ASX reporting season live updates: All the news from companies reporting their results to the market today
JB Hi-Fi delivered a solid set of full-year results but investors showed their nerves when it was announced CEO Terry Smart was unplugging from the electronics giant and would exit at the start of October.
A beefed-up final dividend and a special payout of $1 a share weren't enough to soothe shareholders and the stock closed down more than 8 per cent. Ouch.
But it was a btter day for lithium miners after the closure of a mine in China raised hopes of improved prices for the key battery ingredient. PLS, Mineral Resources and Liontown Resources all enjoyed double-digit gains.
But the main focus was on whether the Reserve Bank would cut official interest rates today. The market seemed to think so, with the S&P-ASX200 hitting a record intraday high in early trade.
But before we get to that call, we have SGH (formerly Seven Group Holdings), Seven West Media and Life360 waiting in the wings to deliver their results.
On with the show ...
Here's whathappened on US markets overnight.
Wall Street's main indexes ended lower as investors anxiously await inflation data this week to assess the outlook for interest rates and eye US-China trade developments.
Investors expect the recent shake-up at the US Federal Reserve and signs of labour market weakness could nudge the central bank into adopting a dovish monetary policy stance later this year, fuelling much of the optimism.
July's consumer inflation report is due on Tuesday, and investors anticipate that the Fed will lower borrowing costs by about 60 basis points by December, according to data compiled by LSEG.
'The inflation data is starting to embody the more direct tariff impacts on the consumer, raising concern that inflation will remain sticky,' said Eric Teal, chief investment officer at Comerica Wealth Management.
'Lower inflationary readings and slower growth numbers are needed to support the case for lower rates.'
The Dow Jones Industrial Average closed on Monday 200.52 points, or 0.45 per cent, lower to 43,975.09, the S&P 500 lost 16 points, or 0.25 per cent, to 6373.45 and the Nasdaq Composite lost 64.62 points, or 0.3 per cent, to 21,385.40.
Read the full wrap up
here
.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Perth Now
32 minutes ago
- Perth Now
Australian shares edge higher ahead of rates call
The Australian bourse was tracking modestly higher at midday ahead of a local interest rate decision widely-expected to result in a cut. The S&P/ASX200 had gained 12 points, or 0.14 per cent, to 8856.8 at lunchtime on Tuesday, as the broader All Ordinaries posted an increase of 8.9 points, or 0.14 per cent, to 9126.5. United States equities and yields were little changed overnight, with investors in a holding pattern ahead of an inflation readout expected to offer an early glimpse into the pass through of tariffs to consumer prices. Economists and financial markets were all but certain of a 25 basis point interest rate reduction ahead of the Reserve Bank of Australia's board decision on Tuesday afternoon, reflecting subdued inflation numbers. Investors will also have fresh economic forecasts and analysis from the central bank, insights that could shape views on how many more cuts to expect. The nine-member board shocked financial markets and economists in July when they kept the cash rate at 3.85 per cent, defying expectations of a reduction. Interest rate-sensitive financial and discretionary stocks were leading the index higher at midday, with the latter up 0.8 per cent. The Star Entertainment Group was a discretionary standout, up 29.1 per cent mid-session after securing a deal to sell its stake in the Queen's Wharf Casino in Brisbane. JB Hi-Fi shares were also up a firm 6.4 per cent at lunchtime. All big for banks were in the green, led by ANZ, with a 2.1 per cent lift. Commonwealth Bank was up 0.4 per cent, while NAB and Westpac were both sitting on modest 0.1 per cent gains.
Herald Sun
an hour ago
- Herald Sun
Trump signs order to extend China tariff truce by 90 days
Don't miss out on the headlines from Breaking News. Followed categories will be added to My News. US President Donald Trump on Monday ordered a delay in the reimposition of higher tariffs on Chinese goods, hours before a trade truce between Washington and Beijing was due to expire. The White House's halt on steeper tariffs will be in place until November 10. "I have just signed an Executive Order that will extend the Tariff Suspension on China for another 90 days," Trump wrote on his Truth Social platform. The truce on steeper levies had been due to expire Tuesday. While the United States and China slapped escalating tariffs on each other's products this year, bringing them to prohibitive triple-digit levels and snarling trade, both countries in May agreed to temporarily lower them. As part of their May truce, fresh US tariffs targeting China were reduced to 30 percent and the corresponding level from China was cut to 10 percent. Those rates will now hold until November -- or whenever a deal is cut before then. Around the same time that Trump confirmed the new extension, Chinese state media Xinhua news agency published a joint statement from US-China talks in Stockholm saying it would also extend its side of the truce. China will continue suspending its earlier tariff hike for 90 days starting August 12 while retaining a 10-percent duty, the report said. It would also "take or maintain necessary measures to suspend or remove non-tariff countermeasures against the United States, as agreed in the Geneva joint declaration," Xinhua reported. In the executive order posted Monday to its website, the White House reiterated its position that there are "large and persistent annual US goods trade deficits" and they "constitute an unusual and extraordinary threat to the national security and economy of the United States." The order acknowledged Washington's ongoing discussions with Beijing "to address the lack of trade reciprocity in our economic relationship" and noted that China has continued to "take significant steps toward remedying" the US complaints. - Trump-Xi summit? - "Beijing will be happy to keep the US-China negotiation going, but it is unlikely to make concessions," warned William Yang, an analyst at the International Crisis Group. He believes China sees its leverage over rare earth exports as a strong one, and that Beijing will likely use it to pressure Washington. US-China Business Council president Sean Stein said the current extension is "critical to give the two governments time to negotiate an agreement" providing much-needed certainty for companies to make plans. A trade deal, in turn, would "pave the way for a Trump-Xi summit this fall," said Asia Society Policy Institute senior vice president Wendy Cutler. But Cutler, herself a former US trade official, said: "This will be far from a walk in the park." Since Trump took office, China's tariffs have essentially boomeranged, from the initially modest 10 percent hike in February, followed by repeated surges as Beijing and Washington clashed, until it hit a high of 145 percent in April. Now the tariff has been pulled back to 30 percent, a negotiated truce rate. Even as both countries reached a pact to cool tensions after high level talks in Geneva in May, the de-escalation has been shaky. Key economic officials convened in London in June as disagreements emerged and US officials accused their counterparts of violating the pact. Policymakers met again in Stockholm last month. Trump said in a social media post Sunday that he hoped China will "quickly quadruple its soybean orders," adding this would be a way to balance trade with the United States. China's exports reached record highs in 2024, and Beijing reported that their exports exceeded expectations in June, climbing 5.8 percent year-on-year, as the economic superpower works to sustain growth amid Trump's trade war. Separately, since returning to the presidency in January, Trump has slapped a 10-percent "reciprocal" tariff on almost all trading partners, aimed at addressing trade practices Washington deemed unfair. This surged to varying steeper levels last Thursday for dozens of economies. Major partners like the European Union, Japan and South Korea now see a 15-percent US duty on many products, while the level went as high as 41 percent for Syria. The "reciprocal" tariffs exclude sectors that have been targeted individually, such as steel and aluminum, and those that are being investigated like pharmaceuticals and semiconductors. They are also expected to exclude gold, although a clarification by US customs authorities made public last week caused concern that certain gold bars might still be targeted. Trump said Monday that gold imports will not face additional tariffs, without providing further details. The president has taken separate aim at individual countries such as Brazil over the trial of former president Jair Bolsonaro, who is accused of planning a coup, and India over its purchase of Russian oil. Canada and Mexico come under a different tariff regime. bur-bys/sla/bjt Originally published as Trump signs order to extend China tariff truce by 90 days
News.com.au
an hour ago
- News.com.au
Trump signs order to extend China tariff truce by 90 days
US President Donald Trump on Monday ordered a delay in the reimposition of higher tariffs on Chinese goods, hours before a trade truce between Washington and Beijing was due to expire. The White House's halt on steeper tariffs will be in place until November 10. "I have just signed an Executive Order that will extend the Tariff Suspension on China for another 90 days," Trump wrote on his Truth Social platform. The truce on steeper levies had been due to expire Tuesday. While the United States and China slapped escalating tariffs on each other's products this year, bringing them to prohibitive triple-digit levels and snarling trade, both countries in May agreed to temporarily lower them. As part of their May truce, fresh US tariffs targeting China were reduced to 30 percent and the corresponding level from China was cut to 10 percent. Those rates will now hold until November -- or whenever a deal is cut before then. Around the same time that Trump confirmed the new extension, Chinese state media Xinhua news agency published a joint statement from US-China talks in Stockholm saying it would also extend its side of the truce. China will continue suspending its earlier tariff hike for 90 days starting August 12 while retaining a 10-percent duty, the report said. It would also "take or maintain necessary measures to suspend or remove non-tariff countermeasures against the United States, as agreed in the Geneva joint declaration," Xinhua reported. In the executive order posted Monday to its website, the White House reiterated its position that there are "large and persistent annual US goods trade deficits" and they "constitute an unusual and extraordinary threat to the national security and economy of the United States." The order acknowledged Washington's ongoing discussions with Beijing "to address the lack of trade reciprocity in our economic relationship" and noted that China has continued to "take significant steps toward remedying" the US complaints. - Trump-Xi summit? - "Beijing will be happy to keep the US-China negotiation going, but it is unlikely to make concessions," warned William Yang, an analyst at the International Crisis Group. He believes China sees its leverage over rare earth exports as a strong one, and that Beijing will likely use it to pressure Washington. US-China Business Council president Sean Stein said the current extension is "critical to give the two governments time to negotiate an agreement" providing much-needed certainty for companies to make plans. A trade deal, in turn, would "pave the way for a Trump-Xi summit this fall," said Asia Society Policy Institute senior vice president Wendy Cutler. But Cutler, herself a former US trade official, said: "This will be far from a walk in the park." Since Trump took office, China's tariffs have essentially boomeranged, from the initially modest 10 percent hike in February, followed by repeated surges as Beijing and Washington clashed, until it hit a high of 145 percent in April. Now the tariff has been pulled back to 30 percent, a negotiated truce rate. Even as both countries reached a pact to cool tensions after high level talks in Geneva in May, the de-escalation has been shaky. Key economic officials convened in London in June as disagreements emerged and US officials accused their counterparts of violating the pact. Policymakers met again in Stockholm last month. Trump said in a social media post Sunday that he hoped China will "quickly quadruple its soybean orders," adding this would be a way to balance trade with the United States. China's exports reached record highs in 2024, and Beijing reported that their exports exceeded expectations in June, climbing 5.8 percent year-on-year, as the economic superpower works to sustain growth amid Trump's trade war. Separately, since returning to the presidency in January, Trump has slapped a 10-percent "reciprocal" tariff on almost all trading partners, aimed at addressing trade practices Washington deemed unfair. This surged to varying steeper levels last Thursday for dozens of economies. Major partners like the European Union, Japan and South Korea now see a 15-percent US duty on many products, while the level went as high as 41 percent for Syria. The "reciprocal" tariffs exclude sectors that have been targeted individually, such as steel and aluminum, and those that are being investigated like pharmaceuticals and semiconductors. They are also expected to exclude gold, although a clarification by US customs authorities made public last week caused concern that certain gold bars might still be targeted. Trump said Monday that gold imports will not face additional tariffs, without providing further details. The president has taken separate aim at individual countries such as Brazil over the trial of former president Jair Bolsonaro, who is accused of planning a coup, and India over its purchase of Russian oil.
