Business News

5 things you need to know today

1. The big four banks have withheld the equivelent of eight separate interest rate cuts since the global financial crisis according to a report by The Australian, with the difference between the record-low cash rate of 1% set by the Reserve Bank and the standard variable mortgage interest rate at a 25-year high of 3.94 percentage points.

2. Opposition Leader Anthony Albanese is not planning to drop any of Labor's controversial policies, including changes to franking credits and negative gearing, until a review of the party's election campaign is delivered in October.

3. US Federal Reserve Chairman Jerome Powell will testify in front of the House Financial Services Committee on Wednesday US time, potentially providing some indication as to when the Fed is planning to cut interest rates.

4. US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin have again spoken with Chinese trade officials including Vice Premier Liu He. The trade officials spoke "to continue negotiations aimed at resolving the outstanding trade disputes" according to a US official quoted by CNBC.

5. While the Dow Jones slipped 0.08% to 26,783.49 overnight, the S&P 500 gained 0.12% to 2,979.63 and the Nasdaq rose 0.54% to 8,141.73.

Published on: Wednesday, July 10, 2019

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