Wall Street steady as investors assess inflation data
US producer prices held steady in June, defying expectations as higher costs for tariff-hit goods were offset by a slump in services.
According to the Labor Department, the Producer Price Index climbed 2.3 per cent year-over-year, slightly below forecasts, while remaining flat for the month.
"It's (PPI data) basically been in the same range. It's a non-story. So the tariffs are most likely not going to filter into inflation," said Robert Ruggirello, chief investment officer at Brave Eagle Wealth Management.
Tuesday's inflation report revealed that rising prices, driven in part by US President Donald Trump's tariffs, have put a damper on hopes for more aggressive Federal Reserve rate cuts.
Money markets pricing show traders are betting on just 43 basis points of Fed easing by year-end, with a July rate cut off the table and the odds of a September move now a coin flip.
On the earnings front, Goldman Sachs rose 0.4 per cent after posting a 22 per cent surge in second-quarter profit, with wild market swings propelling equities trading revenue to record highs.
Morgan Stanley also reported a profit boost, thanks to market volatility energising its trading desks, but its shares dipped 1.6 per cent.
Meanwhile, Bank of America added 0.4 per cent as its traders capitalised on the market's turbulence, helping to lift second-quarter profits.
Johnson & Johnson jumped 4.5 per cent after the drug maker reported a second-quarter profit above estimates and raised its full-year sales forecast by about $US2 billion ($A3.1 billion).
Most sectors on the S&P were trading in the green.
Real estate led the gains by rising 1.0 per cent, boosted by Prologis' upbeat forecast.
Shares of the warehouse-focused real estate investment trust rose 4.1 per cent.
Meanwhile, US semiconductor equipment makers were down after ASML warned it may not achieve growth in 2026 because of US tariff uncertainty.
Applied Materials and Lam Research fell about 4.0 per cent each while KLA Corp was down 3.7 per cent.
In early trading on Wednesday, the Dow Jones Industrial Average rose 45.66 points, or 0.10 per cent, to 44,061.36, the S&P 500 gained 1.62 points, or 0.03 per cent, to 6,245.38 and the Nasdaq Composite lost 25.19 points, or 0.12 per cent, to 20,652.61.
Trade tensions also remained in focus after Trump announced a 19 per cent tariff on Indonesian goods as part of a new deal, one of several rushed agreements ahead of an August 1 deadline for broader tariff hikes.
Meanwhile, the European Union was preparing retaliatory measures should talks with the United States falter.
Meanwhile, EU trade chief Maros Sefcovic was headed to Washington DC for tariff talks.
Investors have shown resilience in recent weeks, largely ignoring Trump's ongoing tariff rhetoric and instead focusing on potential trade agreements that could de-escalate the global trade conflict.
Advancing issues outnumbered decliners by a 1.63-to-1 ratio on the NYSE and by a 1.51-to-1 ratio on the Nasdaq.
The S&P 500 posted four new 52-week highs and three new lows while the Nasdaq Composite recorded 28 new highs and 26 new lows.
Wall Street's main indexes are largely steady as investors sift though fresh inflation data and earnings reports from corporate giants.
US producer prices held steady in June, defying expectations as higher costs for tariff-hit goods were offset by a slump in services.
According to the Labor Department, the Producer Price Index climbed 2.3 per cent year-over-year, slightly below forecasts, while remaining flat for the month.
"It's (PPI data) basically been in the same range. It's a non-story. So the tariffs are most likely not going to filter into inflation," said Robert Ruggirello, chief investment officer at Brave Eagle Wealth Management.
Tuesday's inflation report revealed that rising prices, driven in part by US President Donald Trump's tariffs, have put a damper on hopes for more aggressive Federal Reserve rate cuts.
Money markets pricing show traders are betting on just 43 basis points of Fed easing by year-end, with a July rate cut off the table and the odds of a September move now a coin flip.
On the earnings front, Goldman Sachs rose 0.4 per cent after posting a 22 per cent surge in second-quarter profit, with wild market swings propelling equities trading revenue to record highs.
Morgan Stanley also reported a profit boost, thanks to market volatility energising its trading desks, but its shares dipped 1.6 per cent.
Meanwhile, Bank of America added 0.4 per cent as its traders capitalised on the market's turbulence, helping to lift second-quarter profits.
Johnson & Johnson jumped 4.5 per cent after the drug maker reported a second-quarter profit above estimates and raised its full-year sales forecast by about $US2 billion ($A3.1 billion).
Most sectors on the S&P were trading in the green.
Real estate led the gains by rising 1.0 per cent, boosted by Prologis' upbeat forecast.
Shares of the warehouse-focused real estate investment trust rose 4.1 per cent.
Meanwhile, US semiconductor equipment makers were down after ASML warned it may not achieve growth in 2026 because of US tariff uncertainty.
Applied Materials and Lam Research fell about 4.0 per cent each while KLA Corp was down 3.7 per cent.
In early trading on Wednesday, the Dow Jones Industrial Average rose 45.66 points, or 0.10 per cent, to 44,061.36, the S&P 500 gained 1.62 points, or 0.03 per cent, to 6,245.38 and the Nasdaq Composite lost 25.19 points, or 0.12 per cent, to 20,652.61.
Trade tensions also remained in focus after Trump announced a 19 per cent tariff on Indonesian goods as part of a new deal, one of several rushed agreements ahead of an August 1 deadline for broader tariff hikes.
Meanwhile, the European Union was preparing retaliatory measures should talks with the United States falter.
Meanwhile, EU trade chief Maros Sefcovic was headed to Washington DC for tariff talks.
Investors have shown resilience in recent weeks, largely ignoring Trump's ongoing tariff rhetoric and instead focusing on potential trade agreements that could de-escalate the global trade conflict.
Advancing issues outnumbered decliners by a 1.63-to-1 ratio on the NYSE and by a 1.51-to-1 ratio on the Nasdaq.
The S&P 500 posted four new 52-week highs and three new lows while the Nasdaq Composite recorded 28 new highs and 26 new lows.
Wall Street's main indexes are largely steady as investors sift though fresh inflation data and earnings reports from corporate giants.
US producer prices held steady in June, defying expectations as higher costs for tariff-hit goods were offset by a slump in services.
According to the Labor Department, the Producer Price Index climbed 2.3 per cent year-over-year, slightly below forecasts, while remaining flat for the month.
"It's (PPI data) basically been in the same range. It's a non-story. So the tariffs are most likely not going to filter into inflation," said Robert Ruggirello, chief investment officer at Brave Eagle Wealth Management.
Tuesday's inflation report revealed that rising prices, driven in part by US President Donald Trump's tariffs, have put a damper on hopes for more aggressive Federal Reserve rate cuts.
Money markets pricing show traders are betting on just 43 basis points of Fed easing by year-end, with a July rate cut off the table and the odds of a September move now a coin flip.
On the earnings front, Goldman Sachs rose 0.4 per cent after posting a 22 per cent surge in second-quarter profit, with wild market swings propelling equities trading revenue to record highs.
Morgan Stanley also reported a profit boost, thanks to market volatility energising its trading desks, but its shares dipped 1.6 per cent.
Meanwhile, Bank of America added 0.4 per cent as its traders capitalised on the market's turbulence, helping to lift second-quarter profits.
Johnson & Johnson jumped 4.5 per cent after the drug maker reported a second-quarter profit above estimates and raised its full-year sales forecast by about $US2 billion ($A3.1 billion).
Most sectors on the S&P were trading in the green.
Real estate led the gains by rising 1.0 per cent, boosted by Prologis' upbeat forecast.
Shares of the warehouse-focused real estate investment trust rose 4.1 per cent.
Meanwhile, US semiconductor equipment makers were down after ASML warned it may not achieve growth in 2026 because of US tariff uncertainty.
Applied Materials and Lam Research fell about 4.0 per cent each while KLA Corp was down 3.7 per cent.
In early trading on Wednesday, the Dow Jones Industrial Average rose 45.66 points, or 0.10 per cent, to 44,061.36, the S&P 500 gained 1.62 points, or 0.03 per cent, to 6,245.38 and the Nasdaq Composite lost 25.19 points, or 0.12 per cent, to 20,652.61.
Trade tensions also remained in focus after Trump announced a 19 per cent tariff on Indonesian goods as part of a new deal, one of several rushed agreements ahead of an August 1 deadline for broader tariff hikes.
Meanwhile, the European Union was preparing retaliatory measures should talks with the United States falter.
Meanwhile, EU trade chief Maros Sefcovic was headed to Washington DC for tariff talks.
Investors have shown resilience in recent weeks, largely ignoring Trump's ongoing tariff rhetoric and instead focusing on potential trade agreements that could de-escalate the global trade conflict.
Advancing issues outnumbered decliners by a 1.63-to-1 ratio on the NYSE and by a 1.51-to-1 ratio on the Nasdaq.
The S&P 500 posted four new 52-week highs and three new lows while the Nasdaq Composite recorded 28 new highs and 26 new lows.
Wall Street's main indexes are largely steady as investors sift though fresh inflation data and earnings reports from corporate giants.
US producer prices held steady in June, defying expectations as higher costs for tariff-hit goods were offset by a slump in services.
According to the Labor Department, the Producer Price Index climbed 2.3 per cent year-over-year, slightly below forecasts, while remaining flat for the month.
"It's (PPI data) basically been in the same range. It's a non-story. So the tariffs are most likely not going to filter into inflation," said Robert Ruggirello, chief investment officer at Brave Eagle Wealth Management.
Tuesday's inflation report revealed that rising prices, driven in part by US President Donald Trump's tariffs, have put a damper on hopes for more aggressive Federal Reserve rate cuts.
Money markets pricing show traders are betting on just 43 basis points of Fed easing by year-end, with a July rate cut off the table and the odds of a September move now a coin flip.
On the earnings front, Goldman Sachs rose 0.4 per cent after posting a 22 per cent surge in second-quarter profit, with wild market swings propelling equities trading revenue to record highs.
Morgan Stanley also reported a profit boost, thanks to market volatility energising its trading desks, but its shares dipped 1.6 per cent.
Meanwhile, Bank of America added 0.4 per cent as its traders capitalised on the market's turbulence, helping to lift second-quarter profits.
Johnson & Johnson jumped 4.5 per cent after the drug maker reported a second-quarter profit above estimates and raised its full-year sales forecast by about $US2 billion ($A3.1 billion).
Most sectors on the S&P were trading in the green.
Real estate led the gains by rising 1.0 per cent, boosted by Prologis' upbeat forecast.
Shares of the warehouse-focused real estate investment trust rose 4.1 per cent.
Meanwhile, US semiconductor equipment makers were down after ASML warned it may not achieve growth in 2026 because of US tariff uncertainty.
Applied Materials and Lam Research fell about 4.0 per cent each while KLA Corp was down 3.7 per cent.
In early trading on Wednesday, the Dow Jones Industrial Average rose 45.66 points, or 0.10 per cent, to 44,061.36, the S&P 500 gained 1.62 points, or 0.03 per cent, to 6,245.38 and the Nasdaq Composite lost 25.19 points, or 0.12 per cent, to 20,652.61.
Trade tensions also remained in focus after Trump announced a 19 per cent tariff on Indonesian goods as part of a new deal, one of several rushed agreements ahead of an August 1 deadline for broader tariff hikes.
Meanwhile, the European Union was preparing retaliatory measures should talks with the United States falter.
Meanwhile, EU trade chief Maros Sefcovic was headed to Washington DC for tariff talks.
Investors have shown resilience in recent weeks, largely ignoring Trump's ongoing tariff rhetoric and instead focusing on potential trade agreements that could de-escalate the global trade conflict.
Advancing issues outnumbered decliners by a 1.63-to-1 ratio on the NYSE and by a 1.51-to-1 ratio on the Nasdaq.
The S&P 500 posted four new 52-week highs and three new lows while the Nasdaq Composite recorded 28 new highs and 26 new lows.
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The Advertiser
39 minutes ago
- The Advertiser
Trump strikes trade deal with Japan to cut tariffs
The United States and Japan have struck a deal to lower the hefty tariffs President Donald Trump threatened to impose on goods from its Asian ally that includes a pledge by Japan to invest $550 billion ($A842 billion) in the United States. The agreement - including a 15 per cent tariff on all imported Japanese goods, down from a proposed 25 per cent - is the most significant of the string of trade deals the White House has reached ahead of an approaching August 1 deadline for higher levies to kick in. In a post on Truth Social, Trump added that Japan will open to trade for cars, trucks, rice and certain agricultural products, among other items. "I just signed the largest TRADE DEAL in history with Japan," Trump said. "This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan," he said. Japanese Prime Minister Shigeru Ishiba, who is facing political pressure after a bruising election defeat on Sunday, hailed the deal as "the lowest figure among countries that have a trade surplus with the US". The two sides also agreed to cut tariff 25 per cent tariffs already imposed on Japanese autos to 15 per cent, Ishiba said. Auto exports account for more than a quarter of Japan's exports to the US. The announcement ignited a rally in Japanese stocks, with the benchmark Nikkei climbing 2.6 per cent to its highest in a year. Shares of automakers surged in particular, with Toyota up more than 11 per cent, and Honda and Nissan both up more than eight per cent. The exuberance extended to shares of South Korean carmakers as well, as the Japan deal stoked optimism that South Korea could strike a comparable deal. The yen firmed slightly against the dollar, and US equity index futures edged upward. But US automakers signalled their unhappiness with the deal, raising concerns about a trade regime that could cut tariffs on auto imports from Japan to 15 per cent while leaving tariffs on imports from Canada and Mexico at 25 per cent. Matt Blunt, who heads the American Automotive Policy Council which represents General Motors Ford and Chrysler-parent Stellantis, said "any deal that charges a lower tariff for Japanese imports with virtually no US content than the tariff imposed on North American-built vehicles with high US content is a bad deal for US industry and US auto workers". Autos are a huge part of US-Japan trade, but almost all of it is one way to the US from Japan, a fact that has long irked Trump. In 2024, the US imported more than $US55 billion ($A84 billion) of vehicles and automotive parts while just over $US2 billion ($A3.1 billion) were sold into the Japanese market from the US Two-way trade between the two countries totaled nearly $US230 billion ($A352 billion) in 2024, with Japan running a trade surplus of nearly $US70 billion ($A107 billion). Japan is the fifth-largest US trading partner in goods, US Census Bureau data show. The United States and Japan have struck a deal to lower the hefty tariffs President Donald Trump threatened to impose on goods from its Asian ally that includes a pledge by Japan to invest $550 billion ($A842 billion) in the United States. The agreement - including a 15 per cent tariff on all imported Japanese goods, down from a proposed 25 per cent - is the most significant of the string of trade deals the White House has reached ahead of an approaching August 1 deadline for higher levies to kick in. In a post on Truth Social, Trump added that Japan will open to trade for cars, trucks, rice and certain agricultural products, among other items. "I just signed the largest TRADE DEAL in history with Japan," Trump said. "This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan," he said. Japanese Prime Minister Shigeru Ishiba, who is facing political pressure after a bruising election defeat on Sunday, hailed the deal as "the lowest figure among countries that have a trade surplus with the US". The two sides also agreed to cut tariff 25 per cent tariffs already imposed on Japanese autos to 15 per cent, Ishiba said. Auto exports account for more than a quarter of Japan's exports to the US. The announcement ignited a rally in Japanese stocks, with the benchmark Nikkei climbing 2.6 per cent to its highest in a year. Shares of automakers surged in particular, with Toyota up more than 11 per cent, and Honda and Nissan both up more than eight per cent. The exuberance extended to shares of South Korean carmakers as well, as the Japan deal stoked optimism that South Korea could strike a comparable deal. The yen firmed slightly against the dollar, and US equity index futures edged upward. But US automakers signalled their unhappiness with the deal, raising concerns about a trade regime that could cut tariffs on auto imports from Japan to 15 per cent while leaving tariffs on imports from Canada and Mexico at 25 per cent. Matt Blunt, who heads the American Automotive Policy Council which represents General Motors Ford and Chrysler-parent Stellantis, said "any deal that charges a lower tariff for Japanese imports with virtually no US content than the tariff imposed on North American-built vehicles with high US content is a bad deal for US industry and US auto workers". Autos are a huge part of US-Japan trade, but almost all of it is one way to the US from Japan, a fact that has long irked Trump. In 2024, the US imported more than $US55 billion ($A84 billion) of vehicles and automotive parts while just over $US2 billion ($A3.1 billion) were sold into the Japanese market from the US Two-way trade between the two countries totaled nearly $US230 billion ($A352 billion) in 2024, with Japan running a trade surplus of nearly $US70 billion ($A107 billion). Japan is the fifth-largest US trading partner in goods, US Census Bureau data show. The United States and Japan have struck a deal to lower the hefty tariffs President Donald Trump threatened to impose on goods from its Asian ally that includes a pledge by Japan to invest $550 billion ($A842 billion) in the United States. The agreement - including a 15 per cent tariff on all imported Japanese goods, down from a proposed 25 per cent - is the most significant of the string of trade deals the White House has reached ahead of an approaching August 1 deadline for higher levies to kick in. In a post on Truth Social, Trump added that Japan will open to trade for cars, trucks, rice and certain agricultural products, among other items. "I just signed the largest TRADE DEAL in history with Japan," Trump said. "This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan," he said. Japanese Prime Minister Shigeru Ishiba, who is facing political pressure after a bruising election defeat on Sunday, hailed the deal as "the lowest figure among countries that have a trade surplus with the US". The two sides also agreed to cut tariff 25 per cent tariffs already imposed on Japanese autos to 15 per cent, Ishiba said. Auto exports account for more than a quarter of Japan's exports to the US. The announcement ignited a rally in Japanese stocks, with the benchmark Nikkei climbing 2.6 per cent to its highest in a year. Shares of automakers surged in particular, with Toyota up more than 11 per cent, and Honda and Nissan both up more than eight per cent. The exuberance extended to shares of South Korean carmakers as well, as the Japan deal stoked optimism that South Korea could strike a comparable deal. The yen firmed slightly against the dollar, and US equity index futures edged upward. But US automakers signalled their unhappiness with the deal, raising concerns about a trade regime that could cut tariffs on auto imports from Japan to 15 per cent while leaving tariffs on imports from Canada and Mexico at 25 per cent. Matt Blunt, who heads the American Automotive Policy Council which represents General Motors Ford and Chrysler-parent Stellantis, said "any deal that charges a lower tariff for Japanese imports with virtually no US content than the tariff imposed on North American-built vehicles with high US content is a bad deal for US industry and US auto workers". Autos are a huge part of US-Japan trade, but almost all of it is one way to the US from Japan, a fact that has long irked Trump. In 2024, the US imported more than $US55 billion ($A84 billion) of vehicles and automotive parts while just over $US2 billion ($A3.1 billion) were sold into the Japanese market from the US Two-way trade between the two countries totaled nearly $US230 billion ($A352 billion) in 2024, with Japan running a trade surplus of nearly $US70 billion ($A107 billion). Japan is the fifth-largest US trading partner in goods, US Census Bureau data show. The United States and Japan have struck a deal to lower the hefty tariffs President Donald Trump threatened to impose on goods from its Asian ally that includes a pledge by Japan to invest $550 billion ($A842 billion) in the United States. The agreement - including a 15 per cent tariff on all imported Japanese goods, down from a proposed 25 per cent - is the most significant of the string of trade deals the White House has reached ahead of an approaching August 1 deadline for higher levies to kick in. In a post on Truth Social, Trump added that Japan will open to trade for cars, trucks, rice and certain agricultural products, among other items. "I just signed the largest TRADE DEAL in history with Japan," Trump said. "This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan," he said. Japanese Prime Minister Shigeru Ishiba, who is facing political pressure after a bruising election defeat on Sunday, hailed the deal as "the lowest figure among countries that have a trade surplus with the US". The two sides also agreed to cut tariff 25 per cent tariffs already imposed on Japanese autos to 15 per cent, Ishiba said. Auto exports account for more than a quarter of Japan's exports to the US. The announcement ignited a rally in Japanese stocks, with the benchmark Nikkei climbing 2.6 per cent to its highest in a year. Shares of automakers surged in particular, with Toyota up more than 11 per cent, and Honda and Nissan both up more than eight per cent. The exuberance extended to shares of South Korean carmakers as well, as the Japan deal stoked optimism that South Korea could strike a comparable deal. The yen firmed slightly against the dollar, and US equity index futures edged upward. But US automakers signalled their unhappiness with the deal, raising concerns about a trade regime that could cut tariffs on auto imports from Japan to 15 per cent while leaving tariffs on imports from Canada and Mexico at 25 per cent. Matt Blunt, who heads the American Automotive Policy Council which represents General Motors Ford and Chrysler-parent Stellantis, said "any deal that charges a lower tariff for Japanese imports with virtually no US content than the tariff imposed on North American-built vehicles with high US content is a bad deal for US industry and US auto workers". Autos are a huge part of US-Japan trade, but almost all of it is one way to the US from Japan, a fact that has long irked Trump. In 2024, the US imported more than $US55 billion ($A84 billion) of vehicles and automotive parts while just over $US2 billion ($A3.1 billion) were sold into the Japanese market from the US Two-way trade between the two countries totaled nearly $US230 billion ($A352 billion) in 2024, with Japan running a trade surplus of nearly $US70 billion ($A107 billion). Japan is the fifth-largest US trading partner in goods, US Census Bureau data show.
The Advertiser
39 minutes ago
- The Advertiser
Trump boasts about $25m Paramount payday
US President Donald Trump says CBS parent company Paramount has paid him $US16 million ($A25 million) as part of a lawsuit settlement. This month, Paramount agreed to settle a lawsuit filed by Trump claiming that the CBS news program 60 Minutes deceptively edited an interview with former vice president Kamala Harris that the network broadcast in October. Paramount needs approval from the Federal Communications Commission for its $US8.4 billion ($A12.9 billion) merger with Skydance Media. The FCC did not make a decision by the 180-day informal deadline in mid-May and FCC Chair Brendan Carr has denied Trump's lawsuit was a factor. Paramount declined comment. Trump and CBS formally agreed on Tuesday to the dismissal of his lawsuit, according to a court filing. "We have just achieved a BIG AND IMPORTANT WIN in our Historic Lawsuit against 60 Minutes, CBS, and Paramount... Paramount/CBS/60 Minutes have today paid $16 Million Dollars in settlement, and we also anticipate receiving $20 Million Dollars more from the new Owners," Trump said in a post on Truth Social. Skydance declined to comment on Trump's social media post. Skydance and its investors plan to acquire National Amusements, which holds the family's controlling stake in Paramount. Skydance will subsequently be merged into Paramount, with its CEO, David Ellison, becoming Paramount's next chief executive. The payment comes after CBS faced a barrage of criticism over its controversial decision to axe Stephen Colbert's Late Night talk show after he labelled Paramount's decision to pay the settlement to Trump a "big fat bribe". The New York Post previously reported Ellison, son of billionaire Oracle co-founder Larry Ellison, agreed to run up to $US20 million ($A31 million) in public service announcements to promote causes supported by the president. Following publication, Paramount issued a statement that its settlement with Trump "does not include PSAs or anything related to PSAs". Paramount also said it had no knowledge of any promises or commitments made to Trump other than those put forth by the mediator. US President Donald Trump says CBS parent company Paramount has paid him $US16 million ($A25 million) as part of a lawsuit settlement. This month, Paramount agreed to settle a lawsuit filed by Trump claiming that the CBS news program 60 Minutes deceptively edited an interview with former vice president Kamala Harris that the network broadcast in October. Paramount needs approval from the Federal Communications Commission for its $US8.4 billion ($A12.9 billion) merger with Skydance Media. The FCC did not make a decision by the 180-day informal deadline in mid-May and FCC Chair Brendan Carr has denied Trump's lawsuit was a factor. Paramount declined comment. Trump and CBS formally agreed on Tuesday to the dismissal of his lawsuit, according to a court filing. "We have just achieved a BIG AND IMPORTANT WIN in our Historic Lawsuit against 60 Minutes, CBS, and Paramount... Paramount/CBS/60 Minutes have today paid $16 Million Dollars in settlement, and we also anticipate receiving $20 Million Dollars more from the new Owners," Trump said in a post on Truth Social. Skydance declined to comment on Trump's social media post. Skydance and its investors plan to acquire National Amusements, which holds the family's controlling stake in Paramount. Skydance will subsequently be merged into Paramount, with its CEO, David Ellison, becoming Paramount's next chief executive. The payment comes after CBS faced a barrage of criticism over its controversial decision to axe Stephen Colbert's Late Night talk show after he labelled Paramount's decision to pay the settlement to Trump a "big fat bribe". The New York Post previously reported Ellison, son of billionaire Oracle co-founder Larry Ellison, agreed to run up to $US20 million ($A31 million) in public service announcements to promote causes supported by the president. Following publication, Paramount issued a statement that its settlement with Trump "does not include PSAs or anything related to PSAs". Paramount also said it had no knowledge of any promises or commitments made to Trump other than those put forth by the mediator. US President Donald Trump says CBS parent company Paramount has paid him $US16 million ($A25 million) as part of a lawsuit settlement. This month, Paramount agreed to settle a lawsuit filed by Trump claiming that the CBS news program 60 Minutes deceptively edited an interview with former vice president Kamala Harris that the network broadcast in October. Paramount needs approval from the Federal Communications Commission for its $US8.4 billion ($A12.9 billion) merger with Skydance Media. The FCC did not make a decision by the 180-day informal deadline in mid-May and FCC Chair Brendan Carr has denied Trump's lawsuit was a factor. Paramount declined comment. Trump and CBS formally agreed on Tuesday to the dismissal of his lawsuit, according to a court filing. "We have just achieved a BIG AND IMPORTANT WIN in our Historic Lawsuit against 60 Minutes, CBS, and Paramount... Paramount/CBS/60 Minutes have today paid $16 Million Dollars in settlement, and we also anticipate receiving $20 Million Dollars more from the new Owners," Trump said in a post on Truth Social. Skydance declined to comment on Trump's social media post. Skydance and its investors plan to acquire National Amusements, which holds the family's controlling stake in Paramount. Skydance will subsequently be merged into Paramount, with its CEO, David Ellison, becoming Paramount's next chief executive. The payment comes after CBS faced a barrage of criticism over its controversial decision to axe Stephen Colbert's Late Night talk show after he labelled Paramount's decision to pay the settlement to Trump a "big fat bribe". The New York Post previously reported Ellison, son of billionaire Oracle co-founder Larry Ellison, agreed to run up to $US20 million ($A31 million) in public service announcements to promote causes supported by the president. Following publication, Paramount issued a statement that its settlement with Trump "does not include PSAs or anything related to PSAs". Paramount also said it had no knowledge of any promises or commitments made to Trump other than those put forth by the mediator. US President Donald Trump says CBS parent company Paramount has paid him $US16 million ($A25 million) as part of a lawsuit settlement. This month, Paramount agreed to settle a lawsuit filed by Trump claiming that the CBS news program 60 Minutes deceptively edited an interview with former vice president Kamala Harris that the network broadcast in October. Paramount needs approval from the Federal Communications Commission for its $US8.4 billion ($A12.9 billion) merger with Skydance Media. The FCC did not make a decision by the 180-day informal deadline in mid-May and FCC Chair Brendan Carr has denied Trump's lawsuit was a factor. Paramount declined comment. Trump and CBS formally agreed on Tuesday to the dismissal of his lawsuit, according to a court filing. "We have just achieved a BIG AND IMPORTANT WIN in our Historic Lawsuit against 60 Minutes, CBS, and Paramount... Paramount/CBS/60 Minutes have today paid $16 Million Dollars in settlement, and we also anticipate receiving $20 Million Dollars more from the new Owners," Trump said in a post on Truth Social. Skydance declined to comment on Trump's social media post. Skydance and its investors plan to acquire National Amusements, which holds the family's controlling stake in Paramount. Skydance will subsequently be merged into Paramount, with its CEO, David Ellison, becoming Paramount's next chief executive. The payment comes after CBS faced a barrage of criticism over its controversial decision to axe Stephen Colbert's Late Night talk show after he labelled Paramount's decision to pay the settlement to Trump a "big fat bribe". The New York Post previously reported Ellison, son of billionaire Oracle co-founder Larry Ellison, agreed to run up to $US20 million ($A31 million) in public service announcements to promote causes supported by the president. Following publication, Paramount issued a statement that its settlement with Trump "does not include PSAs or anything related to PSAs". Paramount also said it had no knowledge of any promises or commitments made to Trump other than those put forth by the mediator.
Perth Now
2 hours ago
- Perth Now
Aussie shares gain as Japan secures US trade deal
The local bourse has moved higher as markets react to US President Donald Trump's announcement of a trade deal with Japan. About midday on Wednesday, the benchmark S&P/ASX200 index was up 32.9 points, or 0.41 per cent, to 8,714.4, while the broader All Ordinaries had gained 36.1 points, or 0.39 per cent, to 8,976.1. In a post to Truth Social, Mr Trump announced the trade deal would result in Japan investing $76 billion into the US, lifting crude oil and Nikkei's 225 index. While the details of the trade deal were limited and there might be some disagreement from the Japanese side, its impact appeared to be positive, IG market analyst Tony Sycamore said. "Reaching an agreement there would significantly help to defuse the impact and lessen the importance of the August 1 deadline," he said on Wednesday. In Australia, iron ore miners continued to extend gains for the third session this week, bolstered by reforms to China's steel industry. The majority of miners were all in the green with BHP gaining 1.0 per cent, Rio Tinto climbing 2.2 per cent and Fortescue up 1.8 per cent. All four of the big retail banks were in the green, with CBA up 0.1 per cent, NAB edging 0.04 per cent higher, Westpac gaining 0.9 per cent and ANZ climbing 1.1 per cent. In the energy sector, Woodside had climbed 1.7 per cent after Australia's largest oil and gas producer announced second-quarter production was up two per cent from the first quarter. Woodside also announced its $16 billion Scarborough project gas project 375km off the coast of Western Australia was 86 per cent complete and on-track to deliver its first LNG cargo in the second half of 2026. Ampol had grown 3.5 per cent as the petrol company said its convenience retail business had continued its track record of growing earnings in the first half. Karoon Energy rose 0.7 per cent as the Brazil-focused oil and gas producer announced CEO Julian Fowles would depart by mid-2026. Paladin Energy was down 9.2 per cent as the uranium miner announced a 33 per cent quarter-on-quarter rise in production at its Langer Heinrich mine in Namibia. In health care, Telix Pharmaceuticals had slid 12.1 per cent as the radiopharmaceutical company announced shares worth $1 million would be released from voluntary escrow next week. The Australian dollar was buying 65.59 US cents, from 65.14 US cents about 5pm on Tuesday.
