Business News

5 things you need to know today

1. Reserve Bank governor Philip Lowe warned that the trade war between China and the US poses the biggest threat to the global economy according to a report by The Sydney Morning Herald and The Age. "I do not have a clear idea of what strategy the US has. [Some people in the US] say that it is time for Team West to muscle up against China and that is very worrying," Lowe reportedly said in a speech to business leaders in Sydney.

2. President Donald Trump said in a press conference that the US was "very far from a recession" while defending his actions in the trade war. "Somebody had to take on what China was doing to the United States economically. We’re winning big. I took it on. And it should have been done by previous Presidents, but I took it on. And I’m happy to do it because it had to be done," Trump said.

3. Italian Prime Minister Giuseppe Conte announced that he intends to resign after the country's deputy prime minister and leader of the right-wing League party, Matteo Salvini, tabled a no-confidence vote against Conte.

4. After announced a 21.9% rise in full-year profit to $17.2 million on Tuesday, the online retailer announced its plan to launch a low-fee super fund in partnership with Mercer. The fund would be "among the top three lowest cost funds in the country according to Super Ratings" Mercer chief executive Ben Walsh said according to the AFR.

5. The Dow Jones closed 0.66% lower to 25,962.44 on Tuesday, the S&P 500 fell 0.79% to 2,900.51 and the Nasdaq dropped 0.68% to 7,948.56.

Published on: Wednesday, August 21, 2019

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