ASX 200 futures: -0.3% to 8,364 points
Australian dollar: Flat at 66.95 US cents
S&P 500: -0.02% to 5,842 points
Nasdaq: +0.04% to 18,373 points
FTSE: +0.7% to 8,385 points
EuroStoxx 600: +0.8% to 523 points
Spot gold: +0.7% to $US2,692/ounce
Brent crude: +0.5% to $US74.58/barrel
Iron ore: -3.8% to $US100.80/tonne
Bitcoin: +0.2% to $US67,059
Prices current around 8:20am AEDT.
Live updates on the major ASX indices:
This piece by our business colleague, Rachel Clayton.
Ms Kaur arrived in Australia with her family in 2015 on a temporary work visa as a cook, a job on the short-term skilled occupation list, by a company called Bracken Gem at the Richmond Hill Hotel.
But things quickly unravelled.
In 2018, Australian Border Force sanctioned Bracken Gem for breaching sponsorship obligations. The ABC understands the sanctions were related to Ms Kaur and another worker being underpaid and the business failing to provide records.
The sanctions meant the business was barred for three years from sponsoring migrant workers. And Ms Kaur’s visa was automatically cancelled.
Now she’s about to be deported.
Good morning, Emilia with you here!
The Australian wine company Treasury Estate Wines put out forecasts this week, where is said sales of Penfolds in Asia and America were strong, and its push to “luxury” wine in the US was promising.
Analysts at Jarden have now analysed the results and say they’re “positive” about the company’s future.
They say TWE is becoming a higher growth, less volatile, more brand focused business via ongoing exit from commercial, valued brands.
Just this week, the company settled a long running class action against it for $65 million. It was brought after allegations by shareholders that it hadn’t disclosed information.
Its also released a new line of wine in the US and Australia that’s targeting younger women, and has collaborated with the production house of Hollywood star Reece Witherspoon on the creative direction.
In case you missed it, Star Entertainment has been hit with a $15 million fine, lobbed at Sydney’s The Star casino by the NSW regulator.
The NSW Independent Casino Commission has given the company nine months to pay the fine.
Two inquiries into the casino, known as the Bell Inquiries, identified serious misconduct and failures of compliance and governance.
NICC Chief Commissioner Philip Crawford said transparency and accountability at The Star have improved since the appointment of its new CEO but more work needs to be done before the casino is fit to hold its licence.
He spoke with Alicia Barry on The Business:
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You can read more on why the casino operator’s future remains a gamble, with analysis from chief business correspondent Ian Verrender:
Chipmakers were the big winners on the US market overnight, with shares in Taiwan Semiconductor Manufacturing Co leaping 9.8 per cent after its earnings beat expectations.
“That the much-telegraphed semiconductor slowdown associated with potential oversaturation of AI is not emerging, at least in their order books,” Michael Green, chief strategist at Simplify Asset Management, told Reuters.
Also cheering US investors was a solid retail sales report, as people spent more at clothing stores, online and on health and personal care.
“The data suggest the US consumer is still standing and in rude health, supported by a still solid labour market, notwithstanding headwinds from tighter Fed policy and uncertainty from upcoming US election,” NAB strategist Rodrigo Catril wrote in a note.
A slew of data will be released from China at 1pm AEDT:
CBA economist Kristina Clifton expects a limited reaction on currency markets “because it is too early to see any impacts of the recent stimulus”.
“We expect Q3 24 GDP will expand by 1.0%/qtr, which is soft by Chinese standards. Weak consumer spending and property has weighed on the economy,” she wrote in a note.
It follows further stimulus news out of China yesterday, with measures to prop up the ailing property sector.
Alicia Barry spoke with Bank of America’s chief economist for Greater China Helen Qiao:
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Here’s what Brian Martin and Daniel Hynes from ANZ Research made of the commodity market reaction to yesterday’s announcement:
Iron ore futures slumped after the latest measures to support China’s property sector failed to shore up confidence.
China’s Housing Minister, Ni Hong, said his department will expand a program to support the completion of unfinished housing projects to CNY 4 trillion.
This is nearly double the amount originally set for this scheme.
China is also weighing up whether to allow banks to issue loans to buy idle land and increase affordable housing support for families with two children or more.
While the focus on reducing inventory is likely to speed up the recovery over the longer term, it will have little impact on steel and iron demand in the short term.
The increasing reliance on stimulus measures to prop up prices is likely to lead to ongoing disappointment for investors.
Good morning! Stephanie Chalmers with you kicking off another day of blogging.
After the ASX 200 closed at (another) record high yesterday, futures are pointing lower.
Yesterday’s jobs numbers, which showed strong jobs growth and steady unemployment, saw some economists push out their forecasts for rate cuts and are still being mulled by many I’m sure.
It was a mostly positive end for the US indices on Wall Street — the Dow hit another high at the close, the Nasdaq also rose very slightly and the S&P had a flat finish, losing one point in the end after losing steam through the session.
