Minimum wage to rise; ‘Fix Swiss cheese AI rules'; TACO trade danger
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In today's news, the minimum wage will rise 3.5 per cent, Ed Husic tells the AFR AI Summit that 'Swiss cheese' rules must be fixed, and Donald Trump could still make markets choke on TACO trades.
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Sydney Morning Herald
an hour ago
- Sydney Morning Herald
ASX set for flat start, Wall Street drifts higher; $A jumps
US stocks are drifting on Wednesday following some potentially discouraging updates on the US economy. The S&P 500 was edging up by 0.2 per cent in afternoon trading, as momentum slowed following a big rally that had brought it back within 2.8 per cent of its all-time high. The Dow Jones was up 26 points, or 0.1 per cent, and the Nasdaq composite was 0.5 per cent higher. The Australian sharemarket is set to inch higher, with futures at 5.01am AEST pointing to a rise of 2 points at the open. The ASX rose by 0.9 per cent on Wednesday. The Australian dollar rose 0.6 per cent to 64.98 US cents at 5.19am AEST. In the bond market, Treasury yields fell following a pair of weaker-than-expected reports on the economy. One said that activity contracted for US retailers, finance companies and other businesses in the services industries last month, when economists were expecting to see growth. Businesses told the Institute for Supply Management in its survey that all the uncertainty created by tariffs is making it difficult for them to forecast and plan. A second report suggested US employers outside of the government hired far fewer workers last month than economists expected. The report from ADP said private employers hired just 37,000 more workers than they fired, down from the prior month's 60,000. That could bode ill for Friday's more comprehensive jobs report coming from the US Labor Department, which is one of Wall Street's most anticipated data releases each month. So far, the US job market has remained remarkably resilient despite years of high inflation and now the threat of President Donald Trump's high tariffs. But weakness there could undermine the rest of the economy. To be sure, ADP's report historically has not been a perfect predictor of what the US Labor Department's report will say. Loading 'Whether this report is accurate or not, traders and investors will read today's number as a dark result for trading today,' according to Carl Weinberg, chief economist at High Frequency Economics. 'This may be the tip of an iceberg, but it also could be a false start.'
The Age
an hour ago
- The Age
ASX set for flat start, Wall Street drifts higher; $A jumps
US stocks are drifting on Wednesday following some potentially discouraging updates on the US economy. The S&P 500 was edging up by 0.2 per cent in afternoon trading, as momentum slowed following a big rally that had brought it back within 2.8 per cent of its all-time high. The Dow Jones was up 26 points, or 0.1 per cent, and the Nasdaq composite was 0.5 per cent higher. The Australian sharemarket is set to inch higher, with futures at 5.01am AEST pointing to a rise of 2 points at the open. The ASX rose by 0.9 per cent on Wednesday. The Australian dollar rose 0.6 per cent to 64.98 US cents at 5.19am AEST. In the bond market, Treasury yields fell following a pair of weaker-than-expected reports on the economy. One said that activity contracted for US retailers, finance companies and other businesses in the services industries last month, when economists were expecting to see growth. Businesses told the Institute for Supply Management in its survey that all the uncertainty created by tariffs is making it difficult for them to forecast and plan. A second report suggested US employers outside of the government hired far fewer workers last month than economists expected. The report from ADP said private employers hired just 37,000 more workers than they fired, down from the prior month's 60,000. That could bode ill for Friday's more comprehensive jobs report coming from the US Labor Department, which is one of Wall Street's most anticipated data releases each month. So far, the US job market has remained remarkably resilient despite years of high inflation and now the threat of President Donald Trump's high tariffs. But weakness there could undermine the rest of the economy. To be sure, ADP's report historically has not been a perfect predictor of what the US Labor Department's report will say. Loading 'Whether this report is accurate or not, traders and investors will read today's number as a dark result for trading today,' according to Carl Weinberg, chief economist at High Frequency Economics. 'This may be the tip of an iceberg, but it also could be a false start.'
Perth Now
2 hours ago
- Perth Now
Sex Pistols rocker John Lydon brands Donald Trump a ‘breath of fresh air'
Sex Pistols rocker John Lydon has branded Donald Trump a 'breath of fresh air'. The 69-year-old singer shocked fans when he started championing the widely-hated US president, and has now doubled down on his support for the former reality TV judge. He told when asked for his views on Trump: 'It might be hard for socialist Britain to understand but Donald Trump is like a breath of fresh air, because he's not a politician. That's it. 'I don't like the man, I don't care about the man, but he might create something interesting that as of up to now business as usual in politics has not done. Bring a wrecking ball, by all means, to it. 'A couple of years ago I was asked what I thought of him and I said I thought he was The Sex Pistols of politics. 'Then I tried to take it back and then I thought, 'No, actually Johnny, that sounds f****** right.' John also opened up about his support of the idea of UFC fighter Conor McGregor, 36, getting involved in politics. He said when asked if he agreed with Conor's recent statement the era of the politician is over: 'I'm in total agreement with Conor. 'He's the kind of fella I could sit and talk to for hours because he tells it as he sees it, so there's no (messing around) with him.' His remark comes after John admitted Conor is a 'little on the violent side'. The 'Pretty Vacant' singer appeared on 'The Michael Anthony Show' where he discussed his political views, grieving after the loss of his beloved wife Nora and his rocky childhood. Speaking about the issue of illegal immigrants living in the UK and Ireland, he said: 'Come on Conor' – referring to the Donald Trump-supporting fighter's rants on social media about Ireland's immigration laws. When host Michael asked him: 'Are you serious about the McGregor s***?,' John replied: 'I believe what he's saying when he says, 'The time for politicians has ended'. 'This is a nice slogan, but I'm not quite sure I'd like to follow him into the next situation, because he's a little on the violent side.' The rocker is still grief-stricken over the loss of his wife Nora Foster, who died in April 2023 aged 80, five years after she was diagnosed with Alzheimer's disease. He said about his last days with her: 'She died so painfully. Gasping. 'They call it the death whistle.' John's band Public Image Ltd are on tour until August and tickets are on sale now, available from all venues and Ticketmaster.
