Business News

5 things you need to know today

  • President Donald Trump has signed a presidential memorandum that could impose tariffs of up to $US60 billion ($77 billion) on imports from China. Under the terms of the memorandum, Mr Trump will target the Chinese imports only after a consultation period. China's Washington embassy said it did not want a trade war, but would not recoil from one and would "fight to the end ... with all necessary measures."
  • The Turnball government hopes to close the deal on its company tax plan as early as Monday next week after Pauline Hanson pledged the support of the three One Nation senators, leaving the government needing just two more votes. 
  • A severe category three tropical cyclone could develop off the Queensland coast on Saturday, the Bureau of Meteorology has said. Tropical Cyclone Nora formed early Friday morning in the Arafura Sea and is expected to intensify into a severe system over the weekend. Currently a warning is in place for Elcho Island to Cape Shield in the Northern Territory and from Thursday Island to Cape Keerweer in Queensland on the western part of the peninsula coast.
  • US interest rates could be 1 percentage point above Australia's before the RBA contemplates starting its hiking cycle, after bullish growth spurred the Federal Reserve's key rate growth above the RBA's for the first time in 18 years.
  • US markets suffered their worst day since the February 8 sell-off due to the proposed 'Trade War'. In markets, the Dow Jones finished 2.9% lower at 23,958, S&P 500 -2.5% at 2,644 and the  Nasdaq -2.4% at 7,167. Over to Europe, the FTSE -1.2% at 6,943, DAX -1.7% at 12,100 and the Euro Stoxx 50 -1.7% at 3,342.

 

Published on: Friday, March 23, 2018

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