Business News

5 things you need to know today

  • The Australian dollar has fallen to its lowest value in a month due to a weaker-than-expected jobs report, and US interest rate yields continuing to outperform Australia's. The local currency fell sharply (-1.3pc) to 74.68 US cents after the US greenback experienced broad-based gains overnight.
  • Despite weaker-than-expected jobs growth, the unemployment rate has dropped to 5.4 per cent — its lowest rate since November last year.The unemployment rate fell from 5.6 per cent in seasonally adjusted terms over the month and the ranks of the unemployed thinned by 26,800 to 714,600.
  • Russia declared the FIFA World Cup open in a ceremony full of glitz, colour and some acoustic trouble at the Lushniki Stadium in Moscow. The show, which lasted only 15 minutes, centred upon British pop star Robbie Williams. Williams' performance started off in faltering fashion with his microphone feed coming through intermittently for television viewers in their millions, before he gave a middle finger to the camera right before the end of the show.
  • The New York Attorney-General has filed a suit against President Donald Trump and his three eldest children alleging "persistently illegal conduct" at the President's personal charity, saying Trump repeatedly misused the nonprofit - to pay off his businesses' creditors, to decorate one of his golf clubs and to stage a multimillion dollar giveaway at his 2016 campaign events. In the suit, filed on Thursday morning in New York, Attorney-General Barbara Underwood asked a state judge to dissolve the Donald J. Trump Foundation. She asked that its remaining $US1 million ($1.3 million) in assets be distributed to other charities and that Trump be forced to pay at least $US2.8 million in restitution and penalties. 
  • In markets overnight, the S&P 500 and Nasdaq closed higher, gaining 0.25 and 0.85% respectively. However, the Dow Jones fell 0.1% to 25,175 points. Over to Europe, the FTSE +0.8% at 7,766, the German DAX +1.7% at 13,107 and the Euro Stoxx 50 +1.4% 3,527.

Published on: Friday, June 15, 2018

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