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CommSec Daily Report Monday

Latest News Local shares are weaker early on Monday’s session with the ASX 200 retreating 17 points or 0.26% to 6537 heading into lunch. The top 200 index has been weighed with most sectors in negative territory, losses in the materials sector have been the largest drag while banks, utilities and industrials are making slight…

Johnson gains more support in UK Tory race

Boris Johnson’s bid for the UK Tory leadership has received a new boost with the backing of a former rival, Health Secretary Matt Hancock , who pulled out of the contest last week. His endorsement came after Mr.Johnson was criticised for failing to appear in the first of the televised leadership debates staged by Britain’s…

Consumer watchdog warns of NBN scammers

Scammers are using the broadband brand NBN to trick customers out of more than $110,000 a month. The Australian Competition and Consumer Commission says losses from January to May this year were almost triple that over the whole of last year. “People aged over 65 are particularly vulnerable, making the most reports and losing more…

AGL withdraws $3.02bn offer for Vocus

AGL Energy has withdrawn its $3.02 billion proposal to acquire telco Vocus less than a week after making an offer for the Dodo and iPriumus owner. AGL managing director and CEO Brett Redman said in a release on Monday the company was no longer confident the deal would create value for shareholders. “The approach to…

Boeing says it will take time to win trust

The head of Boeing says the US plane maker made a mistake in implementing a faulty cockpit warning system on the 737 MAX and predicted it would take time to rebuild the confidence of customers in the wake of two fatal crashes. Chairman and chief executive Dennis Muilenburg says Boeing failed to communicate “crisply” with…

Tax cuts entrench inequality, study shows

A new analysis of the Morrison government’s planned tax cuts shows they would entrench inequality between what men and women earn. The Australia Institute’s examination of the three-stage $158 billion tax plan comes as Labor renews its push for the government to provide a detailed breakdown of the cost to the budget. The progressive public…

ASX expected to open higher

The Australian share market is expected to open slightly higher. The SPI200 futures contract was up 8 points, or 0.12 per cent, at 6,565.0 at 0700 AEST, suggesting a positive start for the benchmark S&P/ASX200 on Monday. Wall Street finished lower on Friday, with the Dow Jones Industrial Average down 0.07 per cent, the S&P…

Copper price slides on Chinese data

Copper prices fell on Friday after weak manufacturing and investment data from top consumer China reinforced expectations of damage to growth and demand prospects from the protracted US-China trade war. Benchmark copper on the London Metal Exchange (LME) fell 0.6 per cent to $US5,822 a tonne in closing open-outcry trading. Prices of the metal used…

British PM hopefuls take aim at Johnson

Several candidates vying to replace British Prime Minister Theresa May have turned their fire on favourite Boris Johnson, questioning his pledge to leave the EU by the end of October no matter what. With former London mayor and foreign minister Johnson keeping a low profile, the other hopefuls have used the airwaves to present their…

ASX to open flat as trade war worries grow

The Australian share market is tipped to have a lacklustre start to the week ahead after continued nervousness over the US-China trade war dampened US and European markets. The worry has set the ASX up for a weak kickoff on Monday, which AMP Capital’s chief economist Shane Oliver expects to open flat to 10 points…

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