Latest news with #TimFord
Sydney Morning Herald
15-05-2025
- Business
- Sydney Morning Herald
ASX rises for seventh day in a row as banks, tech shares rally
The laggards Treasury Wine Estates, the maker of Penfolds wines, fell 5.2 per cent after it announced chief executive Tim Ford would step down later this year, ending a five-year stint in the role. He will be replaced by Sam Fischer, the chief executive of New Zealand drinks producer Lion. Loading Lendlease fell 1.6 per cent after the Australian property giant said it was in the late stages of inking a 50/50 joint venture with King Charles' property company The Crown Estate, in the United Kingdom. The $3.8 billion ASX-listed property developer responded to media speculation on Thursday saying it was in negotiations with the King's company over six projects that are part of its UK development portfolio. A slide in iron ore prices sent big miners lower. Fortescue fell 1.1 per cent while BHP slumped 0.7 per cent and Rio Tinto fell 0.4 per cent. The lowdown As investors await a potential interest rate cut next week, the Australian Bureau of Statistics on Thursday said the unemployment rate was unchanged at 4.1 per cent in April, while the number of employed people shot up by 89,000 in the month, beating the market's expectations. The number of unemployed people also increased by 6000 in the month. The Australian dollar strengthened slightly after the result, and was trading at US64.40¢ at 4.52pm AEST. Economists believe the strength of the labour market will be a key influence on how deeply the Reserve Bank cuts interest rates, with markets tipping a likely cut next week. Senior APAC economist for Capital Economics Abhijit Surya said the ABS data suggested the labour market remained 'very tight'. While he tipped a rate cut from the Reserve Bank of Australia (RBA) next week, the research house argues the central bank will only cut the cash rate to a low point of 3.6 per cent this cycle – which is higher than what most economists expect. 'With the labour market going from strength to strength, we're more convinced than ever that the RBA will be reluctant to cut rates aggressively,' Surya said. On Wall Street, a choppy day of trading ended with a mixed finish for stock indexes on Wednesday, as gains by several big technology stocks helped temper losses. Loading The S&P 500 edged up 0.1 per cent after wavering between small gains and losses much of the day. Most of the stocks in the index lost ground, but solid gains for several heavyweight technology companies such as Nvidia helped counter a decline in healthcare and other sectors. The Dow Jones slipped 0.2 per cent, while the Nasdaq composite rose 0.7 per cent. Super Micro Computer surged 15.7 per cent after signing a partnership agreement with Saudi Arabian data centre company DataVolt. Advanced Micro Devices gained 4.7 per cent after announcing a $US6 billion ($9.3 billion) stock buyback program. Nvidia rose 4.2 per cent and Google parent Alphabet added 3.7 per cent. Other big gainers included eToro Group, a retail trading platform for stocks and cryptocurrency. It rose 28.8 per cent in its first day of trading. The market has been relatively steady since its surge on Monday, which came after the US and China entered a 90-day pause in their trade war. The market gained some more ground on Tuesday after the government reported that inflation unexpectedly cooled across the country in April. Additional updates on inflation and retail sales are expected on Thursday. The benchmark S&P 500 Index, which sits at the centre many 401(k) accounts, has erased all its losses since US President Donald Trump escalated his global trade war in early April. It has now also erased its losses for the year and is back to within 4.1 per cent of its all-time high set in February.
Business Recorder
15-05-2025
- Business
- Business Recorder
Australia shares fall ahead of local jobs data
Commodity stocks pulled Australian shares lower on Thursday, ahead of the local jobs data for April, which is being watched for clues into the domestic central bank's interest rate path. The S&P/ASX 200 index fell 0.2% to 8,266.6 by 0032 GMT. The benchmark had ended 0.1% higher on Wednesday. Domestic employment data for April, due later in the day, is among the Reserve Bank of Australia's (RBA) key indicators and could shape expectations for the bank's next move on rates. Australian employment had rebounded in March, recovering from a one-off dive the previous month. Swaps imply an 89.8% probability that the RBA will cut rates at its meeting on May 20. Meanwhile, the Aussie dollar fell 0.02% to A$0.64 against the U.S. dollar. Commodity shares led the decline on the local bourse. Gold stocks dropped 1.6%, tracking a fall in bullion prices as rising trade optimism lifted risk appetite. Gold miners Northern Star Resources and Genesis Minerals shed 1.7% and 1.6%, respectively. Energy stocks slipped 0.8% on the back of falling oil prices. Santos dipped 1.3%. Miners lost nearly 1%. BHP Group, Rio Tinto and Fortescue fell 0.8%, 1% and 0.8%, respectively. In company news, Treasury Wine Estates retreated 6.7% after it said Sam Fischer will take over as chief executive officer in October, succeeding Tim Ford. Meanwhile, Insurance Australia Group rose 2.9% after the company said it will buy The Royal Automobile Club of Western Australia's insurance business and enter a licensing agreement for A$1.35 billion ($868.3 million). Graincorp gained 7.6% after the agribusiness company reported a rise in its first-half results and upgraded its guidance for fiscal year 2025. New Zealand's benchmark S&P/NZX 50 index rose 0.1% to 12,790.01.
Perth Now
15-05-2025
- Business
- Perth Now
Australian shares stutter as trade war volatility fades
The Australian share market could snap a six-day winning streak, with the two leading indexes trading either side of break-even. By midday AEST, the S&P/ASX200 was up 2 points, or 0.02 per cent, to 8281.6, as the broader All Ordinaries fell 7.7 points, or 0.09 per cent, to 8,512.5. After a wild couple of months of trading due to US tariff threats, impositions and walk-backs, marker conditions were normalising, market analyst Kyle Rodda said. "Volatility has diminished, and while less exciting, price action resembles that of an otherwise healthy, well-functioning and bullish market," he said. "The upside momentum at the start of the week has slowed down, spurring commentary about potential caution setting in again amongst market participants." Much could still go wrong, with a lack of comprehensive trade deals and the United States' reciprocal tariff pause set to end on July 8. The tariff reduction between the US and China announced this week will lapse on August 10. Local sectors are mixed, with seven of 11 trading lower by noon. Large cap miners were weighing on the bourse, with BHP, Rio and Fortescue all trading lower, tracking with a 0.7 per cent slip in iron ore futures to $101.25 per tonne. The materials sector slipped 1.1 per cent and gold miners were sinking after the precious metal fell to a five-week low of $US3,888 ($A4,950). Modest gains of 0.9 per cent for NAB and 0.6 per cent for CBA, ANZ and Westpac helped push financials 0.6 per cent higher. Energy stocks look set to snap a seven-session winning streak, down 0.7 per cent as oil prices fell as expectations build for a US-Iran nuclear deal, which could ease sanctions on the gulf state. Higher than expected US crude inventories also weighed on the price, helping push Brent futures more than two per cent lower to $US64.56. Insurance Australia Group was the best top-200 performer, rallying 3.9 per cent to $8.75 after buying Royal Automotive Club of Western Australia's insurance arm. Treasury Wines Estates slumped more than five per cent after announcing boss Tim Ford will make way for Lion chief executive Sam Fischer in October. Australian unemployment held steady as expected in April at 4.1 per cent, but surprise employment growth of 89,000 shattered forecasts of 21,000 jobs. While a 25-basis point cut is still overwhelmingly expected at the Reserve Bank's meeting on Tuesday, the jobs figures will give the central bank more to discuss. "A surprisingly strong labour market, despite an otherwise weak economy, has been the one argument against lowering rates, with the RBA clearly achieving its employment mandate," Mr Rodda said. The Australian dollar is buying 64.46 US cents, down from 64.74 US cents on Wednesday at 5pm.
AU Financial Review
15-05-2025
- Business
- AU Financial Review
Penfolds owner Treasury Wines poaches new CEO from Lion
Treasury Wine Estates has poached Sam Fischer, boss of beer and spirits group Lion, to be its new chief executive, replacing company veteran Tim Ford, as the business pivots to focus on its premium Penfolds brand. Fischer has been at the helm of Lion, owned by Japanese giant Kirin, for the past three years, overseeing beer brands including Tooheys, XXXX Gold, and West End. He has also been a non-executive director with luxury goods and fashion company Burberry Group since 2019.
Bloomberg
13-02-2025
- Business
- Bloomberg
Treasury Wine CEO on Strategy, China Demand & Trade
Australia's Treasury Wine Estates, owner of Penfolds, posted a higher half-year profit but flagged some weakness in its premium brands. Treasury Wine Estates' Managing Director and CEO Tim Ford discusses the results and outlook from Melbourne on "Insight with Haslinda Amin". (Source: Bloomberg)
