Australia news LIVE: Albanese returns after week-long China visit; Trump diagnosed with medical condition
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6.52am
Wall Street ticks towards record high
Wall Street is ticking toward a record following some better-than-expected updates on the economy and a mixed set of profit reports from big US companies.
The S&P 500 was up 0.5 per cent in afternoon trading and on track to top its all-time high set a week ago. The Dow Jones was up 252 points, or 0.6 per cent, in mid-afternoon trade, and the Nasdaq composite was adding 0.8 per cent to its record set the day before.
The Australian sharemarket is set to rise on Friday, after the ASX added 0.9 per cent on Thursday, closing at a record high after the unemployment rate rose to its highest level in nearly four years, increasing the odds of an interest rate cut.
Wall Street trading was calmer than on Wednesday, when President Donald Trump jolted financial markets by saying he had discussed the 'concept' of firing the chair of the Federal Reserve but was unlikely to do so.
Such a move could help Wall Street get the lower interest rates it desires but would also risk a weakened Fed unable to make the unpopular moves needed to keep inflation under control.
6.48am
Trump diagnosed with chronic health condition
By Michael Koziol
US President Donald Trump has been diagnosed with a chronic but non-serious health condition after swelling in his lower legs caused alarm during a recent appearance at a major sporting event.
Press secretary Karoline Leavitt said Trump had noted 'mild swelling' and was evaluated by the White House medical unit, including diagnostic vascular studies and venous Doppler ultrasounds of his lower legs.
The 79-year-old's scans revealed chronic venous insufficiency, Leavitt said, citing a note from the president's doctor. She described it as a 'benign and common condition', particularly for people over 70.
6.44am
What's making news today
By Daniel Lo Surdo
Hello and welcome to the national news live blog. My name is Daniel Lo Surdo, and I'll be helming our live coverage this morning.
Here's what is making news today:
Prime Minister Anthony Albanese will leave China today after a week-long trip that included an expansive meeting with President Xi Jinping and a visit to the Great Wall of China. Albanese spent his last full day in China touring the nation's largest panda centre and dismissing Coalition suggestions that aspects of his visit were indulgent.
US President Donald Trump has been diagnosed with chronic venous insufficiency, a non-serious health condition discovered after Trump observed mild swelling in his lower legs. It comes after photographs showing swelling in Trump's legs caused alarm earlier this week.
The NSW Liberal Party is under fire for its willingness to work with embattled upper house MP Mark Latham, who has been accused of domestic violence, engaging in 'sordid' sexual trysts in his parliamentary office and exchanging offensive messages about female colleagues. Acting Opposition Leader Damien Tudehope has not ruled working with Latham on future legislation nor dining with Latham again.
The Australian sharemarket is expected to grow on Friday, after Wall Street ticked toward a record-high in afternoon trading. The ASX closed at a record high on Thursday after the unemployment rate rose to its highest level in nearly four years, increasing the odds of an interest rate cut.
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Perth Now
30 minutes ago
- Perth Now
Data, earnings keep S&P 500, Nasdaq at record levels
The S&P 500 and the Nasdaq edged to another all-time high, building on the previous day's record run as strong economic data and earnings reports painted a picture of a resilient US economy. The University of Michigan's Consumer Sentiment Index rose to 61.8 this month from a final reading of 60.7 in June. Economists polled by Reuters had forecast the index rising to 61.5. In early trading on Friday, the Dow Jones Industrial Average fell 39.49 points, or 0.09 per cent, to 44,445.00, the S&P 500 gained 13.97 points, or 0.22 per cent, to 6,311.33 and the Nasdaq Composite gained 52.84 points, or 0.25 per cent, to 20,938.49. On Thursday, the two indexes ended at record levels, thanks to upbeat retail sales and jobless claims, signaling a healthy US economy and giving the Federal Reserve room to pause and watch for tariff-driven inflation. Ten of 11 S&P sectors were on the rise, led by utilities , which jumped 1.7 per cent to an all-time high. Meanwhile, Tesla shares jumped 3.4 per cent to boost the main index. Netflix dropped 4.5 per cent despite the success of "Squid Game" helping it surpass earnings forecasts. The streaming giants also lifted its annual revenue outlook. Similarly, American Express outpaced second-quarter profit estimates, buoyed by strong spending from its affluent cardholders. However, its shares were down 2.6 per cent. Brokerage firm Charles Schwab gained 3.4 per cent after its profit rose nearly 60 per cent in the second quarter. The S&P 500 and the Nasdaq were on track to end the week on a positive note, while the Dow looked largely flat for the week so far. With the August 1 tariff deadline looming, uncertainty over President Donald Trump's trade policy also lingered in the background. Adding to the jitters, reports of a possible ouster of Fed Chair Jerome Powell briefly rattled markets, though Trump was quick to shoot down those reports. Amid growing criticism by Trump of Powell over the reluctance to cut interest rates, Fed Governor Chris Waller said he would accept the job as Fed chair if asked by the president. "It's a bit of everything. Mixed economic data, tariffs, Trump criticising Powell creating a bit of confusion and therefore a lack of direction in markets," said Daniela Hathorn, senior market analyst at Against this backdrop, traders now see a 56 per cent chance of a Federal Reserve rate cut in September, while a July move is all but off the table, according to CME's FedWatch tool. As the second-quarter earnings season gets underway, early results from 59 S&P 500 companies that reported showed more than 81.4 per cent have topped Wall Street's earnings expectations, according to LSEG I/B/E/S data. Cryptocurrency stocks rose after the US House of Representatives passed a bill that would develop a regulatory framework for cryptocurrencies. Robinhood Markets and Coinbase Global gained 4.7 per cent and 6.4 per cent, respectively. Chevron closed its $US55 billion ($A84 billion) acquisition of Hess after winning a landmark legal battle against larger rival Exxon Mobil. Hess jumped 7.6 per cent in early trading. Advancing issues outnumbered decliners by a 2.52-to-1 ratio on the NYSE, and by a 1.9-to-1 ratio on the Nasdaq. The S&P 500 posted 36 new 52-week highs and three new lows, while the Nasdaq Composite recorded 74 new highs and 17 new lows.
The Advertiser
30 minutes ago
- The Advertiser
Data, earnings keep S&P 500, Nasdaq at record levels
The S&P 500 and the Nasdaq edged to another all-time high, building on the previous day's record run as strong economic data and earnings reports painted a picture of a resilient US economy. The University of Michigan's Consumer Sentiment Index rose to 61.8 this month from a final reading of 60.7 in June. Economists polled by Reuters had forecast the index rising to 61.5. In early trading on Friday, the Dow Jones Industrial Average fell 39.49 points, or 0.09 per cent, to 44,445.00, the S&P 500 gained 13.97 points, or 0.22 per cent, to 6,311.33 and the Nasdaq Composite gained 52.84 points, or 0.25 per cent, to 20,938.49. On Thursday, the two indexes ended at record levels, thanks to upbeat retail sales and jobless claims, signaling a healthy US economy and giving the Federal Reserve room to pause and watch for tariff-driven inflation. Ten of 11 S&P sectors were on the rise, led by utilities , which jumped 1.7 per cent to an all-time high. Meanwhile, Tesla shares jumped 3.4 per cent to boost the main index. Netflix dropped 4.5 per cent despite the success of "Squid Game" helping it surpass earnings forecasts. The streaming giants also lifted its annual revenue outlook. Similarly, American Express outpaced second-quarter profit estimates, buoyed by strong spending from its affluent cardholders. However, its shares were down 2.6 per cent. Brokerage firm Charles Schwab gained 3.4 per cent after its profit rose nearly 60 per cent in the second quarter. The S&P 500 and the Nasdaq were on track to end the week on a positive note, while the Dow looked largely flat for the week so far. With the August 1 tariff deadline looming, uncertainty over President Donald Trump's trade policy also lingered in the background. Adding to the jitters, reports of a possible ouster of Fed Chair Jerome Powell briefly rattled markets, though Trump was quick to shoot down those reports. Amid growing criticism by Trump of Powell over the reluctance to cut interest rates, Fed Governor Chris Waller said he would accept the job as Fed chair if asked by the president. "It's a bit of everything. Mixed economic data, tariffs, Trump criticising Powell creating a bit of confusion and therefore a lack of direction in markets," said Daniela Hathorn, senior market analyst at Against this backdrop, traders now see a 56 per cent chance of a Federal Reserve rate cut in September, while a July move is all but off the table, according to CME's FedWatch tool. As the second-quarter earnings season gets underway, early results from 59 S&P 500 companies that reported showed more than 81.4 per cent have topped Wall Street's earnings expectations, according to LSEG I/B/E/S data. Cryptocurrency stocks rose after the US House of Representatives passed a bill that would develop a regulatory framework for cryptocurrencies. Robinhood Markets and Coinbase Global gained 4.7 per cent and 6.4 per cent, respectively. Chevron closed its $US55 billion ($A84 billion) acquisition of Hess after winning a landmark legal battle against larger rival Exxon Mobil. Hess jumped 7.6 per cent in early trading. Advancing issues outnumbered decliners by a 2.52-to-1 ratio on the NYSE, and by a 1.9-to-1 ratio on the Nasdaq. The S&P 500 posted 36 new 52-week highs and three new lows, while the Nasdaq Composite recorded 74 new highs and 17 new lows. The S&P 500 and the Nasdaq edged to another all-time high, building on the previous day's record run as strong economic data and earnings reports painted a picture of a resilient US economy. The University of Michigan's Consumer Sentiment Index rose to 61.8 this month from a final reading of 60.7 in June. Economists polled by Reuters had forecast the index rising to 61.5. In early trading on Friday, the Dow Jones Industrial Average fell 39.49 points, or 0.09 per cent, to 44,445.00, the S&P 500 gained 13.97 points, or 0.22 per cent, to 6,311.33 and the Nasdaq Composite gained 52.84 points, or 0.25 per cent, to 20,938.49. On Thursday, the two indexes ended at record levels, thanks to upbeat retail sales and jobless claims, signaling a healthy US economy and giving the Federal Reserve room to pause and watch for tariff-driven inflation. Ten of 11 S&P sectors were on the rise, led by utilities , which jumped 1.7 per cent to an all-time high. Meanwhile, Tesla shares jumped 3.4 per cent to boost the main index. Netflix dropped 4.5 per cent despite the success of "Squid Game" helping it surpass earnings forecasts. The streaming giants also lifted its annual revenue outlook. Similarly, American Express outpaced second-quarter profit estimates, buoyed by strong spending from its affluent cardholders. However, its shares were down 2.6 per cent. Brokerage firm Charles Schwab gained 3.4 per cent after its profit rose nearly 60 per cent in the second quarter. The S&P 500 and the Nasdaq were on track to end the week on a positive note, while the Dow looked largely flat for the week so far. With the August 1 tariff deadline looming, uncertainty over President Donald Trump's trade policy also lingered in the background. Adding to the jitters, reports of a possible ouster of Fed Chair Jerome Powell briefly rattled markets, though Trump was quick to shoot down those reports. Amid growing criticism by Trump of Powell over the reluctance to cut interest rates, Fed Governor Chris Waller said he would accept the job as Fed chair if asked by the president. "It's a bit of everything. Mixed economic data, tariffs, Trump criticising Powell creating a bit of confusion and therefore a lack of direction in markets," said Daniela Hathorn, senior market analyst at Against this backdrop, traders now see a 56 per cent chance of a Federal Reserve rate cut in September, while a July move is all but off the table, according to CME's FedWatch tool. As the second-quarter earnings season gets underway, early results from 59 S&P 500 companies that reported showed more than 81.4 per cent have topped Wall Street's earnings expectations, according to LSEG I/B/E/S data. Cryptocurrency stocks rose after the US House of Representatives passed a bill that would develop a regulatory framework for cryptocurrencies. Robinhood Markets and Coinbase Global gained 4.7 per cent and 6.4 per cent, respectively. Chevron closed its $US55 billion ($A84 billion) acquisition of Hess after winning a landmark legal battle against larger rival Exxon Mobil. Hess jumped 7.6 per cent in early trading. Advancing issues outnumbered decliners by a 2.52-to-1 ratio on the NYSE, and by a 1.9-to-1 ratio on the Nasdaq. The S&P 500 posted 36 new 52-week highs and three new lows, while the Nasdaq Composite recorded 74 new highs and 17 new lows. The S&P 500 and the Nasdaq edged to another all-time high, building on the previous day's record run as strong economic data and earnings reports painted a picture of a resilient US economy. The University of Michigan's Consumer Sentiment Index rose to 61.8 this month from a final reading of 60.7 in June. Economists polled by Reuters had forecast the index rising to 61.5. In early trading on Friday, the Dow Jones Industrial Average fell 39.49 points, or 0.09 per cent, to 44,445.00, the S&P 500 gained 13.97 points, or 0.22 per cent, to 6,311.33 and the Nasdaq Composite gained 52.84 points, or 0.25 per cent, to 20,938.49. On Thursday, the two indexes ended at record levels, thanks to upbeat retail sales and jobless claims, signaling a healthy US economy and giving the Federal Reserve room to pause and watch for tariff-driven inflation. Ten of 11 S&P sectors were on the rise, led by utilities , which jumped 1.7 per cent to an all-time high. Meanwhile, Tesla shares jumped 3.4 per cent to boost the main index. Netflix dropped 4.5 per cent despite the success of "Squid Game" helping it surpass earnings forecasts. The streaming giants also lifted its annual revenue outlook. Similarly, American Express outpaced second-quarter profit estimates, buoyed by strong spending from its affluent cardholders. However, its shares were down 2.6 per cent. Brokerage firm Charles Schwab gained 3.4 per cent after its profit rose nearly 60 per cent in the second quarter. The S&P 500 and the Nasdaq were on track to end the week on a positive note, while the Dow looked largely flat for the week so far. With the August 1 tariff deadline looming, uncertainty over President Donald Trump's trade policy also lingered in the background. Adding to the jitters, reports of a possible ouster of Fed Chair Jerome Powell briefly rattled markets, though Trump was quick to shoot down those reports. Amid growing criticism by Trump of Powell over the reluctance to cut interest rates, Fed Governor Chris Waller said he would accept the job as Fed chair if asked by the president. "It's a bit of everything. Mixed economic data, tariffs, Trump criticising Powell creating a bit of confusion and therefore a lack of direction in markets," said Daniela Hathorn, senior market analyst at Against this backdrop, traders now see a 56 per cent chance of a Federal Reserve rate cut in September, while a July move is all but off the table, according to CME's FedWatch tool. As the second-quarter earnings season gets underway, early results from 59 S&P 500 companies that reported showed more than 81.4 per cent have topped Wall Street's earnings expectations, according to LSEG I/B/E/S data. Cryptocurrency stocks rose after the US House of Representatives passed a bill that would develop a regulatory framework for cryptocurrencies. Robinhood Markets and Coinbase Global gained 4.7 per cent and 6.4 per cent, respectively. Chevron closed its $US55 billion ($A84 billion) acquisition of Hess after winning a landmark legal battle against larger rival Exxon Mobil. Hess jumped 7.6 per cent in early trading. Advancing issues outnumbered decliners by a 2.52-to-1 ratio on the NYSE, and by a 1.9-to-1 ratio on the Nasdaq. The S&P 500 posted 36 new 52-week highs and three new lows, while the Nasdaq Composite recorded 74 new highs and 17 new lows. The S&P 500 and the Nasdaq edged to another all-time high, building on the previous day's record run as strong economic data and earnings reports painted a picture of a resilient US economy. The University of Michigan's Consumer Sentiment Index rose to 61.8 this month from a final reading of 60.7 in June. Economists polled by Reuters had forecast the index rising to 61.5. In early trading on Friday, the Dow Jones Industrial Average fell 39.49 points, or 0.09 per cent, to 44,445.00, the S&P 500 gained 13.97 points, or 0.22 per cent, to 6,311.33 and the Nasdaq Composite gained 52.84 points, or 0.25 per cent, to 20,938.49. On Thursday, the two indexes ended at record levels, thanks to upbeat retail sales and jobless claims, signaling a healthy US economy and giving the Federal Reserve room to pause and watch for tariff-driven inflation. Ten of 11 S&P sectors were on the rise, led by utilities , which jumped 1.7 per cent to an all-time high. Meanwhile, Tesla shares jumped 3.4 per cent to boost the main index. Netflix dropped 4.5 per cent despite the success of "Squid Game" helping it surpass earnings forecasts. The streaming giants also lifted its annual revenue outlook. Similarly, American Express outpaced second-quarter profit estimates, buoyed by strong spending from its affluent cardholders. However, its shares were down 2.6 per cent. Brokerage firm Charles Schwab gained 3.4 per cent after its profit rose nearly 60 per cent in the second quarter. The S&P 500 and the Nasdaq were on track to end the week on a positive note, while the Dow looked largely flat for the week so far. With the August 1 tariff deadline looming, uncertainty over President Donald Trump's trade policy also lingered in the background. Adding to the jitters, reports of a possible ouster of Fed Chair Jerome Powell briefly rattled markets, though Trump was quick to shoot down those reports. Amid growing criticism by Trump of Powell over the reluctance to cut interest rates, Fed Governor Chris Waller said he would accept the job as Fed chair if asked by the president. "It's a bit of everything. Mixed economic data, tariffs, Trump criticising Powell creating a bit of confusion and therefore a lack of direction in markets," said Daniela Hathorn, senior market analyst at Against this backdrop, traders now see a 56 per cent chance of a Federal Reserve rate cut in September, while a July move is all but off the table, according to CME's FedWatch tool. As the second-quarter earnings season gets underway, early results from 59 S&P 500 companies that reported showed more than 81.4 per cent have topped Wall Street's earnings expectations, according to LSEG I/B/E/S data. Cryptocurrency stocks rose after the US House of Representatives passed a bill that would develop a regulatory framework for cryptocurrencies. Robinhood Markets and Coinbase Global gained 4.7 per cent and 6.4 per cent, respectively. Chevron closed its $US55 billion ($A84 billion) acquisition of Hess after winning a landmark legal battle against larger rival Exxon Mobil. Hess jumped 7.6 per cent in early trading. Advancing issues outnumbered decliners by a 2.52-to-1 ratio on the NYSE, and by a 1.9-to-1 ratio on the Nasdaq. The S&P 500 posted 36 new 52-week highs and three new lows, while the Nasdaq Composite recorded 74 new highs and 17 new lows.
News.com.au
2 hours ago
- News.com.au
G20 nations agree central bank independence 'crucial'
The G20 nations stressed Friday that central banks must remain independent, after months of escalating attacks by US President Donald Trump on Federal Reserve boss Jerome Powell. The US leader has repeatedly lashed out at Powell for not lowering interest rates more quickly, calling the central banker a "numbskull" and "moron". This week he suggested he could be dismissed for "fraud" over his handling of a renovation project at the Federal Reserve headquarters. "Central banks are strongly committed to ensuring price stability, consistent with their respective mandates, and will continue to adjust their policies in a data-dependent manner," the grouping said, in a joint declaration after finance ministers' meeting in South Africa. "Central bank independence is crucial to achieving this goal," said the statement, a rare consensus also signed by the United States. US Treasury Secretary Scott Bessent did not attend the two-day meeting in the port city of Durban, with Washington instead represented by acting undersecretary for international affairs Michael Kaplan. The G20 is made up of 19 nations and two regional organisations and its members account for more than 80 percent of the world's economic output. The group has scrambled to respond to drastic policy shifts by its richest member, the United States, which has upended global trade rules since Trump's return to the White House. "The global economy is facing heightened uncertainty and complex challenges, including ongoing wars and conflicts, geopolitical and trade tensions," it said.
