ASX 200 live: Endeavour chair quits over 'disagreements'; BlueScope leads consortium's Whyalla play; Elanor bid
Welcome to the Trading Day blog for Monday, August 4. The ASX 200 index is down 0.1 per cent at 8650.30 points at 11.20am AEST, with bank and energy losses weighing.
In the US, the S&P 500 index fell 1.6 per cent and the Dow Jones index fell 1.2 per cent. The technology-focused Nasdaq shed 2 per cent.
Cryptocurrency giant bitcoin is around $US115,000.
The Aussie dollar is trading around US64.73c. ASX valuations face profit season reckoning Trading Day
Australia gets baseline 10 per cent US reciprocal tariff. ResMed beats earnings forecasts. Major companies brace as pandora's box on tax reform opens. Clock ticks for Star on $41m payout to HK partners, debt deal and costs after failed talks. Trading Day
Rio declines on profit miss, copper price crash; BHP also drops. Flight Centre bets on loyalty, AI push for recovery. 'Few positives' in Beach Energy update. Analyst downgrades hit MinRes. Cettire shares slammed 23pc-plus.
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News.com.au
23 minutes ago
- News.com.au
Park Hyatt Melbourne sold to Thai group KS Hotels in $205m+ deal
A Thai hospitality group has been confirmed as the new owner of Melbourne's luxurious Park Hyatt hotel after a more than $205m purchase locked in two months ago. KS Hotels, just the third Thai-based group to snap up a major Victorian hotel, have bought the landmark set between the state's parliament, treasury and the Fitzroy Gardens, from Hong Kong's Fu Wah International. With a 245-room floorplan it's Melbourne's biggest hotel sale since 2017, when a run of accommodation centres including the W Hotel, the Novotel on Collins St and the Hilton at South Wharf were all sold to South-East Asian buyers. Catholic Church selling Melbourne terraces opposite St Patrick's Many of the city's most prominent hotels are owned by groups operating from across Asia, including the Westin, owned by a Malaysian company, and the Windsor, owned by Indonesia's Halim Group. Parties involved in the sale were unable to confirm a price, however industry sources have put it above the $205m paid for Sydney's Intercontinental Double Bay in 2024. JLL's head of investment sales for Australasia Peter Harper was among the agents who helped broker the deal and said it reflected Melbourne's 'incredible ability to absorb new stock coming through'. 'I don't know how anyone can see anything other than the market has done exceptionally well,' Mr Harper said. He noted that there had been more than 100 inquires and 10 groups that made offers for the hotel from when it was first quietly being offered to the market late last year, to after its launch on the open market in January. His colleague Nick Macfie said the Park Hyatt was among Melbourne's most impressive hotel offerings, and while a handful of local hotels like the Grand Hyatt with vast numbers of rooms available could 'pip it', it was unclear when a pricier offering might next hit the market. 'I would think Melbourne, this will be the biggest deal for a hotel for some time,' Mr Macfie said. 'And potentially in Australia it will be the biggest for a while.'
Sky News AU
an hour ago
- Sky News AU
ASX 200 took a peek at all-time record on Tuesday
Sky News Business Editor Ross Greenwood says the local stock market 'took off' from the get-go – following Wall Street's hints towards deeper interest rate cuts in the US. 'The ASX 200 this afternoon even had a little peek at its all-time record,' Mr Greenwood said. The ASX 200 finished the day up 1.23 per cent on Tuesday.
Perth Now
an hour ago
- Perth Now
ASX follows US lead for broad gains
The Australian sharemarket has followed a bullish lead from the US, with all sectors finishing well into the green on Tuesday. The S&P/ASX200 finished with a 1.2 per cent gain, tacking on 106 points to close at 8770, six points shy of the record recorded last month. The All Ords rose 1.2 per cent, while interest rate sensitive discretionary and financial shares were the biggest gainers. Expectations of a rate cut in the US are nearing 90 per cent, and the local bourse followed Wall Street's green sweep into Tuesday trading. Overnight the three major US indexes had their largest daily gains since May. 'The rally came after the bulls wrestled back control on Wall Street overnight, as the prospect of a sooner and deeper Fed rate cuts offset slowdown concerns stemming from last Friday's weak jobs report,' IG analyst Tony Sycamore said. 'The US interest rate market is now fully priced for a 25bp rate cut in September, with a cumulative 63 basis points of rate cuts expected between now and the end of the year.' Commonwealth Bank says a layer of uncertainty has been removed from the global economy with confirmation of 10 per cent baseline US tariffs, which will produce modest gains for the Aussie Dollar this week. Across the ASX on Tuesday, rare earth stocks benefited from talk of a floor price to counter China's massive industrial subsidies. Commonwealth Bank says the baseline US tariff confirmation removes a layer of uncertainty for investors. NewsWire / Nicholas Eagar Credit: NCA NewsWire Critical mineralist Iluka Resources rocketed to a 8.6 per cent gain ($5.78), and Lynas Rare Earths spiked 5.2 per cent on the back of its presentation to a major conference in Kalgoorlie. All 50 of the ASX's largest firms — except South32 — finished in the green, led by gains for sleep apnoea equipment firm Resmed (3.9 per cent), investors Washington H Soul Pattinson and Company (2.8 per cent) and Wesfarmers (2.8 per cent). NAB, Goodman, ANZ, Woodside, Westpac and Commonwealth all gained between 1.3 and 1.6 per cent. Commonwealth Bank's pick-up came after an announcement it had set aside $130m to transition Bankwest to a fully digital brand while absorbing its business banking. Investors were keen on TPG Telecom until they weren't, with the telco's share price starting hot and quickly descending into negative territory. Ratings agency S&P detailed reasons for its negative outlook on TPG, sinking the share price 0.4 per cent ($5.50). Credit Corp recorded a sharp 16 per cent gain following release of full-year profits, largely down to debt recoveries in the US. Ahead of financials, it was the ASX discretionary sector making leaps and bounds on Tuesday. Multinational English-language training provider Idp Education rose almost eight per cent ($3.93), while fragrance house Dusk lifted 5.7 per cent ($0.92). Propel Funeral Partners, skateboard company Globe and heating and cooling equipment seller Adrad all gained more than five per cent. These consumer stocks followed Wall Street's lead, as did the Asian markets. The MSCI Asia Pacific Index rose 0.7 per cent, with South Korean shares jumping 1.6 per cent. The US President's threat to penalise India for buying Russian oil steadied the commodity's price following a three-day slide.
