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CommSec Daily Report Friday

Latest News Local shares are easing and giving back nearly all of yesterday’s gains, to start the last day of the week and month. This follows losses on Wall Street as US President Trump announced he would hold a press conference discussing China with tensions building between the two countries. The ASX 200 is down…

Westpac institutional bank chief retires

Westpac head of institutional banking Lyn Cobley is retiring after more than 30 years in banking. She is the third senior executive to leave the bank this month following the departure of consumer division head David Lindberg and chief technology officer Craig Bright. Westpac’s new CEO, Peter King, thanked Ms Cobley for her work heading…

Trader thoughts ahead of the Asia open

The world awaits Trump’s news conference tonight and the market is reacting, although there is absolutely no panic at all and it’s about pre-positioning. It will be interesting to focus on Asian markets then as we head into trade today, to see if traders reduce risk into this announcement – knowing also that expectations have…

ASX set to open lower on US-China tension

Sharemarket investors can expect the ASX to open lower after fears on Wall Street about rising US-China tensions. The SPI 200 futures contract was lower by 20 points, or 0.34 per cent, to 5,836.0 at 0800 AEST on Friday, indicating losses in early trade. In the US overnight, the S&P 500 had been climbing for…

Oil rises as refineries offset crude build

Oil futures rose about 2 per cent overnight as a steady improvement in US refining activity offset a surprise build in crude and diesel inventories. Brent for July rose 55 cents, or 1.6 per cent, to settle at $US35.29 a barrel on its second to last day as the front-month. US West Texas Intermediate (WTI)…

Trump flags move on social media companies

President Donald Trump says he will introduce legislation that may scrap or weaken a law that has protected internet companies, including Twitter and Facebook, in an extraordinary attempt to intervene in the media. Trump signed an executive order on Thursday afternoon after attacking Twitter for tagging his tweets for the first time about unsubstantiated claims…

Wall Street finishes down in late sell-off

Wall Street has ended lower following a late-session reversal, with Facebook weighing on the market after US President Donald Trump said he would sign an executive order related to social media companies and would hold a news conference on China on Friday. Shares of Twitter Inc ended down 4.4 per cent and Facebook Inc fell…

Gold pares gains as equities firm

Gold pared gains overnight, having risen 1 per cent earlier in the session, pressured by an advance in Wall Street, but escalating tensions between the United States and China kept the bullion supported. Spot gold rose 0.2 per cent to $US1,712.35 per ounce by 1821 GMT. US gold futures settled up 0.1 per cent at…

JobKeeper could be extended: Peter Dutton

Peter Dutton has raised the prospect of extending JobKeeper wage subsidies beyond their September expiry date. The home affairs minister indicated the government had room to move in helping Australians recover from the crippling pandemic. “I think we are flexible and we will look at the way in which we could help businesses and people…

RBA nods at PM’s post-virus reform plans

The Reserve Bank boss has given his backing to the prime minister’s post-COVID economic reform agenda, saying change is needed to help businesses expand, invest, innovate and hire people. Philip Lowe said Scott Morrison’s speech to the National Press Club this week, which touched on tax and industrial relations reform, was a “helpful starting point”….