Business News

5 things you need to know today

  • Prime Minister Malcolm Turnbull has reportedly been met with stronger-than-anticipated resistance over plans to introduce a clean energy target, or CET. According to the Australian Financial Review, the CET was not met with backbench support in a late-Tuesday meeting which discussed the recommendations of Chief Scientist Alan Finkel, including a CET to be adopted post-2020. 
  • US share markets finished higher yesterday after tech stocks bounced back from their two-day decline. Bank and energy stocks also lead the gains. The Dow Jones ended almost 93 points or 0.4% higher, at 21328.47, the S&P 500 rose almost 11 points, or 0.5%, to 2440.35, and the Nasdaq gained 45 points or 0.7% to close at 6220.37. The ASX also rallied yesterday. Read Peter Switzer’s article today to find out whether we should be scared - or cautiously positive - on stocks. 
  • Vocus Group has reaffirmed its full-year underlying profit guidance of between $160 million and $165 million. The telco cut its annual guidance in May for the second time in six months. FY17 revenue is expected to be approximately $1.8 billion, while underlying EBITDA is expected to be in the range of $365-$375 million. Shares in Vocus Group closed 1.65% lower yesterday, at $3.63. 
  • Global oil prices rose modestly on Tuesday. Saudi Arabia detailed how it will reduce volumes of crude to Asian and US buyers in July (Reuters). However, OPEC’s monthly report showed an increase in oil output from the group during May, led by Nigeria and Libya (both producers are exempt from supply cuts). Brent crude rose US43 cents, or 0.9%, to US$48.72 a barrel. US Nymex rose US38 cents, or 0.8%, to US$46.46 a barrel. 
  • At 0700 AEST on Wednesday, the share price futures index was up seven points, or 0.12 per cent, at 5,789.

Published on: Wednesday, June 14, 2017

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