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AU Financial Review
11-08-2025
- Business
- AU Financial Review
ASX 200 LIVE: ASX to slip, Wall St awaits July CPI data, reporting on Tuesday: Life360, SGH, Seven West Media
Australian shares are poised to open lower, amid modest weakness in New York as the rally from April's lows lost momentum pending Tuesday's US July consumer prices report. President Donald Trump signed an executive order to extend a tariff truce with China for another 90 days, according to CNBC. Trump earlier said gold imports to the US will not be hit by tariffs. Results scheduled for Tuesday are: Life360, SGH and Seven West Media. For more details see our reporting season calendar. The US CPI report is expected to show that President Donald Trump's embrace of tariffs continues to bleed into prices for goods, offset in part by lower petrol prices. 📩 Get the daily Results Wrap newsletter during earnings season, with our Chanticleer columnists' analysis of the key results of the day. Sign up here. Market highlights ASX 200 futures are pointing down 17 points or 0.2 per cent to 8779. All US prices near 2.30pm New York time. AUD -0.1% to US65.15¢ -0.1% to US65.15¢ Bitcoin +1% to $US119,724 +1% to $US119,724 On Wall St: Dow -0.4% S&P -0.1% Nasdaq -0.06% -0.4% -0.1% -0.06% VIX 0.74 to 15.89 0.74 to 15.89 Gold -1.3% to $US3355.27 an ounce -1.3% to $US3355.27 an ounce Brent oil +0.2% to $US66.73 a barrel +0.2% to $US66.73 a barrel Iron ore +1.4% to $US103.55 a tonne +1.4% to $US103.55 a tonne 10-year yield: US 4.27% Australia 4.24% Today's agenda The RBA is widely expected to cut the cash rate target by 25 basis points to 3.60 per cent at its Tuesday policy meeting. The policy decision will be released at 2.30pm, as well as the latest Statement on Monetary Policy. Governor Michele Bullock is scheduled to hold a press conference starting at 3.30pm. eToro market analyst Farhan Badami: 'While the July [RBA] pause was a surprise, a consecutive pause in August will be a shock. Three cuts before the end of the year are still expected, but there's very little wiggle room left in the calendar if the RBA heightens its degree of risk aversion any further.' Earlier, at 11.30am, NAB will release its July business confidence and conditions survey. Later in the day, at 10.30pm, the US will release its July CPI report. Yardeni Research: 'The odds are low that we'll see downside surprises in July CPI inflation data. There's little doubt that tariff effects are boosting durable goods inflation, as they did in June. But the risk of a big upward surprise is tempered by signs that rents and used car prices are cooling. The Cleveland Fed's Inflation Nowcasting model has the CPI rising 3.04 per cent in July and 3.02 per cent in August. Those would be considered too hot to justify Fed easing.' Top stories Trump's Nvidia shakedown is unprecedented and scary | The chip maker is the latest firm to learn about the US president's new corporate playbook: threaten a company and then watch it agree to a 'deal'. Former PwC partner banned over $11m in 'false' R&D tax claims | The Tax Practitioners Board said Richard Gregg made false claims on behalf of clients that caused a tax shortfall of more than $11 million. AI would plan lessons, mark tests under PC schools overhaul | The Productivity Commission is urging the federal government to lead a push to turbocharge the uptake of artificial intelligence in schools. Captain's pick: Westpac CEO taps Carolyn McCann to run retail division | The move is a key appointment for the bank, given its retail unit was the second-biggest contributor to the bank's profit. NDIS funding cliff threatens to undermine scheme overhaul | Labor has forecast almost $20 billion in NDIS savings over four years to June 30, 2028, but 1000 jobs key to the transition are only budgeted to June 30, 2026.
AU Financial Review
24-07-2025
- Business
- AU Financial Review
ASX 200 LIVE: Australian shares are poised to open lower
Australian shares are poised to open lower. US equities were mostly higher, with one megacap exception: Tesla tumbled more than 11 per cent before paring its loss somewhat after Elon Musk forecast a tough outlook. 'The slow-motion melt-up continues,' said Wall Street veteran Ed Yardeni as both the S&P 500 and Nasdaq Composite reset their respective intraday highs yet again. Yardeni said momentum, or growth, stocks have lead the US benchmark index higher since 2023 and there's little sign that's near an end. Alphabet paced the other six 'magnificent seven' stocks higher after reporting results that showed massive investments in artificial technology are starting to pay off. Wedbush Securities' Dan Ives said he is maintaining his outperform rating on Alphabet. 'We continue see a favourable risk/reward for Alphabet and think there is a case for multiple expansion in the coming quarters as investors gain more comfort around the current macro environment, regulatory risk, and the impact of generative AI on the business.' The Dow was being held back on Thursday (Friday AEST) by a 7 per cent slump in IBM and more than 4 per cent losses for both Honeywell and UnitedHealth. Market highlights ASX futures are pointing down 29 points or 0.3 per cent to 8647. All US prices as of 2.30pm New York time. AUD -0.05% to US65.99¢ -0.05% to US65.99¢ Bitcoin +0.9% to $US119,288 +0.9% to $US119,288 On Wall St: Dow -0.4% S&P +0.3% Nasdaq +0.4% -0.4% +0.3% +0.4% VIX -0.3 to 15.07 -0.3 to 15.07 Gold -0.6% to $US3368.56 an ounce -0.6% to $US3368.56 an ounce Brent oil +0.4% to $US68.75 a barrel +0.4% to $US68.75 a barrel Iron ore +0.8% to $US105.35 a tonne +0.8% to $US105.35 a tonne 10-year yield: US 4.40% Australia 4.35% Today's agenda Quarterly results are expected on Friday from Newmont and Whitehaven Coal. Top stories BP ditches $54b Pilbara hydrogen project | The decision makes the British energy major the latest company to walk away from plans for green hydrogen production in Australia. Productivity boost would make workers $14,000 richer | Productivity Commission chairwoman Danielle Wood has handed down a raft of recommendations to the Albanese government to lift the economy out of stagnation. Macquarie investors deliver wake-up call with strike on executive pay | Investors deliver an embarrassing rebuke to the Millionaires Factory over bonuses amid regulatory woes and the surprise exit of its CFO. Canberra Observed: Memo to Nats: You can't abolish net zero if you can't form government | Sussan Ley had a process to manage the Coalition's climate policy. The mad rush by Barnaby Joyce and Michael McCormack to abandon it undoes all that, writes Phillip Coorey. RBA tempers the doves as it sells its slow and steady strategy | The Reserve Bank's deliberate plan to hold back on big cash rate increases worked as intended. Now its message is that the approach applies on the way down.
The Advertiser
18-06-2025
- Business
- The Advertiser
US passes stablecoin bill in milestone for crypto
The US Senate has passed a bill to create a regulatory framework for US-dollar-pegged cryptocurrency tokens known as stablecoins, in a watershed moment for the digital asset industry. The bill, dubbed the GENIUS Act, received bipartisan support, with several Democrats joining most Republicans to back the proposed federal rules. It passed 68-30. The House of Representatives, which is controlled by Republicans, needs to pass its version of the bill before it heads to President Donald Trump's desk for approval. "It is a major milestone," said Andrew Olmem, a managing partner at law firm Mayer Brown and the former deputy director of the National Economic Council during Trump's first term. "It establishes, for the first time, a regulatory regime for stablecoins, a rapidly developing financial product and industry." Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. If signed into law, the stablecoin bill would require tokens to be backed by liquid assets - such as US dollars and short-term Treasury bills - and for issuers to publicly disclose the composition of their reserves on a monthly basis. The crypto industry has long pushed for lawmakers to pass legislation creating rules for digital assets, arguing that a clear framework could enable stablecoins to become more widely used. The sector spent more than $US119 million backing pro-crypto congressional candidates in last year's elections and had tried to paint the issue as bipartisan. The House of Representatives passed a stablecoin bill last year but the Senate - in which Democrats held the majority at the time - did not take that bill up, and it died. Trump has sought to broadly overhaul US cryptocurrency policies after courting cash from the industry during his presidential campaign. Most Democrats opposed the bill. They raised concerns that the measure does little to address Trump's personal financial interests in the crypto space. Bo Hines, who leads Trump's Council of Advisers on Digital Assets, has said the White House wants a stablecoin bill passed before August. Trump's crypto ventures include a meme coin called $TRUMP, launched in January, and a business called World Liberty Financial, a crypto company owned partly by the president. The White House has said there are no conflicts of interest present for Trump and that his assets are in a trust managed by his children. Other Democrats expressed concern that the bill would not prevent big tech companies from issuing their own private stablecoins, and argued that legislation needed stronger anti-money laundering protections and prohibitions on foreign stablecoin issuers. The bill could face further changes in the House of Representatives. In a statement, the Conference of State Bank Supervisors called for "critical changes" to mitigate financial stability risks. "CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors," said Brandon Milhorn, president and CEO of the Conference of State Bank Supervisors, in a statement. The US Senate has passed a bill to create a regulatory framework for US-dollar-pegged cryptocurrency tokens known as stablecoins, in a watershed moment for the digital asset industry. The bill, dubbed the GENIUS Act, received bipartisan support, with several Democrats joining most Republicans to back the proposed federal rules. It passed 68-30. The House of Representatives, which is controlled by Republicans, needs to pass its version of the bill before it heads to President Donald Trump's desk for approval. "It is a major milestone," said Andrew Olmem, a managing partner at law firm Mayer Brown and the former deputy director of the National Economic Council during Trump's first term. "It establishes, for the first time, a regulatory regime for stablecoins, a rapidly developing financial product and industry." Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. If signed into law, the stablecoin bill would require tokens to be backed by liquid assets - such as US dollars and short-term Treasury bills - and for issuers to publicly disclose the composition of their reserves on a monthly basis. The crypto industry has long pushed for lawmakers to pass legislation creating rules for digital assets, arguing that a clear framework could enable stablecoins to become more widely used. The sector spent more than $US119 million backing pro-crypto congressional candidates in last year's elections and had tried to paint the issue as bipartisan. The House of Representatives passed a stablecoin bill last year but the Senate - in which Democrats held the majority at the time - did not take that bill up, and it died. Trump has sought to broadly overhaul US cryptocurrency policies after courting cash from the industry during his presidential campaign. Most Democrats opposed the bill. They raised concerns that the measure does little to address Trump's personal financial interests in the crypto space. Bo Hines, who leads Trump's Council of Advisers on Digital Assets, has said the White House wants a stablecoin bill passed before August. Trump's crypto ventures include a meme coin called $TRUMP, launched in January, and a business called World Liberty Financial, a crypto company owned partly by the president. The White House has said there are no conflicts of interest present for Trump and that his assets are in a trust managed by his children. Other Democrats expressed concern that the bill would not prevent big tech companies from issuing their own private stablecoins, and argued that legislation needed stronger anti-money laundering protections and prohibitions on foreign stablecoin issuers. The bill could face further changes in the House of Representatives. In a statement, the Conference of State Bank Supervisors called for "critical changes" to mitigate financial stability risks. "CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors," said Brandon Milhorn, president and CEO of the Conference of State Bank Supervisors, in a statement. The US Senate has passed a bill to create a regulatory framework for US-dollar-pegged cryptocurrency tokens known as stablecoins, in a watershed moment for the digital asset industry. The bill, dubbed the GENIUS Act, received bipartisan support, with several Democrats joining most Republicans to back the proposed federal rules. It passed 68-30. The House of Representatives, which is controlled by Republicans, needs to pass its version of the bill before it heads to President Donald Trump's desk for approval. "It is a major milestone," said Andrew Olmem, a managing partner at law firm Mayer Brown and the former deputy director of the National Economic Council during Trump's first term. "It establishes, for the first time, a regulatory regime for stablecoins, a rapidly developing financial product and industry." Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. If signed into law, the stablecoin bill would require tokens to be backed by liquid assets - such as US dollars and short-term Treasury bills - and for issuers to publicly disclose the composition of their reserves on a monthly basis. The crypto industry has long pushed for lawmakers to pass legislation creating rules for digital assets, arguing that a clear framework could enable stablecoins to become more widely used. The sector spent more than $US119 million backing pro-crypto congressional candidates in last year's elections and had tried to paint the issue as bipartisan. The House of Representatives passed a stablecoin bill last year but the Senate - in which Democrats held the majority at the time - did not take that bill up, and it died. Trump has sought to broadly overhaul US cryptocurrency policies after courting cash from the industry during his presidential campaign. Most Democrats opposed the bill. They raised concerns that the measure does little to address Trump's personal financial interests in the crypto space. Bo Hines, who leads Trump's Council of Advisers on Digital Assets, has said the White House wants a stablecoin bill passed before August. Trump's crypto ventures include a meme coin called $TRUMP, launched in January, and a business called World Liberty Financial, a crypto company owned partly by the president. The White House has said there are no conflicts of interest present for Trump and that his assets are in a trust managed by his children. Other Democrats expressed concern that the bill would not prevent big tech companies from issuing their own private stablecoins, and argued that legislation needed stronger anti-money laundering protections and prohibitions on foreign stablecoin issuers. The bill could face further changes in the House of Representatives. In a statement, the Conference of State Bank Supervisors called for "critical changes" to mitigate financial stability risks. "CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors," said Brandon Milhorn, president and CEO of the Conference of State Bank Supervisors, in a statement. The US Senate has passed a bill to create a regulatory framework for US-dollar-pegged cryptocurrency tokens known as stablecoins, in a watershed moment for the digital asset industry. The bill, dubbed the GENIUS Act, received bipartisan support, with several Democrats joining most Republicans to back the proposed federal rules. It passed 68-30. The House of Representatives, which is controlled by Republicans, needs to pass its version of the bill before it heads to President Donald Trump's desk for approval. "It is a major milestone," said Andrew Olmem, a managing partner at law firm Mayer Brown and the former deputy director of the National Economic Council during Trump's first term. "It establishes, for the first time, a regulatory regime for stablecoins, a rapidly developing financial product and industry." Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. If signed into law, the stablecoin bill would require tokens to be backed by liquid assets - such as US dollars and short-term Treasury bills - and for issuers to publicly disclose the composition of their reserves on a monthly basis. The crypto industry has long pushed for lawmakers to pass legislation creating rules for digital assets, arguing that a clear framework could enable stablecoins to become more widely used. The sector spent more than $US119 million backing pro-crypto congressional candidates in last year's elections and had tried to paint the issue as bipartisan. The House of Representatives passed a stablecoin bill last year but the Senate - in which Democrats held the majority at the time - did not take that bill up, and it died. Trump has sought to broadly overhaul US cryptocurrency policies after courting cash from the industry during his presidential campaign. Most Democrats opposed the bill. They raised concerns that the measure does little to address Trump's personal financial interests in the crypto space. Bo Hines, who leads Trump's Council of Advisers on Digital Assets, has said the White House wants a stablecoin bill passed before August. Trump's crypto ventures include a meme coin called $TRUMP, launched in January, and a business called World Liberty Financial, a crypto company owned partly by the president. The White House has said there are no conflicts of interest present for Trump and that his assets are in a trust managed by his children. Other Democrats expressed concern that the bill would not prevent big tech companies from issuing their own private stablecoins, and argued that legislation needed stronger anti-money laundering protections and prohibitions on foreign stablecoin issuers. The bill could face further changes in the House of Representatives. In a statement, the Conference of State Bank Supervisors called for "critical changes" to mitigate financial stability risks. "CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors," said Brandon Milhorn, president and CEO of the Conference of State Bank Supervisors, in a statement.
