ASX futures down after record week
Wall Street ended mixed on Friday as earnings results disappointed and concerns grew over Donald Trump's push for new tariffs on European goods. The Dow fell 142 points, while the S&P 500 was flat and the Nasdaq edged higher.
Back home, attention turns to the Reserve Bank of Australia, with Tuesday's meeting minutes and a Thursday speech from governor Michele Bullock set to shape expectations ahead of the August board meeting. Markets had been pricing in a rate cut this month, but were caught off guard when the RBA held steady at 3.85 per cent. A jump in the unemployment rate, from 4.1 to 4.3 per cent, has since added weight to the case for easing.
'If markets can get their head around the fact that a rate cut is more likely than not, and Michele Bullock is seen to keep the door open to that this week, then markets may well continue on their merry way,' said Stephen Miller, an investment strategy adviser at GSFM.
This week's agenda
Minutes from the RBA's shock decision to hold rates at 3.85 per cent will be released on Tuesday, before Bullock delivers a major speech in Sydney on Thursday.
A string of results from US companies will be announced this week including those from Alphabet, Tesla, Honeywell, Lockheed Martin, Northrop Grumman and General Motors.
Locally, company earnings will be released from the likes of AMP, Woodside Energy, Fortescue and Whitehaven.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sky News AU
an hour ago
- Sky News AU
‘Relying on government': TV host uncovers Australia's biggest issues
Sky News host Steve Price unpacks Australia's issues from its economic health to unprecedented migration numbers. 'First, though, on the economic health of our country, let's get serious – we have become a nation of leaners, not leaders,' Mr Price said. 'We have continued to swamp the country with unprecedented numbers of migrants. 'Workers relying on governments for their pay packets, that grows alarmingly…and a report out today should surprise but not shock anyone. 'The Centre for Independent Studies has found that more than half of Australian workers rely on one government or another, federal or state, presumably, for most of their income.'
The Advertiser
2 hours ago
- The Advertiser
New dawn as leaders face off in first question time
Familiar battle lines have been drawn as MPs locked horns for the first question time of the 48th parliament. Anthony Albanese and Sussan Ley faced off for the first time in the parliamentary showcase, with the size of Labor's second-term majority on full display as MPs got down to business on the first working day. Ms Ley used her opening appearance in question time as leader to push the government on looming superannuation tax changes. But with the coalition commanding 43 of the 150 House of Representatives seats, the scale of the election wipeout was clear on the benches. Promising to deliver on election commitments, the prime minister batted away suggestions of plans for taxes on unrealised capital gains. "The time to run a scare campaign is before an election," he told parliament. "Tax was an issue at the last election ... we had not one tax cut but two tax cuts." With Labor holding 94 seats in the parliament, the government now sits on both sides of the aisle in the lower house, for the first time in the party's history. It was the newest members of parliament who took centre stage for the government during question time, with Labor questions all being asked by first-term MPs. Among them were Ali France, who defeated former opposition leader Peter Dutton, and Sarah Witty who beat ex-Greens leader Adam Bandt in his seat of Melbourne. Independent MP Nicolette Boele, who narrowly won the blue-ribbon seat of Bradfield from the Liberals by 26 votes, also pressed the government on climate action during the first session. Although question time and first speeches from MPs made up much of the lower house agenda, the government wasted no time in kicking off its agenda with Education Minister Jason Clare using the first hour of sitting to introduce priority legislation. A proposal to slash university debt by 20 per cent for three million Australians was delivered in the house first-thing, after Labor campaigned heavily on the promise. People with an average HECS debt of $27,600 will have $5520 wiped from their loans. Mr Clare also introduced legislation that would strengthen safety in the childcare system after promising to expedite the bill in response to shocking sexual abuse allegations against a Victorian childcare worker. "We have to do everything that we can to ensure the safety of our children when they walk or when they're carried through the doors of an early education and care service," he told parliament. Labor's newest MPs used the first full sitting day to lay out their own priorities for the term ahead. Banks MP Zhi Soon paid tribute to the multicultural community in southwest Sydney that helped raise him. "One moment I was eating a Devon sandwich, the next a curry laksa, a kibbeh, a banh xeo, or a pani puri," he told the chamber. "I'm a proud Asian-Australian, I'm a proud Malaysian-Australian, I'm a proud Chinese-Australian, but most of all, I am a proud Australian." Former school teacher and Deakin MP Matt Gregg used his address to lay bare the consequences of social media on education and young Australians. "Some of the toughest teachers I've ever worked with have felt they need to leave the profession - harassed with misogynistic and other antisocial behaviours like never before," he said. "Young people themselves feel it in their own sense of self-worth - they know something is wrong. "We must continue to meet the challenges posed by social media and the landscape it's created, not with panic, but with serious, thoughtful action." Familiar battle lines have been drawn as MPs locked horns for the first question time of the 48th parliament. Anthony Albanese and Sussan Ley faced off for the first time in the parliamentary showcase, with the size of Labor's second-term majority on full display as MPs got down to business on the first working day. Ms Ley used her opening appearance in question time as leader to push the government on looming superannuation tax changes. But with the coalition commanding 43 of the 150 House of Representatives seats, the scale of the election wipeout was clear on the benches. Promising to deliver on election commitments, the prime minister batted away suggestions of plans for taxes on unrealised capital gains. "The time to run a scare campaign is before an election," he told parliament. "Tax was an issue at the last election ... we had not one tax cut but two tax cuts." With Labor holding 94 seats in the parliament, the government now sits on both sides of the aisle in the lower house, for the first time in the party's history. It was the newest members of parliament who took centre stage for the government during question time, with Labor questions all being asked by first-term MPs. Among them were Ali France, who defeated former opposition leader Peter Dutton, and Sarah Witty who beat ex-Greens leader Adam Bandt in his seat of Melbourne. Independent MP Nicolette Boele, who narrowly won the blue-ribbon seat of Bradfield from the Liberals by 26 votes, also pressed the government on climate action during the first session. Although question time and first speeches from MPs made up much of the lower house agenda, the government wasted no time in kicking off its agenda with Education Minister Jason Clare using the first hour of sitting to introduce priority legislation. A proposal to slash university debt by 20 per cent for three million Australians was delivered in the house first-thing, after Labor campaigned heavily on the promise. People with an average HECS debt of $27,600 will have $5520 wiped from their loans. Mr Clare also introduced legislation that would strengthen safety in the childcare system after promising to expedite the bill in response to shocking sexual abuse allegations against a Victorian childcare worker. "We have to do everything that we can to ensure the safety of our children when they walk or when they're carried through the doors of an early education and care service," he told parliament. Labor's newest MPs used the first full sitting day to lay out their own priorities for the term ahead. Banks MP Zhi Soon paid tribute to the multicultural community in southwest Sydney that helped raise him. "One moment I was eating a Devon sandwich, the next a curry laksa, a kibbeh, a banh xeo, or a pani puri," he told the chamber. "I'm a proud Asian-Australian, I'm a proud Malaysian-Australian, I'm a proud Chinese-Australian, but most of all, I am a proud Australian." Former school teacher and Deakin MP Matt Gregg used his address to lay bare the consequences of social media on education and young Australians. "Some of the toughest teachers I've ever worked with have felt they need to leave the profession - harassed with misogynistic and other antisocial behaviours like never before," he said. "Young people themselves feel it in their own sense of self-worth - they know something is wrong. "We must continue to meet the challenges posed by social media and the landscape it's created, not with panic, but with serious, thoughtful action." Familiar battle lines have been drawn as MPs locked horns for the first question time of the 48th parliament. Anthony Albanese and Sussan Ley faced off for the first time in the parliamentary showcase, with the size of Labor's second-term majority on full display as MPs got down to business on the first working day. Ms Ley used her opening appearance in question time as leader to push the government on looming superannuation tax changes. But with the coalition commanding 43 of the 150 House of Representatives seats, the scale of the election wipeout was clear on the benches. Promising to deliver on election commitments, the prime minister batted away suggestions of plans for taxes on unrealised capital gains. "The time to run a scare campaign is before an election," he told parliament. "Tax was an issue at the last election ... we had not one tax cut but two tax cuts." With Labor holding 94 seats in the parliament, the government now sits on both sides of the aisle in the lower house, for the first time in the party's history. It was the newest members of parliament who took centre stage for the government during question time, with Labor questions all being asked by first-term MPs. Among them were Ali France, who defeated former opposition leader Peter Dutton, and Sarah Witty who beat ex-Greens leader Adam Bandt in his seat of Melbourne. Independent MP Nicolette Boele, who narrowly won the blue-ribbon seat of Bradfield from the Liberals by 26 votes, also pressed the government on climate action during the first session. Although question time and first speeches from MPs made up much of the lower house agenda, the government wasted no time in kicking off its agenda with Education Minister Jason Clare using the first hour of sitting to introduce priority legislation. A proposal to slash university debt by 20 per cent for three million Australians was delivered in the house first-thing, after Labor campaigned heavily on the promise. People with an average HECS debt of $27,600 will have $5520 wiped from their loans. Mr Clare also introduced legislation that would strengthen safety in the childcare system after promising to expedite the bill in response to shocking sexual abuse allegations against a Victorian childcare worker. "We have to do everything that we can to ensure the safety of our children when they walk or when they're carried through the doors of an early education and care service," he told parliament. Labor's newest MPs used the first full sitting day to lay out their own priorities for the term ahead. Banks MP Zhi Soon paid tribute to the multicultural community in southwest Sydney that helped raise him. "One moment I was eating a Devon sandwich, the next a curry laksa, a kibbeh, a banh xeo, or a pani puri," he told the chamber. "I'm a proud Asian-Australian, I'm a proud Malaysian-Australian, I'm a proud Chinese-Australian, but most of all, I am a proud Australian." Former school teacher and Deakin MP Matt Gregg used his address to lay bare the consequences of social media on education and young Australians. "Some of the toughest teachers I've ever worked with have felt they need to leave the profession - harassed with misogynistic and other antisocial behaviours like never before," he said. "Young people themselves feel it in their own sense of self-worth - they know something is wrong. "We must continue to meet the challenges posed by social media and the landscape it's created, not with panic, but with serious, thoughtful action." Familiar battle lines have been drawn as MPs locked horns for the first question time of the 48th parliament. Anthony Albanese and Sussan Ley faced off for the first time in the parliamentary showcase, with the size of Labor's second-term majority on full display as MPs got down to business on the first working day. Ms Ley used her opening appearance in question time as leader to push the government on looming superannuation tax changes. But with the coalition commanding 43 of the 150 House of Representatives seats, the scale of the election wipeout was clear on the benches. Promising to deliver on election commitments, the prime minister batted away suggestions of plans for taxes on unrealised capital gains. "The time to run a scare campaign is before an election," he told parliament. "Tax was an issue at the last election ... we had not one tax cut but two tax cuts." With Labor holding 94 seats in the parliament, the government now sits on both sides of the aisle in the lower house, for the first time in the party's history. It was the newest members of parliament who took centre stage for the government during question time, with Labor questions all being asked by first-term MPs. Among them were Ali France, who defeated former opposition leader Peter Dutton, and Sarah Witty who beat ex-Greens leader Adam Bandt in his seat of Melbourne. Independent MP Nicolette Boele, who narrowly won the blue-ribbon seat of Bradfield from the Liberals by 26 votes, also pressed the government on climate action during the first session. Although question time and first speeches from MPs made up much of the lower house agenda, the government wasted no time in kicking off its agenda with Education Minister Jason Clare using the first hour of sitting to introduce priority legislation. A proposal to slash university debt by 20 per cent for three million Australians was delivered in the house first-thing, after Labor campaigned heavily on the promise. People with an average HECS debt of $27,600 will have $5520 wiped from their loans. Mr Clare also introduced legislation that would strengthen safety in the childcare system after promising to expedite the bill in response to shocking sexual abuse allegations against a Victorian childcare worker. "We have to do everything that we can to ensure the safety of our children when they walk or when they're carried through the doors of an early education and care service," he told parliament. Labor's newest MPs used the first full sitting day to lay out their own priorities for the term ahead. Banks MP Zhi Soon paid tribute to the multicultural community in southwest Sydney that helped raise him. "One moment I was eating a Devon sandwich, the next a curry laksa, a kibbeh, a banh xeo, or a pani puri," he told the chamber. "I'm a proud Asian-Australian, I'm a proud Malaysian-Australian, I'm a proud Chinese-Australian, but most of all, I am a proud Australian." Former school teacher and Deakin MP Matt Gregg used his address to lay bare the consequences of social media on education and young Australians. "Some of the toughest teachers I've ever worked with have felt they need to leave the profession - harassed with misogynistic and other antisocial behaviours like never before," he said. "Young people themselves feel it in their own sense of self-worth - they know something is wrong. "We must continue to meet the challenges posed by social media and the landscape it's created, not with panic, but with serious, thoughtful action."
The Advertiser
2 hours ago
- The Advertiser
Australia pays US second $800m for AUKUS amid review
Australia has paid the United States $A800 million in the second instalment under the AUKUS nuclear submarine deal, despite an ongoing formal review of the agreement by US President Donald Trump's administration. Prime Minister Anthony Albanese confirmed the latest instalment on Wednesday, following an initial $A500 million paid in February. In 2023, the United States, Australia and Britain unveiled details of a plan to provide Australia with nuclear-powered attack submarines from the early 2030s to counter China's ambitions in the Indo-Pacific. Australia committed to spend $A368 billion over three decades in its biggest-ever defence deal. Canberra is due to pay the US $A3 billion by the end of the year to support the expansion of American submarine shipyards, Reuters reported in April. "There's a schedule of payments to be made. We have an agreement with the United States as well as with the United Kingdom, it is about increasing their capacity, their industrial capacity," Albanese told national broadcaster ABC. "As part of that as well, we have Australians on the ground, learning those skills." Trump launched a formal review of AUKUS in June to examine whether the pact met his "American First" criteria. It will be led by Elbridge Colby, who in the past has expressed scepticism about AUKUS. Australia, which sees the submarines as critical to its own defence as tensions grow over China's military build-up, has maintained it is confident the pact will proceed. "We support AUKUS," Albanese said. "We have an agreement to a treaty level, with our partners, signed, of course in San Diego with the United States and United Kingdom." Washington will sell several Virginia-class nuclear-powered submarines to Australia, while Britain and Australia will later build a new AUKUS-class submarine. Australia has paid the United States $A800 million in the second instalment under the AUKUS nuclear submarine deal, despite an ongoing formal review of the agreement by US President Donald Trump's administration. Prime Minister Anthony Albanese confirmed the latest instalment on Wednesday, following an initial $A500 million paid in February. In 2023, the United States, Australia and Britain unveiled details of a plan to provide Australia with nuclear-powered attack submarines from the early 2030s to counter China's ambitions in the Indo-Pacific. Australia committed to spend $A368 billion over three decades in its biggest-ever defence deal. Canberra is due to pay the US $A3 billion by the end of the year to support the expansion of American submarine shipyards, Reuters reported in April. "There's a schedule of payments to be made. We have an agreement with the United States as well as with the United Kingdom, it is about increasing their capacity, their industrial capacity," Albanese told national broadcaster ABC. "As part of that as well, we have Australians on the ground, learning those skills." Trump launched a formal review of AUKUS in June to examine whether the pact met his "American First" criteria. It will be led by Elbridge Colby, who in the past has expressed scepticism about AUKUS. Australia, which sees the submarines as critical to its own defence as tensions grow over China's military build-up, has maintained it is confident the pact will proceed. "We support AUKUS," Albanese said. "We have an agreement to a treaty level, with our partners, signed, of course in San Diego with the United States and United Kingdom." Washington will sell several Virginia-class nuclear-powered submarines to Australia, while Britain and Australia will later build a new AUKUS-class submarine. Australia has paid the United States $A800 million in the second instalment under the AUKUS nuclear submarine deal, despite an ongoing formal review of the agreement by US President Donald Trump's administration. Prime Minister Anthony Albanese confirmed the latest instalment on Wednesday, following an initial $A500 million paid in February. In 2023, the United States, Australia and Britain unveiled details of a plan to provide Australia with nuclear-powered attack submarines from the early 2030s to counter China's ambitions in the Indo-Pacific. Australia committed to spend $A368 billion over three decades in its biggest-ever defence deal. Canberra is due to pay the US $A3 billion by the end of the year to support the expansion of American submarine shipyards, Reuters reported in April. "There's a schedule of payments to be made. We have an agreement with the United States as well as with the United Kingdom, it is about increasing their capacity, their industrial capacity," Albanese told national broadcaster ABC. "As part of that as well, we have Australians on the ground, learning those skills." Trump launched a formal review of AUKUS in June to examine whether the pact met his "American First" criteria. It will be led by Elbridge Colby, who in the past has expressed scepticism about AUKUS. Australia, which sees the submarines as critical to its own defence as tensions grow over China's military build-up, has maintained it is confident the pact will proceed. "We support AUKUS," Albanese said. "We have an agreement to a treaty level, with our partners, signed, of course in San Diego with the United States and United Kingdom." Washington will sell several Virginia-class nuclear-powered submarines to Australia, while Britain and Australia will later build a new AUKUS-class submarine. Australia has paid the United States $A800 million in the second instalment under the AUKUS nuclear submarine deal, despite an ongoing formal review of the agreement by US President Donald Trump's administration. Prime Minister Anthony Albanese confirmed the latest instalment on Wednesday, following an initial $A500 million paid in February. In 2023, the United States, Australia and Britain unveiled details of a plan to provide Australia with nuclear-powered attack submarines from the early 2030s to counter China's ambitions in the Indo-Pacific. Australia committed to spend $A368 billion over three decades in its biggest-ever defence deal. Canberra is due to pay the US $A3 billion by the end of the year to support the expansion of American submarine shipyards, Reuters reported in April. "There's a schedule of payments to be made. We have an agreement with the United States as well as with the United Kingdom, it is about increasing their capacity, their industrial capacity," Albanese told national broadcaster ABC. "As part of that as well, we have Australians on the ground, learning those skills." Trump launched a formal review of AUKUS in June to examine whether the pact met his "American First" criteria. It will be led by Elbridge Colby, who in the past has expressed scepticism about AUKUS. Australia, which sees the submarines as critical to its own defence as tensions grow over China's military build-up, has maintained it is confident the pact will proceed. "We support AUKUS," Albanese said. "We have an agreement to a treaty level, with our partners, signed, of course in San Diego with the United States and United Kingdom." Washington will sell several Virginia-class nuclear-powered submarines to Australia, while Britain and Australia will later build a new AUKUS-class submarine.
