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The surprise group set to benefit from Labor's $3m super tax

The surprise group set to benefit from Labor's $3m super tax

Michelle Bowes writes about wealth from our Sydney newsroom. She has more than 20 years of experience as a business journalist and is the author of Money Queens: Rule your Money, an award-winning personal finance book for teenage girls. Email Michelle at michelle.bowes@afr.com
Andrew Hobbs covers self-managed superannuation funds, financial planning, retirement and inheritance. He has been a financial journalist for more than 25 years, working previously at Bloomberg and Australian Associated Press.

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Iron ore extends drop towards $US90/t as Citi cuts outlook
Iron ore extends drop towards $US90/t as Citi cuts outlook

West Australian

time6 days ago

  • West Australian

Iron ore extends drop towards $US90/t as Citi cuts outlook

Iron ore headed for the lowest close since September on a seasonal slowdown in demand and signs Chinese mills are curbing steel output. Futures fell for a fourth day in Singapore, sinking below $US93 a tonne. The rainy season in southern China, as well as high temperatures in the north, have persisted, slowing construction, Shanghai Metals Market said in a note. On Monday, figures from China — the top iron ore importer — showed nationwide steel output in May was below April's total on a daily basis, and almost 7 per cent less than a year ago. It was the weakest showing for the month since 2018. The steel-making staple has been under pressure in recent weeks as traders eye a slower pace of construction into the summer, as well as a push by authorities in China to curb steel output to combat a glut. Futures are coming off the back of a four-week losing run that was the longest since January. 'Steel demand in China is likely to remain weak over the coming months over the upcoming seasonal lull,' Citigroup said in a note, cutting iron ore forecasts. China's property market weakness is showing no signs of a turnaround, and manufacturing faces increased trade headwinds, they said. The bank's prompt-to-three month price forecast was reduced to $US90/t from $US100, while the six-to-12 month target was scaled back to $US85 from $US90. On the supply side, miners in Brazil — the largest shipper after Australia — have been ramping up flows. Exports totalled 35.077 million tons in May, narrowly setting a record for that month. Iron ore futures fell as much as 1.2 per cent to $US92.90/t in Singapore, before trading at $US93 at 11.44am. Steel futures in China also declined. Copper and other industrial metals were lower as investors monitored the Israel-Iran conflict and appetite for risk assets. US President Donald Trump called for the evacuation of Tehran, in comments that contrasted with earlier optimism the situation wouldn't escalate into a wider conflict. Bloomberg

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