Business News

5 things you need to know today

1. Rent prices in Sydney have fallen by the biggest percentage in over 15 years according to the latest Domain Rental Report. The median weekly rent for units fell by 4.5% to $525 and the median rent for houses fell by 3.6% to $530 over the year to June.

2. The outlook for the big four banks has been upgraded to 'stable' from 'negative' by S&P Global Ratings after the Australian Prudential Regulatory Authority set the required increase in total capital to 3 percentage points by January 2024, down from earlier proposals of an increase of 4 to 5 percentage points.

3. Federal Reserve Chairman Jerome Powell has told the House Financial Services Committee that "crosscurrents, such as trade tensions and concerns about global growth, have been weighing on economic activity and the outlook" and that the Fed would "act as appropriate" to sustain economic growth.

4. The S&P 500 trade above 3,000 points for the first time during Wednesday's session on Wall Street, ending the day up 0.45% to 2,993.07. The Dow Jones also closed higher, up 0.29% to 28,860.20, along with the Nasdaq, which rose 0.75% to 8,202.53.

5. The British Ambassador to the United States, Kim Darroch, has resigned after the leak of memos criticising the Trump administration and subsequent attacks from Donald Trump on Twitter. "The current situation is making it impossible for me to carry out my role as I would like," Darroch said in a statement.

Published on: Thursday, July 11, 2019

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