Business News

5 things you need to know today

  • The Australian Securities and Investment Commission has hired lawyers to check whether a glitch on its website assisted insider trading. A flawed search tool allowed people to access all ASIC documents sent to any email address.
  • FBI Deputy Director Andrew McCabe, criticised by President Donald Trump for alleged bias against him and favour for his 2016 Democratic opponent Hillary Clinton, has stepped down as the agency's No. 2 official. McCabe's departure comes as Trump and some other Republicans have been stepping up their criticism of the FBI in a move that Democrats call part of a broader effort by Trump's party to undermine Mueller's investigation.
  • US 10-year yields peaked at their highest level since April 2014. Stocks wobbled in the US as Goldman Sachs warned of the high probability of a market correction in the months ahead, and Macquarie claimed markets were “grotesquely swollen.”
  • Apple Inc. shares are down after a report in the Nikkei Asian Review said they planned to cut its iPhone X production target to 20 million for the March quarter, half of what it expected a few months ago.
  • Wall Street slips from record levels and the ASX opens lower. The Dow Jones finished 0.5% lower at 26,482, the S&P 500 also finished lower on 0.5% at 2,858, and the Nasdaq closed lower on 0.4% at 7,474. In Europe, the FTSE closed higher on 0.1% at 7,672, the German DAX finished lower on 0.1% at 13,324, and the Euro Stoxx 50 closed lower on 0.1% at 3,643.

Published on: Tuesday, January 30, 2018

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