Business News

5 things you need to know today

1. President Donald Trump has labelled China a currency manipulator after the value of the yuan against the US dollar rose above 7 for the first time since 2008. "This is a major violation which will greatly weaken China over time!" Trump said on Twitter. China's Commerce Ministry also announced that Chinese companies have stopped buying US agricultural products.

2. Stocks plummeted on Wall Street on Monday, with the three major indexes all recording their largest drops of the year. The Dow Jones fell for the fifth consecutive day, closing down 2.90% to 25,717.74, while both the S&P 500 and Nasdaq were down for the sixth straight day. The former fell 2.98% to 2,844.74 and the latter dropped 3.47% to 7,726.04.

3. The ASX is set to follow the lead set by Wall Street, with futures indicating a drop when the market opens this morning. The Reserve Bank's latest interest rate decision is due today at 2:30pm AEST.

4. ANZ CEO Shayne Elliott is expected to inform the bank's staff today that individual bonuses for all but the company's top executives will be dumped and replaced by a group performance dividend according to a report by the AFR. "The Royal Commission rightly shone a light on the negative impact the over-emphasis on individual bonuses within a bank can have on customers and the community," Eliott's note to staff reads.

5. Australia has come from behind for its first Ashes series win at Edgbaston in England in 18 years. After defeating England by 251 runs, Australia now leads 1-0.

Published on: Tuesday, August 06, 2019

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