Retail sales surge; Trump tanks Cettire shares; ANZ's top brass cull
In today's news, Australian retail sales smash forecasts, Cettire's shares tank after Donald Trump expands duties on cheap imports, and ANZ's McKinsey review targets top brass.
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Sydney Morning Herald
15 minutes ago
- Sydney Morning Herald
Trump's tariffs and anti-vaxxer clash with Australia's $130b health giant
To get an idea of where the real financial gravity sits within the Australian investing universe, CSL's market valuation plunge on Tuesday exceeded the entire $17 billion value of Qantas Airways with a billion or two to spare. It would be unfair to just blame this huge 15 per cent stock slump on its battles with the Trump administration. The biopharmaceutical giant has other challenges that were revealed on Tuesday with its full-year financial results and massive cost-cutting. But that should only add to the alarm for investors who may have noticed its outlook statement included the words: 'This guidance assumes no impact from pharmaceutical sector tariffs.' For the uninitiated, CSL's business is dominated by blood plasma products, but includes iron-deficiency-type treatments as well as vaccines. The vaccines company, Seqirus, will soon be spun off into a separately listed business. CSL chief executive Paul McKenzie put a brave face on Trump's threats to put tariffs up to 250 per cent on pharmaceuticals. This could affect $2 billion worth of Australian exports and the single biggest impact is expected to be on CSL's US exports, which are dominated by plasma products. Loading McKenzie pointed out to investors and analysts that most of the company's US business is sourced there, but the repeated questions from his audience say plenty about the market's nervousness. Especially when one question queried whether the Melbourne-based CSL was re-domiciling to the US. 'I'm not quite sure I relate to the re-domicile point. But just in general for tariffs, if you look at our plasma-derived products – as required from [US] regulatory, the plasma is sourced all in the US,' McKenzie said.
AU Financial Review
15 minutes ago
- AU Financial Review
BHP (BHP ASX), Challenger (CHG ASX), HMC Capital (HMC ASX), Reliance Worldwide (RWC ASX): There's a new tension inside BHP
Back in 2016, when Mike Henry took over running flagship Australian mining business BHP, he would wake up every morning feeling frustrated that the biggest miner in the world wasn't the best operator in the sector.
The Age
15 minutes ago
- The Age
Trump's tariffs and anti-vaxxer clash with Australia's $130b health giant
To get an idea of where the real financial gravity sits within the Australian investing universe, CSL's market valuation plunge on Tuesday exceeded the entire $17 billion value of Qantas Airways with a billion or two to spare. It would be unfair to just blame this huge 15 per cent stock slump on its battles with the Trump administration. The biopharmaceutical giant has other challenges that were revealed on Tuesday with its full-year financial results and massive cost-cutting. But that should only add to the alarm for investors who may have noticed its outlook statement included the words: 'This guidance assumes no impact from pharmaceutical sector tariffs.' For the uninitiated, CSL's business is dominated by blood plasma products, but includes iron-deficiency-type treatments as well as vaccines. The vaccines company, Seqirus, will soon be spun off into a separately listed business. CSL chief executive Paul McKenzie put a brave face on Trump's threats to put tariffs up to 250 per cent on pharmaceuticals. This could affect $2 billion worth of Australian exports and the single biggest impact is expected to be on CSL's US exports, which are dominated by plasma products. Loading McKenzie pointed out to investors and analysts that most of the company's US business is sourced there, but the repeated questions from his audience say plenty about the market's nervousness. Especially when one question queried whether the Melbourne-based CSL was re-domiciling to the US. 'I'm not quite sure I relate to the re-domicile point. But just in general for tariffs, if you look at our plasma-derived products – as required from [US] regulatory, the plasma is sourced all in the US,' McKenzie said.
