ASX Rise, S&P 500 Record, Netflix Beats Expectations
Markets Rally as BHP Gears Up for Quarterly Update; Labour Considers Welfare Debt Forgiveness
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Australian markets are poised for a positive start on Friday, with futures pointing to gains in the S&P/ASX 200 and the broader market. This optimism comes as investors digest a mixed bag of global economic data and anticipate BHP’s quarterly operational review, while domestic policy developments take center stage.
The S&P/ASX 200 futures suggest a rise of 0.5%, while the Nasdaq is expected to climb 0.7%. The VIX, a measure of market volatility, has eased 0.64% to 16.52, indicating a calmer trading habitat. In commodities, gold has dipped slightly by 0.3% to $US3338.92 an ounce, but Brent oil is showing strength, up 1.6% to $US69.59 a barrel. Iron ore has also seen a modest increase of 1.2% to $US101.40 a tonne. Bond markets show the US 10-year yield at 4.45% and Australia’s at 4.34%.
Today’s Market Movers and Economic Calendar
BHP’s Quarterly Operational Review: All eyes will be on mining giant BHP as it releases its quarterly operational review around 8:30 am Melbourne time on Friday. Investors will be scrutinising the report for insights into production levels, cost management, and future outlook, particularly in light of the strong performance of iron ore.
Key Economic Data Releases:
Japan: national June CPI figures are due for release on Friday morning, offering a glimpse into inflationary pressures in the world’s third-largest economy.
United States: Later on Friday, at 10:30 pm, the US will release its June housing starts data and the University of Michigan’s initial June sentiment reading. These figures will provide crucial indicators of the health of the US housing market and consumer confidence.
Top Stories shaping the day
Labor May Wipe $1.1 Billion in Welfare Debt After Landmark Ruling
In a significant development that could impact hundreds of thousands of Australians, the Labor government is reportedly considering wiping approximately $1.1 billion in welfare debt. This potential move follows a landmark court ruling that has given the government the green light to recalculate billions in previously deemed unlawful debts. The shadow of the Robodebt scandal, which saw widespread issues with automated debt recovery, may be pushing the government towards a more forgiving approach, perhaps offering relief to those who have been burdened by these debts.
PM refuses to Confirm Trust in Chinese President Xi
Prime Minister Anthony Albanese has concluded his diplomatic tour of China, highlighting a renewed relationship between the two nations.However, when pressed, the Prime Minister declined to explicitly state whether he trusts Chinese President Xi Jinping. This stance has drawn criticism from the Coalition, who have labelled parts of the trip as “indulgent.” The nuanced approach to diplomatic relations with China continues to be a key talking point in australian politics.
Crown Resorts Could Replace Star Under Queen’s Wharf Plan
A significant shake-up could be on the horizon for Brisbane’s casino landscape. developers Chow Tai Fook Enterprises and Far East Consortium, the consortium behind the queen’s Wharf development, have indicated thay do not want Star entertainment to operate their Brisbane casino. This opens the door for Crown Resorts to potentially step in and manage the gaming operations, signalling a major shift in the competitive dynamics of the Australian casino industry.
Ministers Urge PM to Act on Marine Crisis as Backlash Grows
several ministers are reportedly preparing to petition Prime Minister Anthony Albanese to address the escalating marine crisis in South australia. The growing algal bloom has sparked significant public anger, with many feeling that the government’s response has been insufficient.This internal pressure highlights the urgency for a decisive government action plan to mitigate the environmental and economic impacts of the crisis.
Top 10 Super Growth Funds Revealed
For those keeping a close eye on their retirement savings, the top 10 superannuation growth funds for the financial year just ended have been revealed. These funds have delivered another solid performance, a trend that has been a welcome sight for many Australians. However