Business News

6 things you need to know today

  • Overnight Wall Street saw a choppy trade session, with the S&P500 falling sharply at the open before scraping higher into the close. The Dow Jones ended its day 2.3% higher at 24,913, clawing back its massive losses from the previous day. The S&P 500 rose 1.7% to close at 2,695. The Nasdaq composite also rose 2.1% to 7,116. To Europe, and the FTSE fell 2.6% to 7,141, and the DAX -2.3% at 12,393.
  • Local markets played copycat with the US yesterday, with a 3.2% dive on Tuesday, taking the index back to levels last seen in mid-October. ASX futures traders expect to follow last night's US market gains.
  • CBA has recorded a 5.8% increase on underlying profits to $5.11 billion after results came out on Wednesday morning. Commonwealth Bank has set aside $375 million to cover fines it may face from a money laundering compliance scandal, and a further $200 million for a series compliance and compensation costs it may also face. The net profit after taxt was $593 million for the six months ending 31 December 2017.
  • A 6.4 magniude earthquake has hit the coastal city of Hualien in Taiwan overnight, leaving two peope dead and more than 100 injured after builings including a hotel collapsed.
  • The Reserve Bank has signalled that the next increase in interest rates is still some time off, after they left the official cash rate on hold at a record low of 1.5% at its first meeting of the year. Business conditions were positive and the outlook for non-mining investment is improved, while increased public infrastructure investment was also supporting the economy.
  • Barnaby Joyce is expecting a child with his new partner and former media advisor Vikki Campion, only months after he confirmed the split from wife Natalie.

Published on: Wednesday, February 07, 2018

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