Live updates: Wall Street stumbles as US inflation jumps, ASX set to fall
The sharpest increase in monthly inflation this year saw the S&P 500 slip 0.4 per cent.
The ASX is expected to also lose ground, with futures trading pointing to a sharp 0.8 per cent fall on opening.
Follow the day's financial news and insights from our specialist business reporters on our live blog.
Disclaimer: this blog is not intended as investment advice.
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News.com.au
10 hours ago
- News.com.au
Surprise shift in Aussies visiting the US
There's been a surprising spike in Aussies heading to the US after many were deterred by President Donald Trump's strict border stance and other controversial government policies. According to new data released by the Australian Travel Industry Association (ATIA), travel from Australia to the US increased by 4.8 per cent year-on-year and was up 8 per cent in May 2025 compared to May 2024. Figures from the Australian Bureau of Statistics (ABS) were also up in various categories including travelling on a holiday (up 12 per cent compared with last year), visiting friends or relatives (up 15 per cent) or for business (up 8 per cent). It shows a solid improvement compared to April where there was a 6.2 per cent decline. US inbound travel to Australia, however, slipped by 3.7 per cent in May and remained flat year-on-year with a modest 0.6 per cent rise. 'The USA remains popular with outbound travellers, but the muted inbound response highlights challenges in achieving a balanced two-way tourism recovery,' ATIA director of compliance and membership, Nina Hedges said. Destinations Aussies are travelling to over the US The US continues to take a back seat to destinations like Bali, Japan and Vietnam, which lead the way as Australia's favourite overseas locations. According to recent ATIA figures, for the year ending May 2025, outbound travel surged by 12.5 per cent to 12.21 million trips, driven by a strong appetite for travel across Asia. Standout growth included Indonesia (Bali) up 16.3 per cent, Japan, up 32.4 per cent, Vietnam, up 25.8 per cent and China, up 26.9 per cent. 'Asia continues to shine as the preferred playground for Australian travellers, with Bali, Tokyo and Ho Chi Minh City topping itineraries for millions,' Ms Hedges said. Japan specifically continues to see a growth in visitor numbers thanks to expanded flight options and the region's strength with the AUD, allowing it to stretch further for accommodation, dining and shopping. 'Australia's love affair with America could fade' Flight Centre chief executive and founder Graham Turner told that in the first three months of 2025, leisure bookings to the US from Australia dropped about 12 to 15 per cent compared to last year, while business travel remained 'on par'. But he anticipated the decline to 'accelerate' for both leisure and business travel across April, May and June. June figures are yet to be released. Meanwhile, Sarah Megginson, a personal finance expert at Finder, previously said perceptions of hostility and the current political climate 'could see Australia's love affair with America fade'. She warned Australians to check their travel insurance policies carefully before going to the US as many insurers would not provide cover if you are denied entry at the border. There's been reported cases of tourists being denied entry on arrival and at times, strip searched and thrown in prison. It comes as the US maintains strict immigration rules with significant emphasis on border security and entry eligibility. 'With tensions rising on American soil, Australians are rethinking holidays to the US at the moment,' Ms Megginson told in June. 'There's growing sentiment among Australians that the potential issues that could arise when visiting the US are beginning to outweigh the appeal of visiting some of our favourite cities. 'My husband recently got back from a week in Los Angeles, and he noticed a huge shift from previous visits: he was questioned in detail about all aspects of his trip and why he was travelling alone. 'It was a really hostile welcome, and if travellers feel they're being treated like suspects at the border, they'll simply take their travel dollars elsewhere.' Meanwhile, according to Finder survey results, it appears older Australians are less likely to be deterred by what is happening politically in the US, with this age group actually travelling to the States more on Intrepid trips this year than they did last year. Leigh Barnes, who is the company's managing director of the Americas, told his team had increased their focus on domestic travel within the US, promoting the right products at the right time, and increasing their brand presence. Canadians visiting the US plummets Other visitors from other countries aren't so enthusiastic about the US with Canada – the country's biggest market for international visitors – having plummeted more than 14 per cent, according to the US International Trade Administration, with almost a million fewer Canadians so far in 2025 compared to last year. Visitors from other countries, such as China, South Korea and Germany, have also declined. The drop in Canadian figures come as then-Canadian Prime Minister Justin Trudeau told Canadians not to spend holiday dollars in the US after Mr Trump's talks about tariffs and referring to Canada as 'the 51st state' in February. He repeated that call to action until he left office in April. Forbes reported that three-quarters of Canadians who had previously planned a trip to the US say the tariff announcements influenced their plans. Over half (56 per cent) of those who had been planning to visit the US have since decided to travel elsewhere, according to a survey by Leger Marketing of over 1,500 Canadian adults fielded mid-May. Tourism Economics, which forecasts foreign traveller arrivals in the states, said the US is looking at a significant nine per cent drop in international arrivals for 2025, and a drop of $US8.5 billion – $A13 billion (-4.7 per cent) in international visitor spending compared to last year. The travel data company's May report cited factors contributing to the negative outlook include Mr Trump's administration posturing and policy announcements, such as 'Liberation Day' tariffs across longstanding trade partners.
ABC News
13 hours ago
- ABC News
Paige Bueckers lashes WNBA over 'disrespectful' proposal as bitter pay dispute hangs over All-Star showcase
Labour negotiations between the WNBA and the players' union hung over the All-Star weekend, as a dazzling showcase of the league's progress unfolded amid growing frustration from the women on the court in Indianapolis. More than 40 players attended the negotiations this week, including star rookie Paige Bueckers from the Dallas Wings, who said it was her first time at the negotiating table. "It's been powerful, and I think we're going to continue to fight for that because the proposal that they gave back to us was kind of disrespectful," she said. The WNBPA admonished the league after the latest meeting on Thursday, local time, saying the WNBA had failed to "address the priorities we've voiced from the day we opted out". Players in October voted to opt out of the current collective bargaining agreement, once seen as a landmark deal for women's sports, but now viewed by many players as woefully inadequate amid a surge of popularity in the WNBA. Swarmed by reporters on Friday as part of a pre-All-Star Game media availability, WNBPA president Nneka Ogwumike said she felt the meeting was a missed opportunity. "Yes, we're celebrating amazing growth, but I think it's not lost on us that we're living the growth as we're negotiating our worth," she said. "The fans know what we're worth. Now we need the league to know what we are worth." Reached for comment on Friday, the WNBA pointed to a statement commissioner Cathy Engelbert provided to the Associated Press on Thursday, calling the meeting "very constructive dialogue". Engelbert is expected to meet with members of the media on Saturday for a press conference. Ogwumike said there had been no direct conversation about a work stoppage but that union leadership cautioned players over the possible outcomes of a failed negotiation. "What we want to do is negotiate a good deal," she told reporters. "But we also wouldn't be doing our job if we didn't let players know, 'Hey, the league is in a different place. We're in a different place. Just be prepared for anything that can happen.'" Reuters
Perth Now
16 hours ago
- Perth Now
Faxes to apps: CommSec's 30 years of shaping investing
Fiona Bennett started trading in 1996, calling "sell, sell" into her phone at a morning tea surrounded by fellow mothers. "Everyone was teasing me afterwards," she told AAP. "Most people, especially all the mums, didn't have any idea about investing." At the time, Ms Bennett's husband was overseas and had asked her to sell the shares on his behalf. But she soon began trading for herself. "I was very popular at dinner parties and everybody wanted tips." she said. Ms Bennett collected information through newspapers and word-of-mouth and her trades were done over the phone and using fax machines. "It was really hard to know and, trust me, I had a few losses," she said. Now 65, she was one of CommSec's earliest customers. The online trading platform, parented by the CBA, is this week celebrating its 30th anniversary, having paved the way for Australian investors. In 1997, CommSec became the first Australian broker to launch a share trading website, and in 2008, the first to have its own iPhone trading app. The company now facilitates 40,000 trades per day, worth a total of $575 million. It's a far cry from their opening day in 1995, where a total of four trades were put through, worth $75 each. Market analyst Tom Piotrowski started working for CommSec more than 20 years ago, back when the company's team fitted onto a single floor. He has worked through the vast majority of the biggest days on the ASX, entering the company just after the volatile Y2K period, swiftly followed by the Global Financial Crisis, then most recently the COVID-19 pandemic. "I don't know if it was me turning up that translated to this run of bad luck, but it certainly made it interesting to be a participant in communicating these things to audiences," he said. "It's that type of environment that serves as education for people." The periods acted as catalysts for change according to Mr Piotrowski, who has overcome his camera shyness to feature on television, and social media videos providing information to customers. "I'd never appeared in front of a television camera before I worked with CommSec, that was very obvious to anyone who may have seen my early efforts," he said. "Terror is probably a personal feeling that I experienced quite a bit." CommSec services form just one part of the information now readily available to investors across multiple trading websites and apps. Ms Bennett didn't know any other women who traded when she started, but has noticed a shift with the increase in accessibility. The amount of CommSec investors under 40 have more than doubled over the past 10 years, while the percentage of women who invest has almost tripled over the past five years. "All my children trade, my daughter included," Ms Bennett said. "They're all confident enough to do it, they know what they're doing and they can get more information."
