Business News

5 things you need to know today

1. The S&P/ASX 200 and All Ords index both fell 2.7% last week to 6,584.4 and 6,663.4 points respectively for the worst weekly loss since mid-December last year.

2. The Commonwealth Bank and Westpac are expected to argue against changes to responsible lending rules proposed by ASIC according to a report by the AFR, which said that the banks will argue the changes would lead to higher interest rates and reduced competition.

3. Australians have been experiencing lower levels of financial comfort over the past six month across most measures in ME Bank's lastest Household Financial Comfort Report. Comfort with net wealth fell the most, dropping 3% to 5.54 out of 10.

4. On the back of recent trade war escalations between the US and China, Goldman Sachs has reduced its US growth forecast for the fourth quarter by 20 basis points to 1.8% and said it expected the recently announced tariff on an additional US$300 billion of Chinese goods to go into effect.

5. Wall Street stocks ended the week lower, with the Dow Jones falling 0.75% for the week to 26,287.44, the S&P 500 dropping 0.5% to 2,918.65 and the Nasdaq falling 0.6% to 7,959.14.

Published on: Monday, August 12, 2019

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