Business News

5 things you need to know today

1. Labor MPs are continuing to pressure Anthony Albanese to pass the Coalition's income tax cuts, with The Australian reporting that some of the party's frontbenchers have said that a "critical mass" was emerging.

2. The S&P 500 has reached a record close of 2,954.18 after rising 0.95% overnight. The Dow Jones closed 0.94% higher on 26,753.17, while the Nasdaq rose 0.80% to 8,051.34.

3. Financial Services Minister Jane Hume has described Facebook's plan to introduce its own cryptocurrency as "quite significant disruption". According to The Australian, Hume said "I would imagine there would be a natural caution, not just from regulators but from consumers."

4. President Donald Trump is still calling on Federal Reserve Chairman Jerome Powell to cut interest rates following the US central bank's latest decision to keep interest rates on hold. "I guess they indicated they’re going to be lowering them, should have done sooner, but what are you going to do," Trump said.

5. Oil prices rose by over 5% after a US military drone was shot down by Iran in international airspace. US West Texas Intermediate crude rose 5.4% to US$56.65 a barrel and Brent crude rose 4.3% to US$64.45.

Published on: Friday, June 21, 2019

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