Business News

5 things you need to know today

  1. Economists expect the Australian dollar will trade lower by the end of this year. Sentiment has changed on signs that the Federal Reserve will keep to its interest rate hiking path. Economists surveyed by The Australian Financial Review see rates unchanged into the second half of 2019. By the end of December 2018, the Australian dollar is expected to fall to US72.73¢, according to the median estimate in the survey. That is lower than the forecast of US75¢ the same economists predicted three months ago for the year end. The Australian dollar is currently trading at US74.02¢.
  2. A report by the Grattan Institute found prices in the wholesale electricity market increasing on average by 130% between 2015 and 2017 across the east coast. The Grattan Institute warned that intervention to stop electricity retailers ‘gaming’ the system may make prices worse.
  3. Bitcoin is down about 70% from its December high and is getting ever-closer to matching the Nasdaq Composite Index's 78% peak-to-trough plunge after the US dot-com bubble burst.  Hundreds of other virtual coins have all but gone to zero. Bitcoin has bounced back from bigger losses before, but it’s unclear whether it can repeat the feat.
  4. Australian shares ended the financial year on a surprisingly strong note, up rose 6.5% in the last 12 months, outpacing its global peers, to close at 6,195 points . The biggest slide was seen in the Australian dollar as the US economy and greenback continue to strengthen.
  5. On Friday the Dow Jones Industrial Average rose 55.36 points, or 0.2%, to 24,271.41. The S&P 500 index was up 2.06 points to 2,718.37 and the Nasdaq Composite Index climbed 6.62 points to 7,510.30.

 

Published on: Monday, July 02, 2018

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