Live updates: US markets roar, Nasdaq up +2pc, local spending data may add weight to interest rate cut calls
Locally, household spending data may add weight to interest rate cut calls when it is released midmorning.
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ABC News
2 hours ago
- ABC News
US Open prize money increases to nearly $US85 million
Prize money at the US Open will rise to nearly $US85 million ($130 million) across all competitions this year, including a record $US5 million each to the women's and men's singles champions, and total player compensation is jumping 20 per cent to $US90 million — the most in tennis history. The US Tennis Association announced the payouts for the year's final grand slam tournament, which begins with the new mixed doubles event and its $US1 million top cheque on August 19-20, local time. Singles competition starts on a Sunday for the first time — August 24 — as those brackets expand from 14 days to 15. The increases at Flushing Meadows — where last year's total compensation was $US75 million — come as the sport's leading players have been in discussions with each of the four major tournaments in a bid to receive a higher percentage of revenues at the US Open, Wimbledon, French Open and Australian Open. Novak Djokovic, Coco Gauff and 2024 US Open champions Aryna Sabalenka and Jannik Sinner were among 20 players who signed a letter sent to the heads of the four grand slam events in March seeking more prize money and a greater say in what they called "decisions that directly impact us". Since then, some players have held talks with the majors. The previous high amount for a US Open singles championship was $US3.85 million in 2019, before decreasing during the COVID-19 pandemic. This year's $US5 million cheque represents a 39 per cent hike from last year's $US3.6 million. The same percentage increase was applied to the singles runners-up, who will pocket $US2.5 million. Semifinalists will earn $US1.26 million, a 26 per cent rise. In New York, the winning teams in women's and men's doubles will receive $US1 million, a new high for those events at the US Open, where total prizes for qualifying are going up to $US8 million, a 10 per cent increase. The $US85 million in 2025 US Open prize money includes singles, doubles, qualifying and wheelchair events. Wednesday's news comes after the USTA said in May that its main arena, Arthur Ashe Stadium, would be overhauled as part of an $US800 million project touted as the "largest single investment" in US Open history. AP
ABC News
2 hours ago
- ABC News
Live updates: Australian share market to fall, Wall Street gains as Apple pledges $154b US investment
Australian stocks are set to open lower, despite Wall Street gaining as Apple shares climbed after news of its plans to announce a domestic manufacturing pledge. We'll bring you the latest on what's happening on the markets throughout the day in our live blog. Disclaimer: this blog is not intended as investment advice.
News.com.au
3 hours ago
- News.com.au
Trump tariffs hit Japanese automakers
Japanese automakers are set to be hit hard after US President Donald Trump imposed sweeping new tariffs on Japan. The 15 per cent tariff, reduced from a 25 per cent tariff, was part of a new trade agreement that also forced Japan to pour US$550 billion into a US strategic investment fund in exchange for continued access to the American market. The new tariffs, which come into effect on August 7, have sparked concern among the Japanese automotive industry, once a global powerhouse. The sector, which employs nearly six million people, has faced a steady decline, hit hard by plummeting US sales and rising Chinese competition. Mazda alone estimates the tariffs will wipe 145.2 billion yen (AUD$1.41 billion) from its operating profits this year. Exports from Mexico will be charged an even higher 25 per cent. Mazda, which produces vehicles in both Japan and Mexico, said it was rolling out cost-saving measures, including rerouted shipping, increased output at its Alabama plant, and adjustments to product volume. Without these changes, the company could have faced a loss of 233.5 billion yen (AUD$2.44 billion). Other automakers such as Toyota, Honda, Subaru and Nissan are also reassessing operations. The White House claims the deal will strengthen American manufacturing, especially steel and vehicle production. But industry observers say the real winners may be US-based foreign automakers - like Toyota and Honda - who already have plants in North America. AutoForecast Solutions expects US light vehicle output to remain flat at 10.3 million units in 2025, with Japanese automakers investing further in local production rather than increasing imports. Mazda may consider producing the CX-5 domestically, while Toyota could bring 4Runner manufacturing to the US.
