Latest news with #CommonwealthBank
News.com.au
15 hours ago
- Business
- News.com.au
ASX slip on banks and miners in Friday training
Gains in the healthcare sector were offset by falls in the big four banks and major miners, with the local market falling for its fourth consecutive trading day on Friday. The ASX 200 dropped 18.20 points or 0.21 per cent to 8,505.50 on a quiet day of trading. The broader All Ordinaries slipped 17.90 points or 0.20 per cent to 8,723.50. Australia's dollar traded down against the US dollar and is now buying 64.83 US cents. On a mixed day for investors, strong gains out of the utilities and healthcare sectors were offset by falls from the big banks and miners. CSL shares jumped 0.63 per cent to $240.21, Pro Medicus gained 1 per cent to $276.81 and ResMed added 1.40 per cent to $39.16 on a strong day for the healthcare sector. Commonwealth Bank fell from a record high close on Thursday, down 0.2 per cent to $182.53. National Australia Bank slipped 0.5 per cent to $38.91, while Westpac came off 1.1 per cent to $33.21 and ANZ dropped to 2.5 per cent to $28.39. It was a mixed day for the big miners, with BHP eking out a small gain up 0.22 per cent to $36.21, while Rio Tinto fell 1.33 per cent to $102.17 and Fortescue dropped 0.54 per cent to $14.69. Overall five of the 11 sectors closed higher despite the market falling. On a reversal of trade in recent days, the price of oil and gold fell after the White House said US President Donald Trump would decide on strikes on Iran 'within the next two weeks' alleviating fears of an immediate escalation in the Middle East crisis. The price of crude oil futures fell 2.9 per cent to $US76.50 a barrel on the news, while gold futures also dropped 1.4 per cent to $US3,362 an ounce. AMP head of investment strategy and chief economist Shane Oliver said stocks remained at 'high risk' of a pullback as markets grappled with multiple economic concerns. 'Global and Australian shares have seen a strong rebound from their April lows – but they remain at high risk of a sharp near term pull back as the risk of an oil supply disruption flowing from the war with Iran is high and Trump's tariff threat is far from resolved,' he said. 'On the tariff front it is notable that the 9th July tariff deadline is rapidly approaching and no deals have been struck beyond that with the UK, with indications that some countries may end up with tariffs well above 10 per cent.' In company news, Pointsbet Holdings announced a temporary pause in trading. It comes as rival sports wagering company Betr announced a renewed takeover bid in what it is calling a superior proposal for Pointsbet compared to Japanese gaming giant Mixi. Web Travel shares are in the red down 0.44 per cent to $4.50 after announcing former Virgin Australia chief executive Paul Scurrah and JB Hi Fi director Melanie Wilson would be joining the board as independent non-executive directors.
West Australian
16 hours ago
- Business
- West Australian
Aussies exit NSW, WA hits 3 million population milestone
More people are fleeing NSW than any other state in Australia. Population data released by the Australian Bureau of Statistics this week shows 28,118 people left NSW in 2024. Western Australia tipped over three million people for the first time as the resource-rich state recorded the highest nationwide growth rate. At the end of 2024, 27.4 million people called Australia home, an increase of 445,900 on the previous year and representative of a 1.7 per cent increase. Commonwealth Bank economist Lucinda Jerogin said population growth had slowed quicker than anticipated on the back of the post-pandemic peak. 'A slowdown in natural increase continues to place a drag on Australia's population growth,' she said 'Cost-of-living pressures, rising female workforce participation and broader uncertainty are likely driving this downward trend. 'Growth in deaths are outpacing births leading to the decline in natural increase.' The data shows NSW lost more than 28,000 people to net interstate migration, with 112,763 people leaving for elsewhere in the country. Queensland picked up more than 106,000 people from other states for a result of nearly 26,000 fresh faces. Nearly 40,000 Aussies moved to WA for a net increase of about 12,500 people. While Queensland and Victoria's total populations grew by 1.9 per cent, WA's grew 2.4 per cent. The population of every state and territory grew by at least 1.1 per cent, except Tasmania, which recorded a 0.3 per cent increase. 'Within Australia, people are continuing to leave NSW, and to a lesser extent Victoria and the smallest jurisdictions, and head into Queensland and WA,' Housing Industry Association economist Tom Devitt said. 'But even the jurisdictions losing residents interstate are absorbing enough overseas arrivals to see their populations expand.' State governments needed to do more to stimulate housing construction, he said. 'Foreign capital is highly liquid. State governments have forced institutional investors into building apartments in other countries,' Mr Devitt said. 'As a consequence, multi-unit construction volumes in Australia have halved, likely costing state governments tax revenue.'
AU Financial Review
a day ago
- Business
- AU Financial Review
How AI and tax reform could drive a white-collar squeeze
With the eyes of the world rightly trained on Iran, Amazon chief executive Andy Jassy's warning to his employees about artificial intelligence's threat to their jobs feels like a bit of a sideshow. But in the long run, Jassy's gloomy prediction may turn out to be a deeply consequential moment for many Australians. Jassy's warning that Amazon will end up with a smaller workforce because of AI isn't necessarily new. The potential threat posed to white-collar jobs from the technology has been recognised by several Australian chief executives, including Telstra boss Vicki Brady and Commonwealth Bank's Matt Comyn. But there's a bigger shift already under way in the labour market that could compound the impact of AI.
Yahoo
2 days ago
- Business
- Yahoo
CBA soars, BHP falls in mixed day on ASX
Commonwealth Bank closed at a record high on Thursday, but it was not enough to lift the broader market as weaker than expected job figures and fears of the possibility the US would strike Iran weighed on the local market. The ASX 200 closed marginally lower for the third straight day down 7.50 points or 0.09 per cent to 8,523.70. The broader All Ordinaries also finished down on Thursday, dropping 16.50 points or 0.19 per cent to 8,741.40. Australia's dollar slumped 0.66 per cent against the US dollar and is now buying 64.64 US cents. Seven of the 11 sectors were lower with large falls in materials, information technology and utilities offsetting strong gains out of the financials and consumer discretionary sectors. Shares in Australia's largest lender CBA soared during early trading as high as $183.23 before settling at $182.85. This beat the previous record close of $182. NAB shares also finished heavily in the green up 1.06 per cent to $39.12, Westpac soared 1.73 per cent to $33.59 and ANZ jumped 0.31 per cent to $29.13. Offsetting a bounce in the financials were falls in the materials sector. BHP slumped 1.98 per cent to $36.13, Rio Tinto sank 2.31 per cent to $103.55 and Fortescue decreased 1.73 per cent to $14.77. Gold miners also slipped after a strong run with Northern Star Resources falling 0.97 per cent to $20.38 and Evolution Mining plunged 4.54 per cent to $7.78. The market seesawed throughout Thursday's trading and was up slightly before the announcement of Australia's job figures. In a surprise to the market, 2500 fewer Australians were employed in May compared to April. Betashare chief economist David Bassanese said Thursday's employment data was no smoking gun for a rate cut. 'My base case remains that the RBA will hold fire on rates until the release of the June quarter CPI in late July,' he said. 'If the result confirms a continued decline in trimmed mean inflation to 2.6 per cent in line with RBA expectations, the RBA will likely cut policy rate by 0.25 per cent in August – so households may just need to wait another few weeks for further mortgage relief.' The market also traded lower on fears as to whether the US would strike Iran, a move that Tehran warns would lead to retaliation on US interests in the area. 'I may do it, I may not do it,' US President Donald Trump told reporters outside the White House. 'I mean, nobody knows what I'm going to do.' In company news fashion retailer KMD Brands which owns Kathmandu and Rip Curl fell 3.77 per cent to $0.26 after telling the market warmer autumn weather had a negative impact on sales. WiseTech Global shares also fell 1.87 per cent to $106.89 on the back of news directors Charles Gibbon and Michael Gregg would leave the board. Sign in to access your portfolio
News.com.au
2 days ago
- Business
- News.com.au
ASX slips on Thursday on weaker than expected job figures
Commonwealth Bank closed at a record high on Thursday, but it was not enough to lift the broader market as weaker than expected job figures and fears of the possibility the US would strike Iran weighed on the local market. The ASX 200 closed marginally lower for the third straight day down 7.50 points or 0.09 per cent to 8,523.70. The broader All Ordinaries also finished down on Thursday, dropping 16.50 points or 0.19 per cent to 8,741.40. Australia's dollar slumped 0.66 per cent against the US dollar and is now buying 64.64 US cents. Seven of the 11 sectors were lower with large falls in materials, information technology and utilities offsetting strong gains out of the financials and consumer discretionary sectors. Shares in Australia's largest lender CBA soared during early trading as high as $183.23 before settling at $182.85. This beat the previous record close of $182. NAB shares also finished heavily in the green up 1.06 per cent to $39.12, Westpac soared 1.73 per cent to $33.59 and ANZ jumped 0.31 per cent to $29.13. Offsetting a bounce in the financials were falls in the materials sector. BHP slumped 1.98 per cent to $36.13, Rio Tinto sank 2.31 per cent to $103.55 and Fortescue decreased 1.73 per cent to $14.77. Gold miners also slipped after a strong run with Northern Star Resources falling 0.97 per cent to $20.38 and Evolution Mining plunged 4.54 per cent to $7.78. The market seesawed throughout Thursday's trading and was up slightly before the announcement of Australia's job figures. In a surprise to the market, 2500 fewer Australians were employed in May compared to April. Betashare chief economist David Bassanese said Thursday's employment data was no smoking gun for a rate cut. 'My base case remains that the RBA will hold fire on rates until the release of the June quarter CPI in late July,' he said. 'If the result confirms a continued decline in trimmed mean inflation to 2.6 per cent in line with RBA expectations, the RBA will likely cut policy rate by 0.25 per cent in August – so households may just need to wait another few weeks for further mortgage relief.' The market also traded lower on fears as to whether the US would strike Iran, a move that Tehran warns would lead to retaliation on US interests in the area. 'I may do it, I may not do it,' US President Donald Trump told reporters outside the White House. 'I mean, nobody knows what I'm going to do.' In company news fashion retailer KMD Brands which owns Kathmandu and Rip Curl fell 3.77 per cent to $0.26 after telling the market warmer autumn weather had a negative impact on sales. WiseTech Global shares also fell 1.87 per cent to $106.89 on the back of news directors Charles Gibbon and Michael Gregg would leave the board.
