Business News

5 things you need to know today

1. The Reserve Bank will announce its latest interest rate decision tomorrow, with most analysts predicting rates will remain on hold at 1.0%. The majority of the 19 economists surveyed by The Sydney Morning Herald and The Age predict that rates will fall to 0.75% by December.

2. US Secretary of State Mike Pompeo told The Australian that countries like the United States and Australia needed to "band together" on China. "The time is right because the challenge China presents to us in the region is upon us, whether that is the militarisation of the South China Sea or their Belt and Road Initiative," Pompeo said following a speech in Sydney.

3. US First Lady Melania Trump is reportedly encouraging President Donald Trump to visit Australia this year according to sources cited by The Sydney Morning Herald and The Age. The visit could coincide with the Presidents Cup golf tournament in Melbourne in mid-December. 

4. The S&P 500 and Nasdaq had their worst week of the year so far, closing down 3.0% and 2.4% respectively last week. The Dow Jones fell 2.7% for its worst week since June.

5. French inventor Franky Zapata has succesfully crossed the English Channel on a jet-powered hoverboard he invented. Reaching speeds of up to 177km/h, Zapata took 22 minutes to make the 35-kilometre journey.

Published on: Monday, August 05, 2019

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