ASX set to rise, Wall Street rattled as Trump says he has discussed firing Fed chief
The S&P 500 was edging up by 0.1 per cent in midday trading after whipping through an earlier, jagged drop and subsequent recovery.
The Dow Jones was up 94 points, or 0.2 per cent, in early afternoon trade, and the Nasdaq composite was adding 0.1 per cent to its own record set the day before. The Australian sharemarket is set to rise, with futures at 4.53am AEST pointing to a rise of 50 points, or 0.6 per cent, at the open. The ASX lost 0.8 per cent on Thursday.
US stocks had been rising modestly in the morning following a better-than-expected update on inflation across the country. But midmorning news reports that Trump was likely to fire Fed Chair Jerome Powell quickly sent the S&P 500 down by 0.7 per cent.
When later asked directly if he was planning to fire Powell, Trump said, 'I don't rule out anything, but I think it's highly unlikely.' That helped calm the market, and stocks erased their losses, but Trump said he could still fire Powell if 'he has to leave for fraud.' Trump has been criticising a $US2.5 billion ($3.8 billion) renovation project underway of the Fed's headquarters.
Trump's main problem with Powell has been how the Fed has not cut interest rates this year, a move that would have made it easier for US households and businesses to get loans to buy houses, build factories and otherwise boost the economy. Lower interest rates could also help the US government, which is set to borrow and add a lot more to its debt after approving a wide range of tax cuts.
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But Powell has been insisting that he wants to wait for more data about how Trump's tariffs will affect the economy and inflation before the Fed makes its next move. While lower interest rates can help boost prices for investments, they can also give inflation more fuel. And the economy only recently came out of the shock that sent inflation over 9 per cent in the summer of 2022.
A report on Wednesday said that inflation at the wholesale level slowed to 2.3 per cent last month, which was better than economists expected. It's an encouraging signal, but just a day before, another report suggested that Trump's tariffs are indeed pushing up the prices US shoppers are paying for toys, apparel and other imported products.
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The Advertiser
3 hours ago
- The Advertiser
'Respect never cost anything': PM defends China outcome
Anthony Albanese has hit back at the coalition over claims of "indulgence" during his China trip, saying his rivals don't understand the importance of respect in diplomacy. The prime minister's itinerary has included retracing the steps of Gough Whitlam on the Great Wall of China and a panda research centre in the southwestern city of Chengdu as his visit nears the end. Back home, the optics of visiting popular tourist sites attracted sniping from the opposition. Coalition frontbencher James Paterson suggested the prime minister was enjoying himself too much. "I do wonder whether a Gough Whitlam history tour on the Great Wall of China, whether a visit to Chengdu to pose with some pandas, and whether a hit of tennis is strictly necessary as part of a six-day visit to China, when there is so much else at stake in our other international relationships around the world," he told Sky News on Thursday. "And frankly, I have to say that some of this is starting to look a little bit indulgent." Mr Albanese has himself been eager to draw links between his tour and those of former Labor prime ministers Whitlam and Bob Hawke, who also visited the giant pandas in 1986. What those and his visits achieved was building respect between Australia and China, which would in turn result in better economic and diplomatic outcomes, he said. "Those pictures go to 27 million people, potentially, in Australia. They go to over a billion people in China," Mr Albanese told reporters in Chengdu. "And those billion people represent people who are increasingly rising up the income ladder and are potential tourists and therefore job creators in Australia. "If James Patterson doesn't understand that, then he doesn't understand much. "The Great Wall of China symbolises the extraordinary history and culture here in China, and showing a bit of respect to people never cost anything. You know what it does, it gives you a reward." Mr Albanese's trip has been shorter on concrete outcomes than in previous years, when his resumption of dialogue with China saw $20 billion worth of Chinese trade sanctions lifted from Australian exports. But the welcome has been warmer and coverage from Chinese state media more effusive than at any time since before the breakdown in Sino-Australian relations in 2020. A few agreements to boost trade and tourism links have been reached. But the increased dialogue and co-operation in areas from green steel to medical technology were part of a gradual improvement in relations that would advance Australia's national interests, Mr Albanese said. "You don't go from a position of where we were into absolute agreement on everything. That's not the goal." Despite the improving mood, China and Australia still have many issues they disagree on. In meetings with Chinese President Xi Jinping and Premier Li Qiang, Mr Albanese raised concerns over China not providing advance notice of naval live-fire drills off Australia that forced commercial flights to divert. Meanwhile, Mr Li has voiced his dismay over Australia's stringent restrictions on foreign investment from China, imploring the Australian government not to treat Chinese firms unfairly. "We have different political systems, but it has been constructive and has been an important step in the developing of our relationship," Mr Albanese said. Anthony Albanese has hit back at the coalition over claims of "indulgence" during his China trip, saying his rivals don't understand the importance of respect in diplomacy. The prime minister's itinerary has included retracing the steps of Gough Whitlam on the Great Wall of China and a panda research centre in the southwestern city of Chengdu as his visit nears the end. Back home, the optics of visiting popular tourist sites attracted sniping from the opposition. Coalition frontbencher James Paterson suggested the prime minister was enjoying himself too much. "I do wonder whether a Gough Whitlam history tour on the Great Wall of China, whether a visit to Chengdu to pose with some pandas, and whether a hit of tennis is strictly necessary as part of a six-day visit to China, when there is so much else at stake in our other international relationships around the world," he told Sky News on Thursday. "And frankly, I have to say that some of this is starting to look a little bit indulgent." Mr Albanese has himself been eager to draw links between his tour and those of former Labor prime ministers Whitlam and Bob Hawke, who also visited the giant pandas in 1986. What those and his visits achieved was building respect between Australia and China, which would in turn result in better economic and diplomatic outcomes, he said. "Those pictures go to 27 million people, potentially, in Australia. They go to over a billion people in China," Mr Albanese told reporters in Chengdu. "And those billion people represent people who are increasingly rising up the income ladder and are potential tourists and therefore job creators in Australia. "If James Patterson doesn't understand that, then he doesn't understand much. "The Great Wall of China symbolises the extraordinary history and culture here in China, and showing a bit of respect to people never cost anything. You know what it does, it gives you a reward." Mr Albanese's trip has been shorter on concrete outcomes than in previous years, when his resumption of dialogue with China saw $20 billion worth of Chinese trade sanctions lifted from Australian exports. But the welcome has been warmer and coverage from Chinese state media more effusive than at any time since before the breakdown in Sino-Australian relations in 2020. A few agreements to boost trade and tourism links have been reached. But the increased dialogue and co-operation in areas from green steel to medical technology were part of a gradual improvement in relations that would advance Australia's national interests, Mr Albanese said. "You don't go from a position of where we were into absolute agreement on everything. That's not the goal." Despite the improving mood, China and Australia still have many issues they disagree on. In meetings with Chinese President Xi Jinping and Premier Li Qiang, Mr Albanese raised concerns over China not providing advance notice of naval live-fire drills off Australia that forced commercial flights to divert. Meanwhile, Mr Li has voiced his dismay over Australia's stringent restrictions on foreign investment from China, imploring the Australian government not to treat Chinese firms unfairly. "We have different political systems, but it has been constructive and has been an important step in the developing of our relationship," Mr Albanese said. Anthony Albanese has hit back at the coalition over claims of "indulgence" during his China trip, saying his rivals don't understand the importance of respect in diplomacy. The prime minister's itinerary has included retracing the steps of Gough Whitlam on the Great Wall of China and a panda research centre in the southwestern city of Chengdu as his visit nears the end. Back home, the optics of visiting popular tourist sites attracted sniping from the opposition. Coalition frontbencher James Paterson suggested the prime minister was enjoying himself too much. "I do wonder whether a Gough Whitlam history tour on the Great Wall of China, whether a visit to Chengdu to pose with some pandas, and whether a hit of tennis is strictly necessary as part of a six-day visit to China, when there is so much else at stake in our other international relationships around the world," he told Sky News on Thursday. "And frankly, I have to say that some of this is starting to look a little bit indulgent." Mr Albanese has himself been eager to draw links between his tour and those of former Labor prime ministers Whitlam and Bob Hawke, who also visited the giant pandas in 1986. What those and his visits achieved was building respect between Australia and China, which would in turn result in better economic and diplomatic outcomes, he said. "Those pictures go to 27 million people, potentially, in Australia. They go to over a billion people in China," Mr Albanese told reporters in Chengdu. "And those billion people represent people who are increasingly rising up the income ladder and are potential tourists and therefore job creators in Australia. "If James Patterson doesn't understand that, then he doesn't understand much. "The Great Wall of China symbolises the extraordinary history and culture here in China, and showing a bit of respect to people never cost anything. You know what it does, it gives you a reward." Mr Albanese's trip has been shorter on concrete outcomes than in previous years, when his resumption of dialogue with China saw $20 billion worth of Chinese trade sanctions lifted from Australian exports. But the welcome has been warmer and coverage from Chinese state media more effusive than at any time since before the breakdown in Sino-Australian relations in 2020. A few agreements to boost trade and tourism links have been reached. But the increased dialogue and co-operation in areas from green steel to medical technology were part of a gradual improvement in relations that would advance Australia's national interests, Mr Albanese said. "You don't go from a position of where we were into absolute agreement on everything. That's not the goal." Despite the improving mood, China and Australia still have many issues they disagree on. In meetings with Chinese President Xi Jinping and Premier Li Qiang, Mr Albanese raised concerns over China not providing advance notice of naval live-fire drills off Australia that forced commercial flights to divert. Meanwhile, Mr Li has voiced his dismay over Australia's stringent restrictions on foreign investment from China, imploring the Australian government not to treat Chinese firms unfairly. "We have different political systems, but it has been constructive and has been an important step in the developing of our relationship," Mr Albanese said. Anthony Albanese has hit back at the coalition over claims of "indulgence" during his China trip, saying his rivals don't understand the importance of respect in diplomacy. The prime minister's itinerary has included retracing the steps of Gough Whitlam on the Great Wall of China and a panda research centre in the southwestern city of Chengdu as his visit nears the end. Back home, the optics of visiting popular tourist sites attracted sniping from the opposition. Coalition frontbencher James Paterson suggested the prime minister was enjoying himself too much. "I do wonder whether a Gough Whitlam history tour on the Great Wall of China, whether a visit to Chengdu to pose with some pandas, and whether a hit of tennis is strictly necessary as part of a six-day visit to China, when there is so much else at stake in our other international relationships around the world," he told Sky News on Thursday. "And frankly, I have to say that some of this is starting to look a little bit indulgent." Mr Albanese has himself been eager to draw links between his tour and those of former Labor prime ministers Whitlam and Bob Hawke, who also visited the giant pandas in 1986. What those and his visits achieved was building respect between Australia and China, which would in turn result in better economic and diplomatic outcomes, he said. "Those pictures go to 27 million people, potentially, in Australia. They go to over a billion people in China," Mr Albanese told reporters in Chengdu. "And those billion people represent people who are increasingly rising up the income ladder and are potential tourists and therefore job creators in Australia. "If James Patterson doesn't understand that, then he doesn't understand much. "The Great Wall of China symbolises the extraordinary history and culture here in China, and showing a bit of respect to people never cost anything. You know what it does, it gives you a reward." Mr Albanese's trip has been shorter on concrete outcomes than in previous years, when his resumption of dialogue with China saw $20 billion worth of Chinese trade sanctions lifted from Australian exports. But the welcome has been warmer and coverage from Chinese state media more effusive than at any time since before the breakdown in Sino-Australian relations in 2020. A few agreements to boost trade and tourism links have been reached. But the increased dialogue and co-operation in areas from green steel to medical technology were part of a gradual improvement in relations that would advance Australia's national interests, Mr Albanese said. "You don't go from a position of where we were into absolute agreement on everything. That's not the goal." Despite the improving mood, China and Australia still have many issues they disagree on. In meetings with Chinese President Xi Jinping and Premier Li Qiang, Mr Albanese raised concerns over China not providing advance notice of naval live-fire drills off Australia that forced commercial flights to divert. Meanwhile, Mr Li has voiced his dismay over Australia's stringent restrictions on foreign investment from China, imploring the Australian government not to treat Chinese firms unfairly. "We have different political systems, but it has been constructive and has been an important step in the developing of our relationship," Mr Albanese said.
The Advertiser
3 hours ago
- The Advertiser
Toyota LandCruiser 70 Series hit with another order pause
The battle between strong demand and insufficient supply has affected the Toyota LandCruiser 70 Series once again. Toyota Australia has confirmed it's pausing customer orders for the 70 Series… but only in GXL Wagon guise. It says the move to pause orders is intended to provide customers with "more certainty around delivery times for existing orders". "We know in the past, particularly through the COVID-19 pandemic and during the global semi-conductor supply shortage, vehicle supply challenges caused a degree of frustration with our customers with wait times for delivery of new vehicles being extended significantly," said Sean Hanley, Toyota Australia vice president for sales, marketing and franchise operations. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. "We never want to be the cause of that frustration again so together with our dealer network, we are committed to carefully managing any supply issues to provide complete transparency for customers when issues outside our control arise. "We continue to work with our parent company in Japan to optimise production and supply levels of all Toyota vehicles to ensure we can deliver and satisfy Australian customer demands." The rest of the range is unaffected, and Toyota Australia says it has "good supply" of all other LC70 variants. It even says certain variants are in stock for immediate delivery, or with a maximum wait of between two and four months for new orders. That's a far cry from the supply situation for the old V8-powered LandCruiser 70 Series. Toyota Australia paused orders for the V8 LC70 in July 2022, before closing them for good midway through 2024 as it worked to clear a significant back-order bank. At one point, dealers were quoting wait times of four years "or never" for the venerable V8. All LandCruiser 70 Series variants now come standard with a 2.8-litre turbo-diesel four-cylinder engine as seen in the HiLux and Prado, first made available here in late 2023. This brought an automatic transmission to the 70 Series for the first time (a six-speed unit as standard), and a five-speed manual – like that matched to the now-defunct 4.5-litre turbo-diesel V8 – didn't become available until late 2024. "Since we launched the new four-cylinder LandCruiser 70 Series in late 2023, we have seen its appeal grow for Australian customers with strong demand across the entire range," said Mr Hanley. It's a wide range, too. The top GXL trim is offered in Wagon, Troop Carrier and Double Cab Chassis body styles with the choice of manual or automatic transmissions. The base WorkMate trim can be had with a manual or auto in either Troop Carrier or Double Cab Chassis configurations, while the WorkMate wagon and WorkMate, GX and GXL Single Cab Chassis variants are auto-only. MORE: Explore the Toyota LandCruiser 70 Series showroom Content originally sourced from: The battle between strong demand and insufficient supply has affected the Toyota LandCruiser 70 Series once again. Toyota Australia has confirmed it's pausing customer orders for the 70 Series… but only in GXL Wagon guise. It says the move to pause orders is intended to provide customers with "more certainty around delivery times for existing orders". "We know in the past, particularly through the COVID-19 pandemic and during the global semi-conductor supply shortage, vehicle supply challenges caused a degree of frustration with our customers with wait times for delivery of new vehicles being extended significantly," said Sean Hanley, Toyota Australia vice president for sales, marketing and franchise operations. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. "We never want to be the cause of that frustration again so together with our dealer network, we are committed to carefully managing any supply issues to provide complete transparency for customers when issues outside our control arise. "We continue to work with our parent company in Japan to optimise production and supply levels of all Toyota vehicles to ensure we can deliver and satisfy Australian customer demands." The rest of the range is unaffected, and Toyota Australia says it has "good supply" of all other LC70 variants. It even says certain variants are in stock for immediate delivery, or with a maximum wait of between two and four months for new orders. That's a far cry from the supply situation for the old V8-powered LandCruiser 70 Series. Toyota Australia paused orders for the V8 LC70 in July 2022, before closing them for good midway through 2024 as it worked to clear a significant back-order bank. At one point, dealers were quoting wait times of four years "or never" for the venerable V8. All LandCruiser 70 Series variants now come standard with a 2.8-litre turbo-diesel four-cylinder engine as seen in the HiLux and Prado, first made available here in late 2023. This brought an automatic transmission to the 70 Series for the first time (a six-speed unit as standard), and a five-speed manual – like that matched to the now-defunct 4.5-litre turbo-diesel V8 – didn't become available until late 2024. "Since we launched the new four-cylinder LandCruiser 70 Series in late 2023, we have seen its appeal grow for Australian customers with strong demand across the entire range," said Mr Hanley. It's a wide range, too. The top GXL trim is offered in Wagon, Troop Carrier and Double Cab Chassis body styles with the choice of manual or automatic transmissions. The base WorkMate trim can be had with a manual or auto in either Troop Carrier or Double Cab Chassis configurations, while the WorkMate wagon and WorkMate, GX and GXL Single Cab Chassis variants are auto-only. MORE: Explore the Toyota LandCruiser 70 Series showroom Content originally sourced from: The battle between strong demand and insufficient supply has affected the Toyota LandCruiser 70 Series once again. Toyota Australia has confirmed it's pausing customer orders for the 70 Series… but only in GXL Wagon guise. It says the move to pause orders is intended to provide customers with "more certainty around delivery times for existing orders". "We know in the past, particularly through the COVID-19 pandemic and during the global semi-conductor supply shortage, vehicle supply challenges caused a degree of frustration with our customers with wait times for delivery of new vehicles being extended significantly," said Sean Hanley, Toyota Australia vice president for sales, marketing and franchise operations. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. "We never want to be the cause of that frustration again so together with our dealer network, we are committed to carefully managing any supply issues to provide complete transparency for customers when issues outside our control arise. "We continue to work with our parent company in Japan to optimise production and supply levels of all Toyota vehicles to ensure we can deliver and satisfy Australian customer demands." The rest of the range is unaffected, and Toyota Australia says it has "good supply" of all other LC70 variants. It even says certain variants are in stock for immediate delivery, or with a maximum wait of between two and four months for new orders. That's a far cry from the supply situation for the old V8-powered LandCruiser 70 Series. Toyota Australia paused orders for the V8 LC70 in July 2022, before closing them for good midway through 2024 as it worked to clear a significant back-order bank. At one point, dealers were quoting wait times of four years "or never" for the venerable V8. All LandCruiser 70 Series variants now come standard with a 2.8-litre turbo-diesel four-cylinder engine as seen in the HiLux and Prado, first made available here in late 2023. This brought an automatic transmission to the 70 Series for the first time (a six-speed unit as standard), and a five-speed manual – like that matched to the now-defunct 4.5-litre turbo-diesel V8 – didn't become available until late 2024. "Since we launched the new four-cylinder LandCruiser 70 Series in late 2023, we have seen its appeal grow for Australian customers with strong demand across the entire range," said Mr Hanley. It's a wide range, too. The top GXL trim is offered in Wagon, Troop Carrier and Double Cab Chassis body styles with the choice of manual or automatic transmissions. The base WorkMate trim can be had with a manual or auto in either Troop Carrier or Double Cab Chassis configurations, while the WorkMate wagon and WorkMate, GX and GXL Single Cab Chassis variants are auto-only. MORE: Explore the Toyota LandCruiser 70 Series showroom Content originally sourced from: The battle between strong demand and insufficient supply has affected the Toyota LandCruiser 70 Series once again. Toyota Australia has confirmed it's pausing customer orders for the 70 Series… but only in GXL Wagon guise. It says the move to pause orders is intended to provide customers with "more certainty around delivery times for existing orders". "We know in the past, particularly through the COVID-19 pandemic and during the global semi-conductor supply shortage, vehicle supply challenges caused a degree of frustration with our customers with wait times for delivery of new vehicles being extended significantly," said Sean Hanley, Toyota Australia vice president for sales, marketing and franchise operations. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. "We never want to be the cause of that frustration again so together with our dealer network, we are committed to carefully managing any supply issues to provide complete transparency for customers when issues outside our control arise. "We continue to work with our parent company in Japan to optimise production and supply levels of all Toyota vehicles to ensure we can deliver and satisfy Australian customer demands." The rest of the range is unaffected, and Toyota Australia says it has "good supply" of all other LC70 variants. It even says certain variants are in stock for immediate delivery, or with a maximum wait of between two and four months for new orders. That's a far cry from the supply situation for the old V8-powered LandCruiser 70 Series. Toyota Australia paused orders for the V8 LC70 in July 2022, before closing them for good midway through 2024 as it worked to clear a significant back-order bank. At one point, dealers were quoting wait times of four years "or never" for the venerable V8. All LandCruiser 70 Series variants now come standard with a 2.8-litre turbo-diesel four-cylinder engine as seen in the HiLux and Prado, first made available here in late 2023. This brought an automatic transmission to the 70 Series for the first time (a six-speed unit as standard), and a five-speed manual – like that matched to the now-defunct 4.5-litre turbo-diesel V8 – didn't become available until late 2024. "Since we launched the new four-cylinder LandCruiser 70 Series in late 2023, we have seen its appeal grow for Australian customers with strong demand across the entire range," said Mr Hanley. It's a wide range, too. The top GXL trim is offered in Wagon, Troop Carrier and Double Cab Chassis body styles with the choice of manual or automatic transmissions. The base WorkMate trim can be had with a manual or auto in either Troop Carrier or Double Cab Chassis configurations, while the WorkMate wagon and WorkMate, GX and GXL Single Cab Chassis variants are auto-only. MORE: Explore the Toyota LandCruiser 70 Series showroom Content originally sourced from:
Perth Now
3 hours ago
- Perth Now
‘Changing lives': PM's moving moment in China
Anthony Albanese has wrapped up his lengthy state visit to China by watching young boy hear for the first time using an Australian-designed implant. The Prime Minister's final official engagement on Thursday was a tour of Cohclear's plant in Chengdu. Mr Albanese has touted Australia's world-leading med tech sector in the Chinese research hub, keen to carve out a big piece of the pie as demand grows on the back of China's exploding middle class. But he has been keen to stress the human benefits to doing business throughout his time in China. 'It must be extraordinary to hear for the first time,' Mr Albanese remarked as he and fiancee Jodie Haydon were shown around the Cochlear facility. 'You are changing lives.' The plant opened in 2020 and follows the same manufacturing process as in Australia. Donning blue personal protective equipment, Mr Albanese and Ms Haydon ventured into a sterile space to inspect the three main Cochlear products. They were also shown a glass-walled room where the products are assembled. The room was 10-times more sterile than a surgical theatre. Mr Albanese was then taken into a private space where he watched the moment a young boy's Cochlear implant was activated. Speaking to media ahead of the tour, he said it would be an 'incredibly proud moment'. Prime Minister Anthony Albanese spruiked Australian technology, including the cochlear impact, on his final official event in China. NewsWire/ Joseph Olbrycht-Palmer Credit: News Corp Australia 'The idea that an Australian invention gives someone who has never heard the voice of their mum or dad, brother sister, never heard the sound of airconditioning, to hear sound of the river, the birds tweeting – it's amazing,' Mr Albanese told reporters. 'We should be so proud of what we're doing, and it will be an incredibly proud moment for me this afternoon as Australian Prime Minister, to be able to witness that' He also thanked the boy's family 'who have agreed and … wanted to show the difference that it makes'. After five days of high level meetings and sightseeing in three different cities, Mr Albanese will on Friday fly back to Australia.
