Business News

5 things you need to know today

1. The Reserve Bank announced its decision to keep interest rates on hold at 1.0%, with governor Philip Lowe highlighting improvements in the property market in a statement. "There are further signs of a turnaround in established housing markets, especially in Sydney and Melbourne," Lowe said.

2. British MPs have voted in favour of taking control of the parliament's agenda on Wednesday local time, potentially allowing legislation to be passed that would stop a no-deal Brexit from taking place on October 31. Prime Minister Boris Johnson is expected to call a snap election for October 14 if MPs block a no-deal Brexit.

3. Treasurer Josh Frydenberg has made changes to his economic advisory team according to an AFR report, including the appointment of Treasury senior economist Angelia Grant as the Treasurer's principal economic adviser along with new Treasury secretary Steven Kennedy.

4. Wall Street stocks have begun the week lower after a federal holiday on Monday, with the Dow Jones falling 1.08% to 26,118.02, the S&P 500 down 0.69% to 2,906.27 and the Nasdaq dropping 1.11% to 7,874.16

5. Donald Trump's tweeting patterns are associated with negative returns on the US stock market according to a report by Bank of America Merrill Lynch. "Since 2016, days with more than 35 tweets (90 percentile) by Trump have seen negative returns (-9bp), whereas days with less than 5 tweets (10 percentile) have seen positive returns (+5bp) — statistically significant," the report said according to CNBC.

Published on: Wednesday, September 04, 2019

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