Business News

5 things you need to know today

1. The Coalition is ahead of Labor 53-47 in the two-party-preferred vote in the first Newspoll published by The Australian since the election. Scott Morrison leads Anthony Albanese in the preferred Prime Minister vote, 48% to 31%.

2. After the All Ords index reached a record-high level last week, the S&P/ASX 200 is closing in on the record-high close of 6828.7 set in November 2017. The ASX 200 closed at 6,793.40 on Friday, while futures suggest the index will rise about 0.3% when trading begins today.

3. Bonuses for CEOs of the major banks would be cut in half under changes suggested by the Australian Prudential Regulation Authority, according to analysis by EY published by the AFR.

4. Australian Securities and Investment Commission commissioner Sean Hughes has highlighted the ongoing action against Australia's banks in the wake of the Hayne Royal Commission. "My own view is that it is too early to say they have met all their obligations; there is a lot of dirty laundry that needs to be washed first," Hughes said according to the AFR.

5. Both the S&P 500 and Nasdaq performed strongly last week, closing 1.7% and 2.3% higher respectively, while the Dow Jones was up 0.1% for the week.

Published on: Monday, July 29, 2019

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