Business News

5 things you need to know today

  • Donald Trump has said in a tweet that the US-China trade deal has become 'too hard to get done' as he cast doubts on the prospect for talks that are designed to head off a trade war between the two countries. While saying the talks were "moving along nicely," Mr Trump said negotiations with China would require a different structure and would need to allow America to "verify results after completion".
  • Santos has taken a beating on the Australian stock market, with its share price tumbling by almost 10% in early trade, which equates to more than $1 billion in value. This was a knee-jerk reaction by investors the morning after Santos rejected a takeover bid by Harbour Energy and "terminated all discussions" with the American company. Its shares fell as low as $5.82 on Wednesday morning, their lowest value in more than six weeks.
  • Pauline Hanson made a surprise appearance at the Hayne royal commission in Melbourne, demanding justice and calling for rogue bankers to be thrown in jail. "What has been exposed by the royal commission is clear evidence that the banks and the financial sector have not done the right thing by the people of this country," she said. "I hope that at the end of this there is justice. For the people here, and I've spoken to these people here today, there is a fear that there has not been justice, and there is a feeling that justice will not prevail at this royal commission."
  • The US Federal Reserve released its May meeting minutes revealing the central bank was in no hurry to lift interest rates at a faster pace, even as inflation picked up and the US economy continued to improve. 
  • In markets, the Nasdaq index made the biggest gains, rising 0.6%, the Dow Jones made a slight gain of 0.2% to close at 24,884 and the S&P 500 lifted by 0.3%. Over to Europe, the FTSE -1.1% at 7,788 the German DAX -1.5% at 12,977 and the Euro Stoxx 50 -1.3% at 3,542.

Published on: Thursday, May 24, 2018

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