ASX200: Key sectors split on down day for market
The S&P/ASX200 closed Friday with a loss of 24.3 points or 0.28 per cent at 8807.1.
Sell offs in financials and healthcare outweighed gains in mining stocks, with six of 11 sectors in negative territory. The All Ordinaries also slipped 0.28 per cent, down 25 points to 9,076.6 while the Small Ords was flat.
Daily returns were dominated by earnings results.
QBE shares tanked 8.8 per cent (to $21.39) despite the company reporting a 20 per cent jump in half-year profit.
Afterpay owner Block rose 9.1 per cent (at $127.09) as second quarter results showed consumers were blowing cobwebs off their wallets.
Gains in mining did not offset losses in financials. Picture: Gaye Gerard / NewsWire
Furniture retailer Nick Scali lifted 6.9 per cent (to $20.49) as its Australian and New Zealand orders over the second-half rose 7 per cent. Investors made themselves comfy despite a near 30 per cent slide in profits.
'We're getting better deals … and we are passing that through to the consumer for better prices and that is probably helping us,' chief executive Anthony Scali told investors.
'I think the consumer is a bit more confident.'
Other big gainers include finance tech company Iress (up 12.2 per cent at $9.40), Pilbara Minerals (up 9 per cent at $1.93) and AMP (up 7.1 per cent at $1.87).
At the other end, GQG Partners was deep in red territory. GQG's share price fell 14.6 per cent (to $1.72), as a funds under management update revealed an exodus.
RBA Governor Michele Bullock is expected to announce a rate cut on Tuesday. Picture: NewsWire / Nikki Short
Investors ditched game company Light and Wonder, as the Las Vegas-headquartered firm announced plans to delist from the Nasdaq later this year. Aussie-listed stocks fell 11.2 per cent to $118.75.
The RBA is expected to cut the cash rate on Tuesday, and will take heed from London in doing so. The Bank of England cut its main interest rate Thursday by a quarter point to 4 per cent, to spite a lagging economy.
In international news, the UK, Switzerland and the US have found themselves in a tussle after a report Donald Trump had imposed tariffs on imports of 1kg gold bars.
Independent market analyst Stephen Innes said the US administration was taking a three-pronged approach.
'Weaken Switzerland's refining monopoly. Force London's bullion banks into a defensive posture. Supercharge the fiscal optics by goosing gold's domestic valuation,' he said.
'The optics are unmistakeable. At a time when central banks are hoarding gold to diversify away from dollar risk, Washington is slapping toll booths on the global metal highway.
'Switzerland, the middleman in this high-value supply chain, just became collateral damage.'
The news sent gold futures climbing to a record high on Friday, even after a stellar week for the precious metal. The S&P/ASX All Ordinaries Gold benchmark is up 11.5 per cent for the week, including a 2 per cent sweetener on Friday.
Read related topics: ASX
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News.com.au
2 hours ago
- News.com.au
‘English speakers excluded': Chinese agents hit back at divisive real estate video
Chinese real estate firms in Melbourne have hit back at a self-described 'Western civilisation enjoyer' after his video shared on social media suggested they 'exclude' English speakers. Drew Pavlou, best known for leading a year-long protest at the University of Queensland against Beijing's anti-democracy activities in Hong Kong, has almost 300,000 followers across various social media platforms. Earlier this week, he published a video declaring he had 'counted 12 Chinese real estate firms on two of the main shopping streets in Melbourne CBD'. Mr Pavlou, 26, wrote alongside the video: 'Most of them advertise only in Chinese to foreign buyers, English speakers are excluded ... nobody can explain how this benefits Australia during the worst housing crisis in our national history.' In the full video, published to YouTube, Mr Pavlou said he was 'fascinated' by 'graffiti everywhere, massive economic changes' and the fact that 'I counted within one 500m stretch 15 bubble tea stores and about 12 Chinese real estate firms'. '(They) only advertise in the Chinese language for Chinese people to buy property in Australia,' he said. 'It was just beautiful.' There was plenty of support for Mr Pavlou's video. 'Check out every capital city. Same playbook,' one person wrote. Speaking to Mr Pavlou said his video was 'not racially motivated' and was 'filmed by my Hong Konger friends (who) fully supported me in making it'. 'My family background is Greek Australian and if there were 12 Greek real estate agencies advertising to Greek overseas buyers in the heart of the Melbourne CBD, I would equally oppose it,' he said. 'I believe this is a legitimate public interest issue. Right now, young Australians are locked out of the housing market due to record-high prices and low supply, yet prime property stock is being marketed directly to offshore buyers who will never live here. 'That inevitably drives demand upward and puts extra pressure on ordinary families and first-home buyers.' He said an 'open conversation' should be had about 'how to prioritise the housing needs of Australians over overseas buyers'. Mr Pavlou said he was particularly concerned by a Nord International branch that 'did not feature even a single piece of English language advertising in their shop window'. reached out to Nord International, as well as the other agencies that appeared in Mr Pavlou's video. Nord International did not respond to a request for comment but other firms hit back. A number of the firms said they advertise in Chinese and English and have multilingual team members. Kristy Zhang is the director and co-founder of Austrump Hosting, a real estate business that she says 'serves a diverse client base that reflects Melbourne's multicultural community'. 'While many of our team members are multilingual and we occasionally use Chinese language materials to assist clients who prefer it, we also regularly produce and distribute all our marketing materials — including flyers and brochures — in English,' she said. 'We work with clients from all backgrounds and are committed to providing inclusive and professional service to everyone, regardless of their language or cultural background.' A spokesperson for Elite Real Estate, also featured in the video, hit back at Mr Pavlou. 'We are aware of the video you've referenced and appreciate the chance to clarify. Our agency operates in one of the most culturally diverse cities in the world, and we take pride in reflecting that diversity across our team and marketing efforts,' the spokesperson said. 'While some of our content includes Chinese language elements, all of our listings are advertised in English, and our window cards are displayed primarily in English to ensure they are accessible to the wider public. 'Our multilingual team — fluent in English, Mandarin, Cantonese, and more — allows us to assist a wide range of clients, including first-home buyers, seasoned investors, landlords, and renters, both locally and internationally. 'To suggest that we exclusively target one demographic is not only inaccurate but also overlooks the reality of our day-to-day operations. We work with clients from all backgrounds and are committed to delivering inclusive, professional, and ethical service to everyone.' There was some pushback to Mr Pavlou's video by members of the public, too. Some pointed out that the video was filmed adjacent to Chinatown, a vibrant, historic neighbourhood that celebrates Chinese restaurants, shops and culture. 'When you visit Chinatown and it's Chinese,' one person wrote. 'Bro, you're literally walking through Chinatown, of course there's going to be Chinese restaurants,' another wrote. 'It would be like counting every Italian restaurant in Lygon Street or Pho place in Springvale.' Pollster and director of the RedBridge Group, Kos Samaras, was among hundreds of people who commented on Mr Pavlou's video. 'Greeks used to run exclusively Greek focused businesses,' he said. 'Brunswick Street in Melbourne was once dotted with countless stores, businesses, that advertised only in Greek. It's what migrant diasporas have done for numerous decades, across the Western world, even in the US and UK.' Mr Pavlou, who in 2022 interrupted the Chinese Ambassador's speech in Sydney declaring China a 'dictatorship' that is keeping 'one million Muslims in concentration camps', was approached for comment about his concerns regarding 'foreign buyers'. Foreign buyers own about two per cent of Australia's housing stock and are currently banned from buying established homes in Australia. The Albanese Government announced earlier this year it would crack down on foreign land banking. Treasurer Jim Chalmers said the ban would take place on foreign purchases of established dwellings from April 1 this year until April 2027. 'This is all about easing pressure on our housing market at the same time as we build more homes,' Mr Chalmers said. 'It's a minor change, but a meaningful one because we know that every effort helps in addressing the housing challenge we've inherited. 'The ban will mean Australians will be able to buy homes that would have otherwise been bought by foreign investors. 'Until now, foreign investors have generally been barred from buying existing property except in limited circumstances, such as when they come to live here for work or study.' But as Australian economist Leith van Onselen notes, 'it is likely that the homes being advertised by the Chinese agencies are newly built properties, since they are permitted for purchase by non-residents'. 'Australian property has long been a magnet for Chinese buyers, both as a store of wealth and for migration purposes,' he told 'Australia's large annual intake of Chinese students and migrants helps to create new demand for purchases.'
The Advertiser
3 hours ago
- The Advertiser
Albanese to travel across the ditch for leaders meeting
Defence, economic partnerships and security will be on the agenda for Prime Minister Anthony Albanese when he meets his New Zealand counterpart. Mr Albanese will spend the weekend in Queenstown for the annual Australia-New Zealand leaders meeting with Prime Minister Christopher Luxon. It will be the second time across the Tasman for Mr Albanese, who last visited in 2023 to meet with then-Labour prime minister Chris Hipkins. Mr Albanese and Mr Luxon represent opposite ends of the political spectrum, but both have affirmed their nations share a "deep and enduring bond" as friends, neighbours and allies. "I look forward to discussing how we can work together to build on our single economic market, modernise the rules-based trading system, deepen our alliance, and back our Pacific partners," Mr Albanese said. The single economic market was established in 2009 to grow trade and deepen investment links between the two countries, making it easier for trans-Tasman business. Two-way trade between the two countries is worth $32 billion. Co-operation between the two governments is broad, with more than half of the New Zealand cabinet visiting Australia since Mr Luxon's government took office in late 2023. The "complicated" relationship between opportunities and challenges posed by China was likely to be a focus of talks behind the scenes, Victoria University of Wellington's New Zealand Contemporary China Research Centre director Jason Young said. "Both prime ministers have recently visited China," the professor told AAP. "They had, at least, public-facing, very good visits to stabilise and manage the economic relationship. But at the same time, there's a bunch of particularly regional security issues which have an impact on both countries." The pair could also discuss the impact of the US President Donald Trump's tariffs. While Mr Trump raised tariffs against dozens of nations, he showed mercy on Australia and kept levies against most products at 10 per cent. But New Zealand was not spared and was hit with a 15 per cent "reciprocal" tariff. At the most recent leaders' meeting in Canberra in 2024, Mr Albanese and Mr Luxon discussed migration and creating a closer defence partnership. David Capie, another professor from Victoria University of Wellington, said the Luxon government had leaned into its partnership with Australia since coming to power. "You've got a New Zealand government that wants to do more with Australia," the NZ foreign and defence policy expert told AAP. "The upending of the economic order with the Trump tariffs, the Middle East - all of those things NZ and Australia are finding that they're very closely aligned." Yet deportation remains a point of friction, as New Zealand has long protested Australia's practice of deporting criminals with Kiwi passports but with stronger ties to Australia. After the 2024 meeting, the two leaders agreed to "engage closely" on the matter. Prof Capie said the issue hadn't faded away completely but was being more delicately handled compared to the Morrison government era. "You had a lot of deportations and a government that was basically basking in it," he said. "But more importantly, the structural changes to the rights of New Zealanders to be able to find a pathway to citizenship mean that there are going to be fewer and fewer over time." Mr Albanese is expected to be welcomed in a pōwhiri, a formal Māori welcoming ceremony, before he meets with Mr Luxon on Saturday. He will also meet with Australian and New Zealand business leaders and take part in a business roundtable. Defence, economic partnerships and security will be on the agenda for Prime Minister Anthony Albanese when he meets his New Zealand counterpart. Mr Albanese will spend the weekend in Queenstown for the annual Australia-New Zealand leaders meeting with Prime Minister Christopher Luxon. It will be the second time across the Tasman for Mr Albanese, who last visited in 2023 to meet with then-Labour prime minister Chris Hipkins. Mr Albanese and Mr Luxon represent opposite ends of the political spectrum, but both have affirmed their nations share a "deep and enduring bond" as friends, neighbours and allies. "I look forward to discussing how we can work together to build on our single economic market, modernise the rules-based trading system, deepen our alliance, and back our Pacific partners," Mr Albanese said. The single economic market was established in 2009 to grow trade and deepen investment links between the two countries, making it easier for trans-Tasman business. Two-way trade between the two countries is worth $32 billion. Co-operation between the two governments is broad, with more than half of the New Zealand cabinet visiting Australia since Mr Luxon's government took office in late 2023. The "complicated" relationship between opportunities and challenges posed by China was likely to be a focus of talks behind the scenes, Victoria University of Wellington's New Zealand Contemporary China Research Centre director Jason Young said. "Both prime ministers have recently visited China," the professor told AAP. "They had, at least, public-facing, very good visits to stabilise and manage the economic relationship. But at the same time, there's a bunch of particularly regional security issues which have an impact on both countries." The pair could also discuss the impact of the US President Donald Trump's tariffs. While Mr Trump raised tariffs against dozens of nations, he showed mercy on Australia and kept levies against most products at 10 per cent. But New Zealand was not spared and was hit with a 15 per cent "reciprocal" tariff. At the most recent leaders' meeting in Canberra in 2024, Mr Albanese and Mr Luxon discussed migration and creating a closer defence partnership. David Capie, another professor from Victoria University of Wellington, said the Luxon government had leaned into its partnership with Australia since coming to power. "You've got a New Zealand government that wants to do more with Australia," the NZ foreign and defence policy expert told AAP. "The upending of the economic order with the Trump tariffs, the Middle East - all of those things NZ and Australia are finding that they're very closely aligned." Yet deportation remains a point of friction, as New Zealand has long protested Australia's practice of deporting criminals with Kiwi passports but with stronger ties to Australia. After the 2024 meeting, the two leaders agreed to "engage closely" on the matter. Prof Capie said the issue hadn't faded away completely but was being more delicately handled compared to the Morrison government era. "You had a lot of deportations and a government that was basically basking in it," he said. "But more importantly, the structural changes to the rights of New Zealanders to be able to find a pathway to citizenship mean that there are going to be fewer and fewer over time." Mr Albanese is expected to be welcomed in a pōwhiri, a formal Māori welcoming ceremony, before he meets with Mr Luxon on Saturday. He will also meet with Australian and New Zealand business leaders and take part in a business roundtable. Defence, economic partnerships and security will be on the agenda for Prime Minister Anthony Albanese when he meets his New Zealand counterpart. Mr Albanese will spend the weekend in Queenstown for the annual Australia-New Zealand leaders meeting with Prime Minister Christopher Luxon. It will be the second time across the Tasman for Mr Albanese, who last visited in 2023 to meet with then-Labour prime minister Chris Hipkins. Mr Albanese and Mr Luxon represent opposite ends of the political spectrum, but both have affirmed their nations share a "deep and enduring bond" as friends, neighbours and allies. "I look forward to discussing how we can work together to build on our single economic market, modernise the rules-based trading system, deepen our alliance, and back our Pacific partners," Mr Albanese said. The single economic market was established in 2009 to grow trade and deepen investment links between the two countries, making it easier for trans-Tasman business. Two-way trade between the two countries is worth $32 billion. Co-operation between the two governments is broad, with more than half of the New Zealand cabinet visiting Australia since Mr Luxon's government took office in late 2023. The "complicated" relationship between opportunities and challenges posed by China was likely to be a focus of talks behind the scenes, Victoria University of Wellington's New Zealand Contemporary China Research Centre director Jason Young said. "Both prime ministers have recently visited China," the professor told AAP. "They had, at least, public-facing, very good visits to stabilise and manage the economic relationship. But at the same time, there's a bunch of particularly regional security issues which have an impact on both countries." The pair could also discuss the impact of the US President Donald Trump's tariffs. While Mr Trump raised tariffs against dozens of nations, he showed mercy on Australia and kept levies against most products at 10 per cent. But New Zealand was not spared and was hit with a 15 per cent "reciprocal" tariff. At the most recent leaders' meeting in Canberra in 2024, Mr Albanese and Mr Luxon discussed migration and creating a closer defence partnership. David Capie, another professor from Victoria University of Wellington, said the Luxon government had leaned into its partnership with Australia since coming to power. "You've got a New Zealand government that wants to do more with Australia," the NZ foreign and defence policy expert told AAP. "The upending of the economic order with the Trump tariffs, the Middle East - all of those things NZ and Australia are finding that they're very closely aligned." Yet deportation remains a point of friction, as New Zealand has long protested Australia's practice of deporting criminals with Kiwi passports but with stronger ties to Australia. After the 2024 meeting, the two leaders agreed to "engage closely" on the matter. Prof Capie said the issue hadn't faded away completely but was being more delicately handled compared to the Morrison government era. "You had a lot of deportations and a government that was basically basking in it," he said. "But more importantly, the structural changes to the rights of New Zealanders to be able to find a pathway to citizenship mean that there are going to be fewer and fewer over time." Mr Albanese is expected to be welcomed in a pōwhiri, a formal Māori welcoming ceremony, before he meets with Mr Luxon on Saturday. He will also meet with Australian and New Zealand business leaders and take part in a business roundtable. Defence, economic partnerships and security will be on the agenda for Prime Minister Anthony Albanese when he meets his New Zealand counterpart. Mr Albanese will spend the weekend in Queenstown for the annual Australia-New Zealand leaders meeting with Prime Minister Christopher Luxon. It will be the second time across the Tasman for Mr Albanese, who last visited in 2023 to meet with then-Labour prime minister Chris Hipkins. Mr Albanese and Mr Luxon represent opposite ends of the political spectrum, but both have affirmed their nations share a "deep and enduring bond" as friends, neighbours and allies. "I look forward to discussing how we can work together to build on our single economic market, modernise the rules-based trading system, deepen our alliance, and back our Pacific partners," Mr Albanese said. The single economic market was established in 2009 to grow trade and deepen investment links between the two countries, making it easier for trans-Tasman business. Two-way trade between the two countries is worth $32 billion. Co-operation between the two governments is broad, with more than half of the New Zealand cabinet visiting Australia since Mr Luxon's government took office in late 2023. The "complicated" relationship between opportunities and challenges posed by China was likely to be a focus of talks behind the scenes, Victoria University of Wellington's New Zealand Contemporary China Research Centre director Jason Young said. "Both prime ministers have recently visited China," the professor told AAP. "They had, at least, public-facing, very good visits to stabilise and manage the economic relationship. But at the same time, there's a bunch of particularly regional security issues which have an impact on both countries." The pair could also discuss the impact of the US President Donald Trump's tariffs. While Mr Trump raised tariffs against dozens of nations, he showed mercy on Australia and kept levies against most products at 10 per cent. But New Zealand was not spared and was hit with a 15 per cent "reciprocal" tariff. At the most recent leaders' meeting in Canberra in 2024, Mr Albanese and Mr Luxon discussed migration and creating a closer defence partnership. David Capie, another professor from Victoria University of Wellington, said the Luxon government had leaned into its partnership with Australia since coming to power. "You've got a New Zealand government that wants to do more with Australia," the NZ foreign and defence policy expert told AAP. "The upending of the economic order with the Trump tariffs, the Middle East - all of those things NZ and Australia are finding that they're very closely aligned." Yet deportation remains a point of friction, as New Zealand has long protested Australia's practice of deporting criminals with Kiwi passports but with stronger ties to Australia. After the 2024 meeting, the two leaders agreed to "engage closely" on the matter. Prof Capie said the issue hadn't faded away completely but was being more delicately handled compared to the Morrison government era. "You had a lot of deportations and a government that was basically basking in it," he said. "But more importantly, the structural changes to the rights of New Zealanders to be able to find a pathway to citizenship mean that there are going to be fewer and fewer over time." Mr Albanese is expected to be welcomed in a pōwhiri, a formal Māori welcoming ceremony, before he meets with Mr Luxon on Saturday. He will also meet with Australian and New Zealand business leaders and take part in a business roundtable.
ABC News
3 hours ago
- ABC News
PM heads to NZ to discuss trade, security
The Prime Minister is making a quick trip to New Zealand to discuss trade, security and cooperation on international issues at a time of global uncertainty.
