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‘The Book of Guilt': What if Hitler were assassinated and World War II ended in compromise?
Catherine Chidgey's ninth novel, The Book of Guilt, has been hotly anticipated. Following the critical and commercial success of her last two novels, it was the subject of a bidding war between UK publishers. The Book of Guilt is also now the first of her books to be released in Australia at launch: a depressingly rare feat for a New Zealand author. Chidgey's career has been defined by a willingness to experiment and innovate with new genres, subjects and forms. Shifting from the New Zealand focus of her recent novels, The Book of Guilt is set in a version of 1979 Britain. It operates as a disturbing thriller that unfolds from three different perspectives. While its setting is something of a departure for Chidgey, the novel continues her interest in the legacy of Nazi Germany, which some of her previous works have examined. It also explores the questions of guilt, awareness and moral responsibility which have preoccupied Chidgey in her earlier novels, particularly with regard to characters who are trapped within, or even victimised by, exploitative systems. A government program for orphans Vincent and his triplet brothers William and Lawrence, at 13, are the last children living in Captain Scott House, an isolated countryside home in the Sycamore Scheme (a government program for the care of orphans). Their days are strictly regimented by their three guardians – Mother Morning, Mother Afternoon and Mother Night – who record both their dreams and transgressions, and administer medication to help them overcome a mysterious 'Bug'. The promise is that once they are deemed well enough, they will be relocated to the seaside resort town of Margate, where all the children before them have gone, to enjoy its rides and attractions. Until then, their contact with the outside world is limited. Elsewhere, 13-year-old Nancy is living in similarly constrained and isolated circumstances. She has been raised by doting parents within the walls of their suburban home, never permitted to step outside. As she starts to chafe at her confinement, she grows increasingly suspicious of her mother and father, and their strange obsession with the Sycamore children. Finally, the newly appointed Minister of Loneliness has been charged with dismantling the Sycamore Scheme. Its dwindling (unstated) benefits are no longer sufficient to justify the expense of running the houses, and she is left to determine what to do with the remaining children. She is desperately seeking a positive outcome – something that will mitigate the scandals from the program's past – while also strangely fearful at the prospect of having to visit Vincent and his brothers at Captain Scott House. An eerie alternative history In many ways, the world and period that Chidgey establishes seem familiar. A prime minister resembling Margaret Thatcher has just won the general election. The IRA is still active. Jim'll Fix It, a show with the premise of children writing to Jimmy Saville asking him to make a dream come true, is on TV. But there are also differences. In this world, the moon landing occurred in 1957, not 1969. The polio vaccine and mass-produced penicillin have been available for far longer than they have in our history. And, crucially, the Sycamore Scheme was established in 1944, following the successful assassination of Adolf Hitler. The Book of Guilt, then, can be understood as an alternative history novel. This genre typically explores the timelines and scenarios that might result from a historical event having a different outcome. Within this tradition, World War Two is a frequent subject of speculation. Chidgey's alternative history hinges on a more subtle difference. What if Major Axel von dem Bussche 's 1943 attempted suicide bombing of Hitler had succeeded? As a result, the Nazi leadership are unseated and an interim government negotiates a surrender to the Allied powers. Rather than Germany's total defeat and capitulation, the European war ends in compromise and 'difficult decisions'. We are not told exactly what Nazi crimes went unpunished because of this determination to secure 'peace at any price'. But one of the terms of the 'Gothenburg Treaty' that ended the war was that the results of the inhumane, often deadly medical research performed in the concentration camps by SS physician Josef Mengele and others should be shared with the Allies. It is clear from early in the novel that the Sycamore Scheme operates as a sinister continuation of these practices, though its exact nature – and the origins of Vincent and his brothers – are a slowly unravelling mystery. Literary thrillers and Nazi legacy As New Zealand literary critic Philip Matthews observes, the The Book of Guilt can be read as a meeting point between two strands in Chidgey's writing. It follows The Axeman's Carnival (2022) and Pet (2023) as the third in a string of tightly plotted literary thrillers.e It is also her third novel to consider the legacy of Nazi Germany and the Holocaust. Like The Wish Child (2016) and Remote Sympathy (2020), The Book of Guilt is preoccupied with the subject of complicity: how characters live within, accept and deflect their full awareness of systems that exploit, violently dehumanise and murder others. What subtle, internal trades and compromises are they prepared to make for their own comforts and security? Or even just to preserve their own self-image? These are always pertinent themes, and Chidgey's alternative history provides her with a new lens for exploring them. Her vision of slightly altered late-70s Britain, one that has become rapidly tawdry, bleak and cruel for the sake of a few limited advancements, is powerful. The novel also offers an intriguing commentary on 1979 itself as a tipping point in British history. The cold pragmatism of the new conservative government justified sacrificing the welfare of a considerable portion of the population for greater prosperity. Chidgey's scenario recalls Thatcher's positioning of herself as the ruthless, unflinching doctor capable of curing the ' British Disease '. In this regard, The Book of Guilt joins a small tradition of literary alternative histories, which use a skewed perspective on the period they examine to reflect contemporary anxieties and preoccupations. It brings to mind Philip Roth's The Plot Against America, which explores how a populist leader – elected at exactly the wrong time – can light a powder keg of racist resentment. And also Ian McEwan's Machines Like Me, where the continued work of mathematician and code-breaker Alan Turing on artificial intelligence gives rise to an alternative 1980s Britain. There, new forms of robotic consciousness are the subject of both fascination and uneasy suspicion. But, of course, the novel The Book of Guilt most closely recalls is Kazuo Ishiguro's Never Let Me G o, which also features a remote country home for mysteriously parentless children, in an alternative Britain where medical history has taken a different, sinister path. Reading The Book of Guilt with an awareness of Never Let Me Go makes it almost impossible to not anticipate key revelations quite early on. However, Chidgey's approach to this scenario serves as an interesting counterpoint to Ishiguro's in some ways. In Never Let Me Go, the adolescent protagonists are prompted by their guardians to attempt to demonstrate their humanity to a largely indifferent world. It ends with their melancholic, fatalistic acceptance of their lot. The Book of Guilt, by contrast, follows Vincent's attempts to comprehend his place in a setting gradually revealed to be inexplicably hostile. As his suspicions of his 'mothers' mount, he slowly realises he and his brothers are being constantly tested for signs of 'brutish' behaviour, ethical lapses and hidden, subliminal urges. The reasons for this scrutiny speak to broader themes around nature and nurture explored in the novel, and the temptation and dangers of arbitrary, 'scientific' classifications and definitions of human life and value. The Book of Guilt is not derivative of Never Let Me Go, but a rewarding variation on a similar theme. Adolescence as liminal space The Book of Guilt is also the third of Chidgey's novels to focus on characters entering early adolescence, and interrogate their developing knowledge and moral responsibility – even within systems and circumstances arguably beyond their control. The Wish Child examines the perspective of children who come of age while indoctrinated in the poisonous ideologies of Nazi Germany. Pet follows the narrative of 12-year-old Justine, who falls under the thrall of a charismatic yet strangely malicious teacher, Ms Price, who both woos and exploits her. Like Chidgey's other adolescent protagonists, Vincent is not positioned as a perfect victim. While thoughtful and sympathetic, he is also complicit in various acts of cruelty. He ultimately makes a fraught, highly compromised 'ethical' choice at the novel's denouement, which will haunt him, and likely the reader as well. In The Book of Guilt, Chidgey continues to explore early adolescence as a liminal stage of life, where levels of awareness and accountability are often frustratingly (and fascinatingly) unclear. Though Chidgey's handling of her younger characters remains astute, I was most taken with the Minister of Loneliness in this novel (though it did take me a moment to remember this is now an actual position in the UK government). Her narrative delivers some much-needed humour at various points, particularly in her interactions with the implacable, Thatcher-like prime minister. Tangled and morally complex While The Minister of Loneliness occupies a more remote and peripheral role in the novel than Vincent and Nancy, her weary adult perspective provides a necessary point of contrast. Her initial attempts to deny the horrors that have landed at her door are immediately, damningly, relatable. As the novel develops, her reluctance and inertia give way to rushed, desperate decisions and ruinous consequences. She feels very familiar. Very human. But what at first seems like a simple satire of an ineffectual bureaucrat proves surprising. The Minister is not ultimately overwhelmed by either the history she is forced to confront, nor by her own failings. She recognises, in the end, the weight of her responsibilities, even when she is given leeway to ignore or deflect them. In The Minister of Loneliness, Chidgey delivers an acutely realised portrait of a faintly good person who resolves, miraculously, to do a little better. Hers is arguably not the most heroic trajectory in this dark, tangled and compelling novel – but it feels like the closest it comes to a moment of moral triumph. Julian Novitz, Senior Lecturer, Writing, Department of Media and Communication, Swinburne University of Technology.
Yahoo
24-05-2025
- General
- Yahoo
Memorial Day 2025: Parades, ceremonies and concerts in the Cincinnati area
Take an hour or two from your long weekend to observe Memorial Day with the national holiday's intent: Honoring those who died in service to our country. Ceremonies and other events are planned across Greater Cincinnati and Northern Kentucky to honor those who made the ultimate sacrifice. Here are some to check out near us. Anderson Township hosts its annual Memorial Day Bell Ceremony at noon May 26 at Anderson Center's South Plaza. Guest speaker is Retired Colonel Steve Ackman. A reading of deceased veterans' names is planned. If you wish to have your loved one's name read during the ceremony, sign in by 11:45 a.m. The Blue Ash Memorial Day Parade will start at 10:15 a.m. May 26 from Reed Hartman Highway and Cooper Road. It travels east along Cooper to Monroe and ends at Towne Square. You can see the route at The Memorial Day ceremony will begin at 11:30 a.m. The keynote speaker will be Retired Lt. Col. Josh Quantz. The Sycamore grad was a career Armor & Cavalry Officer and has commanded at the Company and Battalion level and served on General Staff as Director for Army Operations and Joint Staff as Director for Strategic Plans, Policy & International Affairs. The Blue Ash Montgomery Symphony Orchestra Memorial is at 7 p.m. at Blue Ash Towne Square in Tom Stone Amphitheater. Cheviot's annual Memorial Day Parade will begin at 11 a.m. May 26. It leaves from Bridetown Cemetery, 4418 Bridgetown Road, and ends at Pioneer Cemetery at 3715 Harrison Avenue. This parade route is new for 2025. There will be a Memorial Day Ceremony at Green Township Veterans Park, 6239 Harrison Ave., following the parade. The annual Ceremony will start at 10 a.m. May 26 at the Colerain Veterans Memorial at the corner of Colerain Avenue and Springdale Road. The Delhi Township Veterans' Association hosts an annual Memorial Day ceremony at 1 p.m. May 25 at Veterans Memorial Park, 934 Neeb Road. In case of rain, check the veterans' association Facebook page. Delhi's 21 killed in action heroes will be honored. Patriotic songs, color guards, a bagpiper, grilled food and drinks will be featured. Parking is limited. Handicapped parking spaces will be available at the park. A free shuttle bus will be provided at the Delhi Senior Community Center at 697 Neeb Road. Email dtveterans@ or phone 513-471-8693 with any questions. Fairfield's Memorial Day Parade and Ceremony will start at Express Scripts at 10 a.m. May 26 and features veterans groups, military units, the Fairfield High School Marching Band, community groups and organizations, the Fairfield Police Department, and Fairfield Fire and Paramedic units. The parade leaves Express Scripts parking lot, 4865 Winton Road, south on Hicks Boulevard, west on Nilles Road, left on Bibury, right on Wessel Drive, ending at Veterans Memorial Park. A brief program follows at the park with comments from Mayor Mitch Rhodus and representatives from veterans groups. Patriotic music begins at the park at 10 a.m. The Village of Glendale's annual Memorial Day Parade and Ceremony begins at 9:30 a.m. May 26 at Glendale Elementary on Congress Avenue. The ceremony begins at 10:30 a.m. in front of the Veterans' Memorial on East Sharon Road, opposite Town Hall. During the parade, the following streets will be closed: Congress Avenue between Wood Avenue and East Sharon Avenue Wood Avenue. East Fountain Avenue from Wood Avenue to the First Presbyterian Church. Woodbine Avenue between the First Presbyterian Church and Elk Avenue Elk Avenue. Greenville Avenue between Elk Avenue and Village Square. Willow Avenue between the Village Square and East Sharon Avenue. East Sharon Avenue between Willow and the Veterans' Memorial. Green Township officials and VFW Post 10380 will conduct a Memorial Day Ceremony for the Green Township community beginning at 2 p.m. May 26 at Green Township Veterans Park, 6303 Harrison Ave. This ceremony follows the Memorial Day Parade sponsored by the city of Cheviot and VFW Post 10380. Hamilton hosts the Butler County May 26, beginning with the laying of the wreath ceremony at 9:30 a.m. at the Soldiers, Sailors & Pioneers Monument at 1 S. Monument Ave. The parade starts at 10 a.m. from Monument Avenue, to east on Court Street, to north on Second Street, to east on High Street, to north on Seventh Street, to east on Heaton Street, to the main gate of Greenwood Cemetery. The Memorial Day Ceremony and Program begins at 11:15 a.m. in the G.A.R. Section of Greenwood Cemetery. Loveland's Memorial Day Parade and Ceremony begins at Loveland Elementary School, 600 Loveland-Madeira Road and travels Loveland-Madeira Road to West Loveland Avenue, ending at Veterans Memorial, where a ceremony takes place. Immediately following the parade, a ceremony will be held at the Loveland Veterans Memorial, located at the intersection of West Loveland Avenue and Riverside Drive. The guest speaker is Judge Gary A. Loxley, who has served as a judge of the Warren County Court since 2013. American Legion Post 256 sponsors a community picnic beginning at 2 p.m. at 897 Oakland Road, Loveland. Visit for information. Mount Healthy's Wesley Warner Memorial American Legion Post 513 starts its annual Memorial Day Parade at 2 p.m. May 26 at Hill and Hamilton avenues. The parade moves south on Hamilton Avenue to Hastings and ends at the Veterans Memorial on McMakin Street for a flag-raising ceremony and brief program in memory of all veterans. For more information, call the legion at 513-729-0061. This is the 10th Annual display in honor of Memorial Day. Arlington Memorial Gardens displays 1,000 American flags, each one a symbol of honor and remembrance for those who gave their lives in service, as well as veterans, first responders and personal heroes The Field of Memories is open daily for visitation May 23-26 from 9 a.m. to 7 p.m. Arlington has planned a weekend of reflection and community, including a Friday night concert and fireworks, a Sunday flag-raising and lunch with a veteran, the Cincinnati premiere documentary movie 'Defying Death on the Atlantic' and the solemn reading of names on Memorial Day. Visit the website for a full schedule of events. The annual makes its way through the historic Olde West Chester business district to the cemetery on West Chester Road beginning at 10 a.m. May 26 for a special remembrance ceremony. Parade units proceed north on Cincinnati-Dayton Road to West Chester Road west to Brookside Cemetery, 6425 West Chester Road. While the parade is in motion, West Chester-Union Township Historical Society members read aloud the names of all veterans interred at the cemetery, where more than 700 are laid to rest, including 100 Civil War veterans and one Revolutionary War veteran. Memorial Day ceremonies in West Chester are planned each year by local veterans groups VFW Post 7696 and Havelock D. Nelson American Legion Post 681. Memorial Day ceremonies hosted by American Legion Post 744 and Greater Cincinnati Emerald Society Pipe & Drums. All events are on May 26 and are free to attend. More info: 11 a.m., Hyde Park Square, 2700 Erie Ave., Hyde Park. 11:30 a.m., Mount Lookout Square, 3197 Linwood Ave., Mount Lookout. Noon, Pioneer Cemetery, 333 Wilmer Ave., Linwood. 12:30 p.m., Kellogg Avenue at Apple Hill, California. 1 p.m., Pioneer Cemetery, 4132 Dumont St., East End. Free. Memorial Day ceremony and wreath laying. Cemetery located behind Dorn Fire Protection, off Carroll Street. This is the burial site of Revolutionary War Sergeant William Brown, recipient of the Badge of Military Merit by George Washington. The 96th Bellevue-Dayton Memorial Day Parade starts at 10:30 a.m. May 26 at the Veterans Monument on Sixth Avenue in Dayton. The parade will travel west on Ky. 8 to the Bellevue Vets. Charlie Hicks will be the parade grand marshal. The Edgewood Memorial Day Ceremony will be 10 a.m. to noon May 26 at 550 Freedom Park Drive in Crestview Hills. Boy Scout Troop 779 will be collecting tattered and worn flags from 9-9:45 a.m. to be properly disposed of. The City of Florence takes place at 10 a.m. May 26 from Boone County High School, 7056 Burlington Pike, Florence. Parade begins at school and goes down Burlington Pike onto Ewing Boulevard to the Boone County Veterans Memorial on the Florence Government Center campus. Road closures along the route will begin at 9:45 a.m. and remain in place until the parade concludes. The Memorial Day Program will follow immediately at the memorial. Fort Wright's Memorial Day Service starts at 10 a.m. May 26 at the Fort Wright City Building, 409 Kyles Lane. The program includes wreath laying, prayer, music and a flag ceremony. The keynote speakers will be Gold Star mothers Frances Lee and Jamie Lee Hahn. Independence's American Legion, Moon Brothers Post 275, established in 1947, will host the 2025 Memorial Day Parade and Honors, with a public address from the porch of the Kenton County Historic Courthouse, 2015 Declaration Drive, at the end of the parade. The parade will start right at 10:30 a.m. Line-up is on Delaware Crossing by the Community & Senior Center. The parade goes north on Madison Pike, stopping for honors at the Independence Cemetery and Saint Cecilia. The parade route turns on McCullum Pike to end the procession. Honors will be presented at the Courthouse Memorial, and a short public address will be given from the courthouse porch to conclude the ceremonies. The Park Hills Memorial Day Parade and flag raising ceremony will start at 11:30 a.m. May 26, rain or shine. The parade will form at Notre Dame Academy on Dixie Highway in Park Hills from 10:30 to 11:20 a.m. The parade travels Dixie Highway to Arlington to Old State Road to Terrace Drive to Amsterdam Road to Park Drive. The parade's 2025 grand marshal is David Schlothauer. A 52-year resident of the city, he served on the Park Hills city council and assumed leadership of the city's Memorial Day events in 1975. Watch the parade and ceremonies, then visit the Memorial Day food court from 11 a.m. to 3:30 p.m. The food court will be along the west side of Park Drive, and tents will be located along the east side. Rose Circle will be used for local through traffic during road closures. This article originally appeared on Cincinnati Enquirer: Memorial Day 2025: Parades, ceremonies, concerts in Cincinnati area
Yahoo
20-05-2025
- Business
- Yahoo
Fears for Aussie workers as tariffs hit hard
Hundreds of workers are in limbo after a major Tasmanian smelter paused operations, citing tariffs, ore supply and global price volatility. The move by Liberty Bell Bay, located in George Town, has prompted calls from both state and federal governments for transparency and urgent support for Australia's only commercial ferroalloy operation. It produces ferromanganese and silicomanganese and is one of Tasmania's largest industrial energy users. The smelter, which employs more than 250 people, is owned by British businessman Sanjeev Gupta's GFG Alliance, and is the latest of Mr Gupta's assets to face turmoil. Earlier this year, the South Australian government forced his Whyalla steelworks into administration, with administrator KordaMentha overseeing debts reportedly around $1 billion, the ABC reports. A spokesperson for Liberty Bell Bay, formerly known as TEMCO, said the facility lost its primary ore supplier after Tropical Cyclone Megan struck in March 2024. 'We are still working through ore supply options at present,' the spokesperson said. 'Price volatility globally and the imposition of tariffs in the US have also impacted operations. 'Due to ongoing challenges with ore supply, Liberty Bell Bay has no option but to enter a period of limited operations.' 'Big beautiful bill' to push the ASX deeply in the red The news comes as cautious investors pushed the ASX lower on Monday as investors wait to see the outcome of the Reserve Bank of Australia's board meeting and monitor the US debt markets. The benchmark ASX 200 slumped 48.60 points or 0.58 per cent to 8,295.10. The broader All Ordinaries Index also finished in the red down 55.10 points or 0.64 per cent to 8,524.80. Nine of the 11 sectors finished in the red, led by energy and material stocks which were down 1.82 and 1.55 per cent respectively. Among the key falls were the major iron ore miners including BHP which slid 2.44 per cent to $38.75, Rio Tinto which fell 1.31 per cent to $119.46 and Fortescue Metals which slumped 4.88 per cent to $16.17. It was a mixed day for Australia's big four banks. CBA jumped 1.00 per cent to $171.36 while Westpac dropped 0.76 per cent to $31.37, NAB fell 0.46 per cent to $36.84 and ANZ sank 1.73 per cent to $28.40. IG market analyst Tony Sycamore said investors were cautious ahead of the 'very unlikely scenario' the Reserve Bank of Australia does not cut on Tuesday. 'If we don't get a rate cut tomorrow the ASX 200 will be down 100 points and it will be a tricky day,' he said. 'It's fully priced in so there will be carnage in the rates market, carnage in the equities market, the Aussie dollar will probably be supported.' Mr Sycamore said the other major issue to watch is the US bond rate, which is on the back of US President Donald Trump's latest bill. Dubbed the 'big, beautiful bill' by Mr Trump, there are substantive tax cuts of $2.5 trillion over 10 years, which could mean $4 trillion less is added to the government's coffers by 2034. Mr Sycamore warns, what happens tomorrow will largely depend on how the bond market reacts to the White House bill. 'It is going to be all about US yields. We could come into an absolute shocker tomorrow but I think it's all going to depend on where the US yields and whether they can digest it or not,' he said. 'It feels like yields want to pop to me, but it is at a huge level and whether it pops now or in a month's time it's hard to tell.' Moody's downgraded the US from its all important triple A credit rating, while US Treasury yields were up, with 10 year treasuries adding 7 basis points to 4.51 per cent while 30 year treasuries notched 8 basis points to 4.98 per cent. Defensive stocks including gold miners were among the major winners with Capricorn Metals was the best performer on the ASX 200, rising 3.4 per cent to $8.71, while Evolution Mining rose 3.2 per cent to $8.12. In company news, New Hope shares tumbled 7.1 per cent to $3.65 after downgrading its guidance for future coal output and sales. Domino's shares also slumped 2.6 per cent to $24.55, after announcing the chief of its Australian and New Zealand business Kerri Hayman would step down in August, following just nine months in the job. Error while retrieving data Sign in to access your portfolio Error while retrieving data
West Australian
19-05-2025
- Business
- West Australian
‘Big beautiful bill' to push the ASX deeply in the red, expert warns
Cautious investors pushed the ASX lower on Monday as investors wait to see the outcome of the Reserve Bank of Australia's board meeting and monitor the US debt markets. The benchmark ASX 200 slumped 48.60 points or 0.58 per cent to 8,295.10. The broader All Ordinaries Index also finished in the red down 55.10 points or 0.64 per cent to 8,524.80. Nine of the 11 sectors finished in the red, led by energy and material stocks which were down 1.82 and 1.55 per cent respectively. Among the key falls were the major iron ore miners including BHP which slid 2.44 per cent to $38.75, Rio Tinto which fell 1.31 per cent to $119.46 and Fortescue Metals which slumped 4.88 per cent to $16.17. It was a mixed day for Australia's big four banks. CBA jumped 1.00 per cent to $171.36 while Westpac dropped 0.76 per cent to $31.37, NAB fell 0.46 per cent to $36.84 and ANZ sank 1.73 per cent to $28.40. IG market analyst Tony Sycamore said investors were cautious ahead of the 'very unlikely scenario' the Reserve Bank of Australia does not cut on Tuesday. 'If we don't get a rate cut tomorrow the ASX 200 will be down 100 points and it will be a tricky day,' he said. 'It's fully priced in so there will be carnage in the rates market, carnage in the equities market, the Aussie dollar will probably be supported.' Mr Sycamore said the other major issue to watch is the US bond rate, which is on the back of US President Donald Trump's latest bill. Dubbed the 'big, beautiful bill' by Mr Trump, there are substantive tax cuts of $2.5 trillion over 10 years, which could mean $4 trillion less is added to the government's coffers by 2034. Mr Sycamore warns, what happens tomorrow will largely depend on how the bond market reacts to the White House bill. 'It is going to be all about US yields. We could come into an absolute shocker tomorrow but I think it's all going to depend on where the US yields and whether they can digest it or not,' he said. 'It feels like yields want to pop to me, but it is at a huge level and whether it pops now or in a month's time it's hard to tell.' Moody's downgraded the US from its all important triple A credit rating, while US Treasury yields were up, with 10 year treasuries adding 7 basis points to 4.51 per cent while 30 year treasuries notched 8 basis points to 4.98 per cent. Defensive stocks including gold miners were among the major winners with Capricorn Metals was the best performer on the ASX 200, rising 3.4 per cent to $8.71, while Evolution Mining rose 3.2 per cent to $8.12. In company news, New Hope shares tumbled 7.1 per cent to $3.65 after downgrading its guidance for future coal output and sales. Domino's shares also slumped 2.6 per cent to $24.55, after announcing the chief of its Australian and New Zealand business Kerri Hayman would step down in August, following just nine months in the job.
Perth Now
19-05-2025
- Business
- Perth Now
Risk of ASX bloodbath within hours
Cautious investors pushed the ASX lower on Monday as investors wait to see the outcome of the Reserve Bank of Australia's board meeting and monitor the US debt markets. The benchmark ASX 200 slumped 48.60 points or 0.58 per cent to 8,295.10. The broader All Ordinaries Index also finished in the red down 55.10 points or 0.64 per cent to 8,524.80. Nine of the 11 sectors finished in the red, led by energy and material stocks which were down 1.82 and 1.55 per cent respectively. Among the key falls were the major iron ore miners including BHP which slid 2.44 per cent to $38.75, Rio Tinto which fell 1.31 per cent to $119.46 and Fortescue Metals which slumped 4.88 per cent to $16.17. It was a mixed day for Australia's big four banks. CBA jumped 1.00 per cent to $171.36 while Westpac dropped 0.76 per cent to $31.37, NAB fell 0.46 per cent to $36.84 and ANZ sank 1.73 per cent to $28.40. IG market analyst Tony Sycamore said investors were cautious ahead of the 'very unlikely scenario' the Reserve Bank of Australia does not cut on Tuesday. 'If we don't get a rate cut tomorrow the ASX 200 will be down 100 points and it will be a tricky day,' he said. 'It's fully priced in so there will be carnage in the rates market, carnage in the equities market, the Aussie dollar will probably be supported.' Mr Sycamore said the other major issue to watch is the US bond rate, which is on the back of US President Donald Trump's latest bill. Dubbed the 'big, beautiful bill' by Mr Trump, there are substantive tax cuts of $2.5 trillion over 10 years, which could mean $4 trillion less is added to the government's coffers by 2034. Mr Sycamore warns, what happens tomorrow will largely depend on how the bond market reacts to the White House bill. Nine of the 11 sectors finished in the red. Photo: Gaye Gerard / NewsWire Credit: News Corp Australia 'It is going to be all about US yields. We could come into an absolute shocker tomorrow but I think it's all going to depend on where the US yields and whether they can digest it or not,' he said. 'It feels like yields want to pop to me, but it is at a huge level and whether it pops now or in a month's time it's hard to tell.' Moody's downgraded the US from its all important triple A credit rating, while US Treasury yields were up, with 10 year treasuries adding 7 basis points to 4.51 per cent while 30 year treasuries notched 8 basis points to 4.98 per cent. Defensive stocks including gold miners were among the major winners with Capricorn Metals was the best performer on the ASX 200, rising 3.4 per cent to $8.71, while Evolution Mining rose 3.2 per cent to $8.12. In company news, New Hope shares tumbled 7.1 per cent to $3.65 after downgrading its guidance for future coal output and sales. Domino's shares also slumped 2.6 per cent to $24.55, after announcing the chief of its Australian and New Zealand business Kerri Hayman would step down in August, following just nine months in the job.
