Business News

5 things you need to know today

1. Before heading to the G20 summit in Osaka, Scott Morrison will speak in Sydney today about the collateral damage from the ongoing trade war between the US and China. Morrison is set to highlight Australia's role in a possible resolution, saying that "we should not just sit back and passively await our fate in the wake of a major power contest" according to quotes published by The Australian.

2. The PM will also argue that many of the concerns the the US has about China are legitimate, noting that "it is now evident that the US believes that the rule-based trading system — in its current form — is not capable of dealing with China’s economic structure and policy practices."

3. Only 25% of Australians are confident that US President Donald Trump will do the right thing in world affairs according to the 2019 Lowy Institute Poll, down five percentage points from 2018, while 30% have confidence in Chinese President Xi Jinping, a 13 percentage point drop since last year.

4. Following criticism from Donald Trump, Federal Reserve Chairman Jerome Powell highlighted that the central bank "is insulated from short-term political pressures" in a speech on Tuesday. In an interview with The Hill, Trump said that the Fed is an "artificial barrier" and that the Dow would be ten thousand points higher had interest rates not been raised last year.

5. Wall Street stocks were down overnight, with the Dow Jones falling 0.67% to 26,548.22, the S&P 500 down 0.95% to 2,917.38 and the Nasdaq hardest hit with a 1.51% fall to 7,884.72.

Published on: Wednesday, June 26, 2019

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