Business News

5 things you need to know today

1. Prime Minister Scott Morrison has highlighted the importance of "an open, inclusive and prosperous Indo-Pacific neighbourhood" during the first standalone visit to Vietnam by an Australian PM since 1994. "If we allow the sovereignty or independence of any of our neighbours to suffer coercion, then we are all diminished," Morrison said.

2. A UBS report has warned that stimulus from the Reserve Bank, APRA and the federal government could potentially reflate the property price bubble. The AFR highlighted a quote from the report that suggested the 'cure' for the housing market "could be worse than the disease".

3. The major banks paid 0% interest on just under 10% of the value of their deposits in July according to Reserve Bank data, the AFR reported.

4. After German chancellor Angela Merkel suggested that a solution to Brexit could potentially be found within 30 days during a meeting with Boris Johnson on Wednesday, French President Emmanuel Macron said alongside the UK PM in Paris on Thursday that "We will not find a new Withdrawal Agreement within 30 days which will be very different from the existing one".

5. The Dow Jones closed higher on Thursday ahead of a speech by US Federal Reserve Chairman Jerome Powell on Friday, rising 0.19% to 26,252.24. The S&P 500 ended the day down slightly with a 0.05% fall to 2,922.95, with a more pronounced fall for the Nasdaq, which slipped 0.36% to 7,991.39.

Published on: Friday, August 23, 2019

blog comments powered by Disqus

New on Switzer