Resmed beats forecasts as annual sleep device sales hit $8bn
California-based Resmed, which was founded in Sydney 35 years ago and is listed on the Nasdaq and the ASX, said net profit rose 37 per cent to $US1.4 billion ($2.2 billion) in the year to June 30, while revenue for the year increased 10 per cent to $US5.1 billion.
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Sydney Morning Herald
36 minutes ago
- Sydney Morning Herald
ASX set to slide as Wall Street slumps on Trump tariffs, jobs shock
The US stock market had its worst day since May on Friday after the government reported a sharp slowdown in hiring and President Donald Trump imposed sweeping tariffs on imports from a number of US trading partners. The S&P 500 fell 1.6 per cent, its biggest decline since May 21 and its fourth straight loss. The index also posted a 2.4 per cent loss for the week, marking a sharp shift from last week's record-setting streak of gains. The Dow Jones fell 1.2 per cent, while the Nasdaq composite fell 2.2 per cent. The Australian sharemarket is set to retreat, with futures pointing to a slide of 32 points, or 0.4 per cent, at the open. The Australian dollar was fetching 64.63 US cents at 5.19am AEST. Worries on Wall Street about a weakening economy were heavily reinforced by the latest report on job growth in the US Employers added just 73,000 jobs in July. That is sharply lower than economists expected. The Labor Department also reported that revisions shaved a stunning 258,000 jobs off May and June payrolls. Markets also reacted to the latest tariff news. President Donald Trump announced tariff rates on dozens of countries and pushed back the scheduled effective date to August 7, adding more uncertainty to the global trade picture. 'The market has been felled by a one-two punch of additional tariffs, as well as the weaker-than-expected employment data -— not only for this month, but for the downward revisions to the prior months,' said Sam Stovall, chief investment strategist at CFRA. Loading Trump's decision to order the immediate firing of the head of the government agency that produces the monthly jobs figures will only fuel the market's uncertainty, Stovall added. The surprisingly weak hiring numbers led investors to step up their expectations for an interest rate cut in September. The market's odds of a quarter-point cut by the Federal Reserve rose to around 87 per cent from just under 40 per cent a day earlier, according to data from CME FedWatch.
The Age
36 minutes ago
- The Age
ASX set to slide as Wall Street slumps on Trump tariffs, jobs shock
The US stock market had its worst day since May on Friday after the government reported a sharp slowdown in hiring and President Donald Trump imposed sweeping tariffs on imports from a number of US trading partners. The S&P 500 fell 1.6 per cent, its biggest decline since May 21 and its fourth straight loss. The index also posted a 2.4 per cent loss for the week, marking a sharp shift from last week's record-setting streak of gains. The Dow Jones fell 1.2 per cent, while the Nasdaq composite fell 2.2 per cent. The Australian sharemarket is set to retreat, with futures pointing to a slide of 32 points, or 0.4 per cent, at the open. The Australian dollar was fetching 64.63 US cents at 5.19am AEST. Worries on Wall Street about a weakening economy were heavily reinforced by the latest report on job growth in the US Employers added just 73,000 jobs in July. That is sharply lower than economists expected. The Labor Department also reported that revisions shaved a stunning 258,000 jobs off May and June payrolls. Markets also reacted to the latest tariff news. President Donald Trump announced tariff rates on dozens of countries and pushed back the scheduled effective date to August 7, adding more uncertainty to the global trade picture. 'The market has been felled by a one-two punch of additional tariffs, as well as the weaker-than-expected employment data -— not only for this month, but for the downward revisions to the prior months,' said Sam Stovall, chief investment strategist at CFRA. Loading Trump's decision to order the immediate firing of the head of the government agency that produces the monthly jobs figures will only fuel the market's uncertainty, Stovall added. The surprisingly weak hiring numbers led investors to step up their expectations for an interest rate cut in September. The market's odds of a quarter-point cut by the Federal Reserve rose to around 87 per cent from just under 40 per cent a day earlier, according to data from CME FedWatch.
The Age
36 minutes ago
- The Age
Australia helps develop world-first vaccine against devastating virus
In a sign of how seriously governments treat the risk of foot-and-mouth, scores of cattle carcasses were buried on a research farm this year in Victoria as part of preparations for a potential outbreak. The cows died of toxic weed poisoning, not disease, but the trial is testing how best to compost and decontaminate dead cows should foot-and-mouth strike. An mRNA vaccine could roll out within weeks of an outbreak, potentially saving herds from large-scale culling. The vaccines also provide something called DIVA capacity (differentiating infected from vaccinated animals), which allows responders to test which animals were vaccinated and which were naturally infected, helping to more precisely define the scale of an outbreak. 'That may be something that speeds up a return to international trade after an incursion,' Laurence said. Foot-and-mouth disease has been eradicated from Australia for more than a century. America is also free from the disease, although some have raised concerns infected meat could be imported into the US from risky countries, processed and then sent to Australia. Loading 'I'm not convinced that the potential for importing beef from the US exposes us more to risk, but the fact is that we've now got foot-and-mouth, and lumpy skin disease, on our doorstep in Indonesia. So the risk of an incursion has actually gone up,' Laurence said. The vaccines use stands of 'messenger RNA' or mRNA that code for small viral proteins. When the mRNA is introduced to the body, muscle cells make the protein, which triggers the production of antibodies ready to attack the actual virus upon infection. The mRNA breaks down naturally in the body. 'It's simply an instruction set that we send to the body to ask the immune system to prepare a defence for a particular disease,' Peter McGrath from Tiba Biotech, the US-based company that developed the vaccine, said. 'So it's actually the simplest and safest way to make a vaccine of any technology currently available.' The vaccines last for a year in the fridge, or a month at room temperature, unlike early COVID-19 mRNA vaccines which had to be stored at sub-zero temperatures. In a trial of nine vaccinated cows exposed to the virus in Germany, none contracted the disease or shed the virus. 'That's never been achieved anywhere in the world before,' said Dr Peter Kirkland, from the Elizabeth Macarthur Agricultural Institute, which helped test and develop the vaccine. The vaccine could be made and distributed very quickly with the right setup, Kirkland, a NSW Department of Primary Industries and Regional Development scientist, said. 'You could actually roll out this vaccine potentially within a week of an outbreak starting.' The UNSW RNA Institute is working on the capability to manufacture the vaccine, he said. The Sydney institute is part of a newly announced $17.6 million RNA Research and Training Network, which aims to boost the RNA workforce in NSW. Loading Moderna's new taxpayer-funded mRNA factory in Melbourne rejected the NSW government's request to make the new vaccine, which still requires registration from the Australian Pesticides and Veterinary Medicines Authority. 'Developing local capacity to produce vaccines against emergency animal diseases is a critical priority for the NSW Government, Australia's livestock industries and our economy,' Agriculture Minister Tara Moriarty said.
