Business News

5 things you need to know today

1. Treasurer Josh Frydenberg has called on the big four banks to pass on any rate cut from the Reserve Bank today in full. The RBA will announce its decision at 2:30pm today.

2. Home Affairs Minister Peter Dutton is heading to Sri Lanka to meet with the country's President and Prime Minister to discuss people smuggling.

3. Wall Street tech stocks were hit overnight after The Wall Street Journal reported last Friday that the US Justice Department is preparing to launch an antitrust investigation into Google, while a report by The Washington Post indicated that the Federal Trade Commission would focus on an investigation into Amazon.

4. The Nasdaq has entered correction territory after dropping 1.61% overnight to 7,333.02, down 10.2% from its record high close on May 3. The Dow Jones closed 0.02% higher on 24,819.78 and the S&P fell 0.28% to 2,744.45.

5. President Donald Trump has met with the Queen during his three-day visit to the UK. During a banquet at Buckingham Palace, Trump toasted to "the eternal friendship of our people, the vitality of our nations, and to the long, cherished, and truly remarkable reign of Her Majesty the Queen".

Published on: Tuesday, June 04, 2019

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