ASX 200 expected to be ‘in the green' following King's Birthday
Sky News Business Reporter Edward Boyd says the local market is expected to be 'in the green' when the ASX 200 opens on Tuesday.
The major markets are expected to open slightly lower when they begin trading tonight.
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Sky News AU
3 hours ago
- Sky News AU
Simmering United States-China trade tensions send nuclear stocks soaring, Global X ETFs' Scott Helfstein reveals
Australian uranium miners have been on a tear since the calamity of United States President Donald Trump's 'Liberation Day' spooked investors and sent stocks around the globe plummeting. Uranium mining is a cyclical industry, one which fluctuates along with the business cycle, and was devastated by the turmoil from President Trump's trade war before strongly rebounding. Global X ETFs' head of thematic solutions Scott Helfstein told Sky News' Business Now the uranium sector's rebound was a sign of strength in the the wider economy. 'What we're actually seeing in the last few weeks, since we have moved past peak US-China tensions, we're seeing cyclical areas like copper miners, uranium miners, industrials start to rally and come back,' he said. 'That is a sign of good secular growth or expectations for good secular growth.' He noted while there was a 'sense of negative sentiment' among investors, underlying economic factors were stable. 'The hard economic and fundamentals from a corporate and a GDP (gross domestic product) perspective have remained really strong,' Mr Helfstein said. Uranium miner Paladin Energy has surged more than 50 per cent since the early April wipeout from "Liberation Day". Boss Energy has added more than 80 per cent, Deep Yellow has jumped more than 60 per cent and Bannerman Energy has soared about 45 per cent. Similarly, the world's largest publicly traded uranium miner and Swedish powerhouse Cameco Corp is up more than 70 per cent since early April. The climb comes as the ASX 200 has experienced wild turbulence since the beginning of the year. China and the US placed massive tariffs on one another, but agreed last month to reduce these to undergo trade negotiations. US and Chinese officials said on Tuesday they had agreed on a framework to get their trade truce back on track and remove China's export restrictions on rare earths, but offered little sign of a durable resolution to longstanding trade tensions. The ASX 200 hit a peak in mid-February before slowly dropping after President Trump began revealing his trade policies - including tariffs on aluminium, steel and automotive parts. The index plummeted in early April after the sweeping 'Liberation Day' tariffs were slapped on most nations around the world. President Trump temporarily pausing these levies and a boost of investor confidence has led to a gradual rise of the ASX 200.
The Advertiser
8 hours ago
- The Advertiser
Business, union divisions threaten to derail PM summit
Business groups and unions are on a collision course over priorities for a planned productivity summit despite the prime minister's optimism they can find common ground. Anthony Albanese has dismissed suggestions the roundtable, which will take place in August and is aimed at finding ways to lift the nation's economic output, would amount to little more than a Canberra talkfest. "It is not unreasonable to bring people together ... business and unions have common interests, we have a national interest in boosting productivity," he told ABC Radio on Wednesday. But Australian Industry Group chief executive Innes Willox said it was disappointing the union movement had taken the view that "there's nothing to see here and that is all about cutting jobs and cutting wages and it demonstrably isn't". "One of the frustrating conversations to have with unions is to hear them say: 'Yes, of course there'll be AI but everyone's job will stay the same," he told Sky News. "Unfortunately it won't but we have to prepare people for that - and that will be a massive exercise in reskilling and retraining ... that's where this productivity summit is going to be so important." Experts are concerned about Australia's lagging growth in productivity - a key economic measure of efficiency and long-term driver of improved living standards. Working Australians must be at the centre of the summit, ACTU secretary Sally McManus said. "We need to leave behind the idea that productivity is equated with cutting pay and making people work harder for less," she said. Australian Chamber of Commerce and Industry chief executive Andrew McKellar said he was realistic about the potential for tangible outcomes at the roundtable. "If it was easy, it would have been done already," he told AAP. The scope of the Fair Work Act had grown significantly in recent years, which had a "significant impact" on small businesses trying to hire staff, Mr McKellar said. Planned payday superannuation reforms also needed to be implemented in a way that didn't "create a significant additional burden for small business", he added. "We don't expect (the government) to revisit all of the industrial relations changes, but … let's make some practical changes that make it easier for small business to create jobs and employ more people to promote productivity," Mr McKellar said. Tax changes, cutting the regulatory burden and encouraging the uptake of digital technology would all be priorities for the business lobby, which singled out AI as a field that could make a big difference to productivity. Productivity Commission chair Danielle Wood said it was important to be clear the target was "not about working longer hours". "When we're talking about labour productivity, all it means is producing more for each hour worked," she told ABC TV. "This is about making sure Australians have the skills, that they have access to the technology, that we have great business processes that allow all of us to get more out of each hour that we put in." Higher productivity was ultimately what drove improvements in incomes and living standards, and technological change was the most important driver of growth, Ms Wood said. "Australia is lagging in the adoption of AI ... so that's certainly one of the areas of opportunity that we will be looking to," she said. The commission's most recent report showed labour productivity fell 0.1 per cent in the December quarter and dropped 1.2 per cent in the past year. Shadow treasurer Ted O'Brien said the opposition gave the government some credit for calling the summit. "A round table. Yay!" Mr O'Brien joked during an interview on Nine's Today program. "But look ... to be fair, at least they're recognising the problem ... so let's take that as a partial tick." Business groups and unions are on a collision course over priorities for a planned productivity summit despite the prime minister's optimism they can find common ground. Anthony Albanese has dismissed suggestions the roundtable, which will take place in August and is aimed at finding ways to lift the nation's economic output, would amount to little more than a Canberra talkfest. "It is not unreasonable to bring people together ... business and unions have common interests, we have a national interest in boosting productivity," he told ABC Radio on Wednesday. But Australian Industry Group chief executive Innes Willox said it was disappointing the union movement had taken the view that "there's nothing to see here and that is all about cutting jobs and cutting wages and it demonstrably isn't". "One of the frustrating conversations to have with unions is to hear them say: 'Yes, of course there'll be AI but everyone's job will stay the same," he told Sky News. "Unfortunately it won't but we have to prepare people for that - and that will be a massive exercise in reskilling and retraining ... that's where this productivity summit is going to be so important." Experts are concerned about Australia's lagging growth in productivity - a key economic measure of efficiency and long-term driver of improved living standards. Working Australians must be at the centre of the summit, ACTU secretary Sally McManus said. "We need to leave behind the idea that productivity is equated with cutting pay and making people work harder for less," she said. Australian Chamber of Commerce and Industry chief executive Andrew McKellar said he was realistic about the potential for tangible outcomes at the roundtable. "If it was easy, it would have been done already," he told AAP. The scope of the Fair Work Act had grown significantly in recent years, which had a "significant impact" on small businesses trying to hire staff, Mr McKellar said. Planned payday superannuation reforms also needed to be implemented in a way that didn't "create a significant additional burden for small business", he added. "We don't expect (the government) to revisit all of the industrial relations changes, but … let's make some practical changes that make it easier for small business to create jobs and employ more people to promote productivity," Mr McKellar said. Tax changes, cutting the regulatory burden and encouraging the uptake of digital technology would all be priorities for the business lobby, which singled out AI as a field that could make a big difference to productivity. Productivity Commission chair Danielle Wood said it was important to be clear the target was "not about working longer hours". "When we're talking about labour productivity, all it means is producing more for each hour worked," she told ABC TV. "This is about making sure Australians have the skills, that they have access to the technology, that we have great business processes that allow all of us to get more out of each hour that we put in." Higher productivity was ultimately what drove improvements in incomes and living standards, and technological change was the most important driver of growth, Ms Wood said. "Australia is lagging in the adoption of AI ... so that's certainly one of the areas of opportunity that we will be looking to," she said. The commission's most recent report showed labour productivity fell 0.1 per cent in the December quarter and dropped 1.2 per cent in the past year. Shadow treasurer Ted O'Brien said the opposition gave the government some credit for calling the summit. "A round table. Yay!" Mr O'Brien joked during an interview on Nine's Today program. "But look ... to be fair, at least they're recognising the problem ... so let's take that as a partial tick." Business groups and unions are on a collision course over priorities for a planned productivity summit despite the prime minister's optimism they can find common ground. Anthony Albanese has dismissed suggestions the roundtable, which will take place in August and is aimed at finding ways to lift the nation's economic output, would amount to little more than a Canberra talkfest. "It is not unreasonable to bring people together ... business and unions have common interests, we have a national interest in boosting productivity," he told ABC Radio on Wednesday. But Australian Industry Group chief executive Innes Willox said it was disappointing the union movement had taken the view that "there's nothing to see here and that is all about cutting jobs and cutting wages and it demonstrably isn't". "One of the frustrating conversations to have with unions is to hear them say: 'Yes, of course there'll be AI but everyone's job will stay the same," he told Sky News. "Unfortunately it won't but we have to prepare people for that - and that will be a massive exercise in reskilling and retraining ... that's where this productivity summit is going to be so important." Experts are concerned about Australia's lagging growth in productivity - a key economic measure of efficiency and long-term driver of improved living standards. Working Australians must be at the centre of the summit, ACTU secretary Sally McManus said. "We need to leave behind the idea that productivity is equated with cutting pay and making people work harder for less," she said. Australian Chamber of Commerce and Industry chief executive Andrew McKellar said he was realistic about the potential for tangible outcomes at the roundtable. "If it was easy, it would have been done already," he told AAP. The scope of the Fair Work Act had grown significantly in recent years, which had a "significant impact" on small businesses trying to hire staff, Mr McKellar said. Planned payday superannuation reforms also needed to be implemented in a way that didn't "create a significant additional burden for small business", he added. "We don't expect (the government) to revisit all of the industrial relations changes, but … let's make some practical changes that make it easier for small business to create jobs and employ more people to promote productivity," Mr McKellar said. Tax changes, cutting the regulatory burden and encouraging the uptake of digital technology would all be priorities for the business lobby, which singled out AI as a field that could make a big difference to productivity. Productivity Commission chair Danielle Wood said it was important to be clear the target was "not about working longer hours". "When we're talking about labour productivity, all it means is producing more for each hour worked," she told ABC TV. "This is about making sure Australians have the skills, that they have access to the technology, that we have great business processes that allow all of us to get more out of each hour that we put in." Higher productivity was ultimately what drove improvements in incomes and living standards, and technological change was the most important driver of growth, Ms Wood said. "Australia is lagging in the adoption of AI ... so that's certainly one of the areas of opportunity that we will be looking to," she said. The commission's most recent report showed labour productivity fell 0.1 per cent in the December quarter and dropped 1.2 per cent in the past year. Shadow treasurer Ted O'Brien said the opposition gave the government some credit for calling the summit. "A round table. Yay!" Mr O'Brien joked during an interview on Nine's Today program. "But look ... to be fair, at least they're recognising the problem ... so let's take that as a partial tick." Business groups and unions are on a collision course over priorities for a planned productivity summit despite the prime minister's optimism they can find common ground. Anthony Albanese has dismissed suggestions the roundtable, which will take place in August and is aimed at finding ways to lift the nation's economic output, would amount to little more than a Canberra talkfest. "It is not unreasonable to bring people together ... business and unions have common interests, we have a national interest in boosting productivity," he told ABC Radio on Wednesday. But Australian Industry Group chief executive Innes Willox said it was disappointing the union movement had taken the view that "there's nothing to see here and that is all about cutting jobs and cutting wages and it demonstrably isn't". "One of the frustrating conversations to have with unions is to hear them say: 'Yes, of course there'll be AI but everyone's job will stay the same," he told Sky News. "Unfortunately it won't but we have to prepare people for that - and that will be a massive exercise in reskilling and retraining ... that's where this productivity summit is going to be so important." Experts are concerned about Australia's lagging growth in productivity - a key economic measure of efficiency and long-term driver of improved living standards. Working Australians must be at the centre of the summit, ACTU secretary Sally McManus said. "We need to leave behind the idea that productivity is equated with cutting pay and making people work harder for less," she said. Australian Chamber of Commerce and Industry chief executive Andrew McKellar said he was realistic about the potential for tangible outcomes at the roundtable. "If it was easy, it would have been done already," he told AAP. The scope of the Fair Work Act had grown significantly in recent years, which had a "significant impact" on small businesses trying to hire staff, Mr McKellar said. Planned payday superannuation reforms also needed to be implemented in a way that didn't "create a significant additional burden for small business", he added. "We don't expect (the government) to revisit all of the industrial relations changes, but … let's make some practical changes that make it easier for small business to create jobs and employ more people to promote productivity," Mr McKellar said. Tax changes, cutting the regulatory burden and encouraging the uptake of digital technology would all be priorities for the business lobby, which singled out AI as a field that could make a big difference to productivity. Productivity Commission chair Danielle Wood said it was important to be clear the target was "not about working longer hours". "When we're talking about labour productivity, all it means is producing more for each hour worked," she told ABC TV. "This is about making sure Australians have the skills, that they have access to the technology, that we have great business processes that allow all of us to get more out of each hour that we put in." Higher productivity was ultimately what drove improvements in incomes and living standards, and technological change was the most important driver of growth, Ms Wood said. "Australia is lagging in the adoption of AI ... so that's certainly one of the areas of opportunity that we will be looking to," she said. The commission's most recent report showed labour productivity fell 0.1 per cent in the December quarter and dropped 1.2 per cent in the past year. Shadow treasurer Ted O'Brien said the opposition gave the government some credit for calling the summit. "A round table. Yay!" Mr O'Brien joked during an interview on Nine's Today program. "But look ... to be fair, at least they're recognising the problem ... so let's take that as a partial tick."
Sky News AU
9 hours ago
- Sky News AU
Russia making ‘steady but slow' advances on Ukraine
ASPI Senior Analyst in Defence Strategy Malcolm Davis discusses the 'dire' situation in Ukraine. Mr Davis told Sky News host Sharri Markson that Russia is making 'steady but slow' advances. Fears of funding Russia's war efforts has arisen after a new report finds that Australia has imported more than $3.7 billion worth of oil products derived from Russian crude since 2023.
