Business News

5 things you need to know today

1. Property sales in Sydney and Melbourne grew on the weekend, with a preliminary auction clearance rate of 80% in Sydney and 76% in Melbourne on Saturday according to Domain, up from 75% for Sydney and 73% for Melbourne a week earlier.

2. The United States and China have both begun imposing additional tariffs on each other. China has introduced a 5% tariff on US crude oil as well as extra tariffs of 5% and 10% on about a third of the US goods on its US$75 billion target list, while the US will begin collecting 15% tariffs on over US$125 billion of Chinese goods.

3. Ahead of the Reserve Bank's next interest rate decision tomorrow, futures markets are predicting a 12% chance of a rate cut this month and a 72% chance of a cut next month according to the AFR

4. Following the release of Harvey Norman's results last Friday, when the company reported a 8.4% rise in profit before tax to $574.56 million for the 2019 financial year, founder and chairman Gerry Harvey has told the AFR he is "never going to retire".

5. Wall Street's main indexes all closed marginally higher on Friday, but for the month of August, the Dow Jones remained down 1.7%, the S&P 500 was 1.8% lower and the Nasdaq was down 2.6%. US markets will be closed on Monday local time for the Labor Day holiday.

Published on: Monday, September 02, 2019

blog comments powered by Disqus

New on Switzer