Market Reports

• Australian Market Report: Miners and consumer discretionary companies kept the Australian sharemarket in the red on Tuesday, with the Reserve Bank’s latest meeting minutes prompting a further retreat on the local bourse following a mixed finish on Wall Street overnight. The S&P/ASX 200 Index fell 32.5 points, or 0.4 per cent, to 7718.2 at the close. The Australian dollar was fetching US66.42¢..... [more]

• U.S. Market Report: U.S. stocks are turning in a mixed performance in somewhat lackluster trade on Tuesday, as investors await some crucial economic data, including reports on non-farm payroll data, for more clarity about the outlook for Fed interest rates..... [more]

• European Market Report: European stocks closed lower on Tuesday, weighed down by the developments on the political front in the region, comments from some ECB officials that the central bank is unlikely to cut interest rates anytime soon, and lingering uncertainty about the outlook for U.S. interest rates..... [more]

• Asian Market Report: Asian stocks ended mixed on Tuesday as investors pondered what the U.S. Supreme Court's immunity decision meant for former president Donald Trump..... [more]

Australian Business News

• Fears of a rate hike have knocked the froth off real estate and discretionary spending share prices. RBA minutes released today show the board holds persistent fears about rising prices and the challenge to bring inflation back to its target band of 2-3 per cent..... [more]

• A rundown of the First Home Super Saver Scheme. Here are the factors that decide whether the FHSSS will help you save for your first home.... [more]

• 9 ASX All Ords shares lifted to 'strong buy' consensus ratings in June. The ASX All Ords index is comprised of 500 stocks, and 80 were upgraded to strong buy ratings last month..... [more]

• Social media users are being exposed to swathes of misleading financial advice – with potentially serious repercussions – on platforms like TikTok. Research from UK-based Almond Financial found that up to 87 per cent of financial advice on TikTok was potentially misleading after a study of more than 150 videos ranging from tax advice to retirement planning..... [more]

• Lithium hopeful Liontown Resources (ASX: LTR) has pivoted away from major banks, replacing a previous $550 million debt facility with a strategic partnership with foundational partner, LG Energy Solution..... [more]

• Aruma Resources has wasted little time in firming up confidence at its new Bortala project in the Mount Isa Copper Belt after an initial appraisal at the site confirmed some promising copper-gold targets. The acquisition revealed only in late May was part of what management described as potentially “company-changing” gains of two copper operations in Queensland and a highly-prospective iron oxide-copper-gold (IOCG) and uranium play in South Australia..... [more]

• Ark Mines inks 1.5Bt Exploration Target for Sandy Mitchell REE play including NdPr; PFS due in Q4.... [more]

• Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) has entered negotiations to prevent a strike at its Oyu Tolgoi copper mine in Mongolia. The potential strike is due to a dispute over worker salaries and benefits. Union representatives and government officials are participating in the discussions to resolve the issues..... [more]

• Ora Banda Mining has beefed up the mineral resources and ore reserves at its Davyhurst gold project (DGP) outside Kalgoorlie in Western Australia, attributing the growth to its underground exploration success and the definition of a new gold lode..... [more]

• Across the world, farmers and machinery producers are stepping up to the challenge of reducing greenhouse gas emissions by electrifying essential equipment and exploring alternative fuels. According to the Australian Farm Institute, diesel accounts for about 85 per cent of the energy used on farms, so switching to renewable and low-emission fuel will be critical in the push to reach net zero..... [more]

• Office property values in Australia have plunged more than 10 per cent in the last six months and could fall further as high interest rates and the work from home trend take their toll on demand..... [more]

• Car makers could use a loophole to rush their highest-polluting vehicles into the country and dodge climate laws for the first three years of the government's New Vehicle Efficiency Standard (NVES). It could also impact the push to bring more electric vehicles into the country — one of the key goals of the laws..... [more]

• Katanning Shire president Kristy D’Aprile has met with the prime minister in Canberra this week to oppose the live sheep export ban, which she says will “decimate” the Great Southern economy. The ban was pushed through the federal Senate on Monday night in a political guillotine and, if upheld, will see the closure of the live sheep export industry by 2028..... [more]

• Zeotech methane control trials boosted by patent application.... [more]

• MCoBeauty has become a multi-million-dollar cosmetics empire, but its path to success hasn't been without controversy due to its strategy of copying, or "duping", popular beauty products. The Australian cosmetics company is the brainchild of Sydney entrepreneur Shelley Sullivan. After years running a modelling and talent agency, Ms Sullivan pivoted into beauty by launching ModelCo in 2002..... [more]

• The future of budget airline Bonza is officially over, with creditors voting to liquidate the company. At a meeting with administrators Hall Chadwick on Tuesday, the upstart airline’s creditors ended the months-long saga that kicked off in late April when the company first collapsed..... [more]

• Count Limited has finally exited its ownership of Western Australia accounting group, Bentleys WA for just $700,000. Count announced to the Australian Securities Exchange (ASX) that it had divested the Bentleys WA business for a total consideration of $700,000 “prior to any relevant post-completion adjustments” with the transaction completed on 28 June..... [more]

• The banking watchdog has sanctioned ANZ for continuing to charge or failing to refund fees for deceased estates, and failing to respond to representatives of deceased estates within the required timeframe. On Tuesday, the Banking Code Compliance Committee (BCCC) chair, Ian Govey, said the decision to name ANZ for its non-compliance reflected the seriousness of the bank’s breaches..... [more]

• Comment - Ray David: How to unearth value in the mining sector. Ray David discusses how to navigate the mining cycle with three mining companies with tier one high quality assets..... [more]

• Opinion - Elizabeth Knight: Why the CBA share price continues to defy gravity. The combined hours of lost sleep and career scorn that stockbroker banking analysts have suffered over the past six months thanks to the Commonwealth Bank’s gravity-defying share price gains is immeasurable..... [more]

• Opinion - Peter Martin: When it comes to power, solar is about to leave nuclear and everything else in the shade. Opposition leader Peter Dutton might have been hoping for an endorsement from economists for his plan to take Australian nuclear. He shouldn’t expect one from The Economist..... [more]

World Business News

• The world's biggest financial market is swaying after Thursday's presidential debate, as the odds of a second Donald Trump presidency jumped among forecasters. US Treasury yields surged and prices dropped following the first debate, indicating investors are starting to price in a Trump victory in November, market veteran Ed Yardeni wrote in a note..... [more]

• Federal Reserve Chair Jerome Powell has predicted that inflation in the U.S. may return to the central bank's 2% target by late 2025 or the following year, but flagged that policymakers will "take their time" before rolling out potential interest rate cuts..... [more]

• Elon Musk’s Politics May Be Pushing Some Buyers Away From Tesla. The Tesla chief executive’s polarizing statements have alienated some potential customers and may be partly responsible for a recent slump in sales..... [more]

• Tesla stock pops 10% as deliveries beat estimates and Wall Street sees stronger days ahead.... [more]

• Shares of Rivian Automotive Inc. rallied Tuesday, after the electric-vehicle maker reported quarterly deliveries data that beat expectations by a record margin. The California-based company said it delivered 13,790 vehicles during the second quarter, up 9.1% from the same period a year earlier..... [more]

• Toyota Motor North America posted an about 9.2% rise in second-quarter U.S. auto sales on Tuesday, aided by demand for its affordable and premium crossover SUVs. The company, a unit of Japan's Toyota Motor Corp (7203.T) sold 621,549 vehicles in the quarter, compared with 568,962 units a year earlier..... [more]

• Peloton staved off the cash crunch that threatened its business. Where does it go now?.... [more]

• The Biden administration said Tuesday that it was providing $504 million in implementation grants for a dozen technology hubs in Ohio, Montana, Nevada and Florida, among other locations. The money would support the development of quantum computing, biomanufacturing, lithium batteries, computer chips, personal medicine and other technologies..... [more]

• Progressive (PGR.N), agreed to pay $48 million to settle a class action lawsuit accusing the insurer of systematically undervaluing the claims of New York drivers whose vehicles were wrecked..... [more]

• The Federal Trade Commission unanimously voted to block mattress maker Tempur Sealy’s purchase of Mattress Firm on Tuesday. In May 2023, Tempur Sealy – the world’s largest mattress supplier and manufacturer – agreed to buy the United States’ largest bedding retailer in a roughly $4 billion deal. The FTC authorized a lawsuit in federal court to block the acquisition..... [more]

• Private equity firm Vista Equity is in talks to cede control of its company Pluralsight to lenders, according to three people familiar with the matter and fund documents reviewed by Reuters..... [more]

• Inflation is down in Europe. But the European Central Bank is in no hurry to make more rate cuts.... [more]

• Banks in Germany, France and elsewhere in the EU have lent more than 1.4 trillion euros ($1.5 trillion) to the commercial real estate sector, leaving some lenders vulnerable to "cracks" in the market, the bloc's banking watchdog said on Tuesday..... [more]

• Port infrastructure delays threaten UK’s transition to net zero, industry says. Dropoff in government approvals put billions of investment in offshore wind schemes at risk, ports bodies warn.... [more]

• Fox set to launch free Netflix rival in UK.... [more]

• Marks & Spencer is increasing its stocks of smaller sizes in womenswear after a surge in demand left gaps on shelves. Stuart Machin, the chief executive of the high street stalwart, said that three years ago about a fifth (21%) of the items sold from its main seasonal collection were size six to 10 and that had now risen to 35% as its “fashion and style ranges were resonating with a different customer group”..... [more]

• Shell pauses construction at one of Europe’s biggest biofuels plants. Work on energy transition project in Rotterdam will be further delayed.... [more]

• French stocks and the euro rallied Monday after results from the first round of elections suggested the far right will inflict a heavy defeat on President Emmanuel Macron but fall short of winning an outright majority in parliament. France’s CAC 40 index, which represents 40 of the biggest companies listed in Paris, rose 2.7% at the open..... [more]

• Cultural differences impede trade for most nations — but not China. China trumps Western rivals by aligning with the economic development and infrastructure needs of its global trading partners .... [more]

• China is seeking to establish least 50 sets of artificial intelligence (AI) standards by 2026, according to a new draft policy from Beijing, as the mainland pushes to close the gap with the United States in developing this technology. The proposed standards will include those that pertain to the training of large language models (LLMs) – the technology underpinning generative AI services like ChatGPT – as well as safety, governance, industrial applications, software, computing systems, data centres, and the technical requirements and testing methodologies for semiconductors..... [more]

• Hong Kong flags retail challenges as May sales slump 11.5% y/y.... [more]

• It was one of the most impactful short-seller reports ever: Hindenburg Research’s 2023 broadside against the Adani Group erased as much as $153 billion of market value. But it turns out the US short-seller’s gains from the saga were tiny by comparison — just over $4 million..... [more]

• Sri Lanka to save $5 billion after bilateral debt rework, president says.... [more]