to provide an update on its Western Australian plumbing issues. Shares remain in a trading halt and last traded at $4.45

Read Before the Bell here.

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Landlords in San Francisco inked 389 legally recorded tenant buyout agreements last year, as mapped above, effectively equal to the 391 agreements inked in 2021 but with 618 “pre-buyout negotiation” forms having been newly disclosed as well.

The highest reported buyout agreement totaled $460,000 last year, according to our queries of the City’s database, a total which was split between two holdout tenants in a six-unit building in Pacific Heights, with the largest payout per tenant totaling $300,000 for one of two units in a Pacific Heights duplex that was acquired with the tenant in early 2021.

The average reported buyout agreement in San Francisco totaled $53,828 last year, according to our queries, with an average payout of $35,720 per tenant, which was up from an average agreement of $46,676 and $29,270 per tenant in 2021, which was up from an average agreement of $44,714 and $29,216 per tenant in 2020.

And for the fifth year in a row, the Mission was the San Francisco neighborhood with the most inked buyout agreements (49), followed by the Sunset (42) for the second year in a row and now trailed by Ingleside (33), Haight-Ashbury (29), the Inner Richmond (26), Eureka Valley (25) and Parkside (22).

We’ll keep you posted and plugged-in.

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SAN FRANCISCO (AP) — Anchor Brewing is open to a purchase offer from its employees but warned that time is running out as the 127-year-old craft beer pioneer prepares to close its operations, the San Francisco-based company said in a statement over the weekend.

Spokesman Sam Singer confirmed on Saturday that Anchor Brewing Company received an email from the Anchor union representative saying workers are making an attempt to buy the brewery. The effort is being made on behalf of a group of workers and not on behalf of the union itself.

He said the company would “happily consider” an offer if it had “a demonstrable source of funding.” However, Singer warned that time was running out and the company would proceed with liquidation in early August.

Interested workers said on social media on Saturday that things are moving quickly and promised more information as soon as it becomes available.

“Overwhelmed by the responses to help. “We are working behind the scenes to find the best possible way to raise funds and actually execute it,” the group said.

Anchor Brewing, which was sold to Japanese brewer Sapporo Holdings in 2017, stunned beer lovers when it announced earlier this month it would be discontinuing the brand due to declining sales and tough economic conditions.

Two dozen investors and individuals have expressed interest in acquiring all or part of the brewery, Singer told the San Francisco Chronicle last week. He said any sale decision will be made by the liquidators.

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SAN FRANCISCO (CBS SF / AP) – Even in the wacky world of real estate, San Francisco has a $ 475,000 volunteer buy-in that was offered to a couple to move out of the apartment they’ve lived in for three decades Attention from social media and local residents attracted.

The voluntary purchase is considered the largest in the city’s history and reflects the high quality of the apartment.

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The tenants, a couple in their 60s with teenage children, had recently paid $ 12,500 a month for a seven-bed, eight-bath apartment. It occupies most of a floor in a centuries-old building and offers expansive views of the bay, the Golden Gate Bridge, and the nearby Presidio Park. They refused to be named.

San Francisco has one of the strongest tenant protections in the country, encouraging tenants to hold onto the apartments as market prices rise. While California recently introduced rental price caps and other tenant protection measures, San Francisco passed its rental price ordinance back in 1979 to alleviate the city’s housing crisis.

This means that landlords can only increase the rent for some properties by a certain amount each year, with the current increase being less than 1%. Landlords cannot terminate tenants without good cause, such as failure to pay rent. Owners who want to move into their own family home must pay tenants for the evacuation. The maximum amount renters in a unit can receive for moving is $ 22,000, with an additional $ 5,000 for households with minor children or seniors 60 and over.

In this case there were no moving costs; The landlord and tenant have made a voluntary departure agreement.

Steven Adair MacDonald, the attorney who represents the couple, said the reaction was split to a six-figure buyout, which is enough to buy a home in most parts of the country.

“The landlord’s lawyers think it’s cheek and everyone on the tenant side is excited they think it’s great,” he said. However, MacDonald believes the landlord will be the winner as they can rent the apartment for $ 25,000 a month and recoup the amount in just over three years.

“It’ll be a sauce after that, so it’s a great investment,” MacDonald said.

MacDonald is also suing landlord Friedman Properties on behalf of “fairly well-heeled” tenants in nine other units who moved out since March and can’t stand the constant noise and dust of ongoing renovations in the building.

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Marty Friedman, listed as the company’s authorized representative, did not respond to a call for comment.

KPIX asked the landlord’s attorney, David Wasserman, for an opinion on the buyout.

He stated that constructive clearance was never the landlord’s intention, noting that the landlord had several much-needed renovation and maintenance projects planned prior to the pandemic. These projects got complicated after the San Francisco pandemic led to the home stay order.

The Financial Times was the first to report on the agreement.

In 2020, more than 300 rental purchases were submitted by tenants to the San Francisco Rent Board. The average takeovers are $ 50,000, according to MacDonald, and they’re increasing given the difference between market rent and tenant length of stay.

San Francisco rents fell during the pandemic but are still among the highest in the country. The average rent for a one-bedroom apartment is $ 2,750, according to the Zumper rental platform. The average sales price for a home is $ 1.5 million, according to Redfin.

Tenant groups say that without the rent cap, poor and working-class residents would be evicted from San Francisco because they would not be able to keep up with market rents.

Charley Goss, who is responsible for government affairs for the San Francisco Apartment Association, said landlords accept that rent control is part of doing business in the city. However, there are situations where wealthier tenants hold on to a rental-linked apartment, he said. The association represents around 4,500 landlords.

“Paying half a million dollars to a wealthy person holding a rent-pegged apartment in a city with housing shortages and an affordability crisis speaks to the way our local rent-cap is distorting the market,” he said.

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© Copyright 2021 CBS Broadcasting Inc. All rights reserved. The Associated Press contributed to this report

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