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Market rally hits a wall on China growth and US inflation fears
Worries about China and hotter-than-expected business activity in the United States have ended a record-breaking rally in equities and commodities markets.
- Opinion
- Chanticleer
Goldilocks v the bears: Four worries that may stop markets rising
Chanticleer has surveyed the arguments from six bears who see cracks in the bullish narrative pervading markets. Here’s what could go wrong from here.
- Exclusive
- Start-ups
‘If you don’t like it, get a job at a bank’: Canva boss
The design software giant’s all-singing, all-dancing debut event in Los Angeles came with a host of new features – and rumblings of a cost to its tired staff.
- Live
- Markets Live
Miners drag shares lower; Perpetual lifts Star stake, gold falls
ASX traders sell miners. Japan inflation cools. Strong US manufacturing data sinks stocks, lifts bond yields, USD. Macquarie lifts copper forecasts. Nvidia leaps 9.3pc. Follow here.
Harvard graduates walk out of ceremony in Palestine protest
Anger at the Ivy League university’s decision to bar seniors from a graduation ceremony over pro-Palestine demonstrations on campus boiled over.
Minters picks up seven partners in PwC raid
MinterEllison is set to hire seven consulting partners from PwC in the largest single raid on the big four consulting firm since the tax leaks scandal.
- Live
- Need to Know
Israel to increase military operation in Rafah after civilians flee
Israel will expand its military operation against Hamas in Rafah, saying one million civilians have moved out of the city. Follow updates live.
Rally hits a wall | Canva’s Wall St plan | Four market worries
review
China’s curse is to raise hopes and dash them
In her book “Wild Ride”, an American journalist details her life in China as it opened to the world, then regressed back to an oppressive, inward-looking regime.
- Opinion
- Global economy
Why the most widely predicted recession was a no-show
US economists were misled by false signals, including a short banking crisis, an oil-price spike and resilient consumer spending.
- Analysis
- Australian economy
Long-term growth is more vulnerable than it looks
The rise of anti-science movements pose the greatest economic threats since the industrial revolution, writes a former deputy RBA governor.
- Opinion
- Leadership lessons
From Lego to McKinsey, bureaucratic managers hurt companies
Big business executives are allowing themselves to be used to deliver social benefits governments can’t.
The truth behind the dead internet theory
Up to half of all internet traffic could be driven by bots, where computer programs generate posts that are liked or reposted by other programs.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
Why Bendigo Bank shares are up sharply this month
Bendigo’s senior management briefed analysts and investors on a new four-year strategy, which includes a new lending platform and push into business lending.
Put more on the table, Anglo investor to BHP
Fund manager Ninety One, the target company’s seventh-largest shareholder, would like to see a deal, but says BHP isn’t there yet.
Fears Eraring subsidies will need to be extended
Keeping the country’s biggest coal-fired power station open until 2027 has raised questions about whether it will be needed to keep the lights on into the 2030s.
BHP sticks to its guns as Anglo’s resistance softens
BHP says it has “made progress” on assuaging Anglo American directors’ concerns about the substance of its $75 billion takeover bid. BHP now has until May 29 to lob a binding offer.
Bank users face extra $370m in fees to keep rural branches open
The costings come as a Senate probe into the impact of branch closures on regional communities prepares to report on Friday.
Blow for Bain and Accolade Wines as growers reject grape deal
The wine group says the contract has been handicapping it for years in an oversupplied market, as investors in smaller player Australian Vintage brace for bad news.
Optus sued by regulator for breaches in 2022 cyberattack
The communications regulator has filed a lawsuit in the Federal Court claiming Optus did not protect customers’ information before it was struck by a cyberattack.
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Markets
Gorman to step down as Morgan Stanley chairman at year-end
The Australian-born James Gorman has announced he will step down after a 20-year run in which he transformed Morgan Stanley.
Investors bet that Nvidia will leave Magnificent Seven rivals behind
Another stunning result from the US chipmaker has prompted calls that Nvidia is on its way to becoming the largest company on the planet, leaving the other tech giants in its wake.
What happened overnight? Dow hit by Boeing, broad selling even as Nvidia soars
May purchasing manager data bolsters the Fed’s higher rates for longer stance for now. Boeing drops. Nvidia leaps 9.3pc.
Xero shares surge after profits beat expectations
Accounting software player Xero beat profit expectations following chief executive Sukhinder Singh Cassidy’s year of “foundational change”.
Virgin Money shareholders back $5.5b Nationwide takeover
Britain’s sixth-biggest bank, which is half-owned by Australian shareholders, will now exit the ASX and London Stock Exchange.
Opinion
Both sides are pushing buttons on migration, one is being more subtle
Migration long ago became a lazy method, adopted by both sides of politics, to generate growth in the absence of any reform or productivity agenda,
Political editor
What will fill the Tory-shaped hole in British politics?
Just as in Anthony Albanese’s blue-collar rhetoric, Brexit has pushed Keir Starmer’s Labour away from Tony Blair’s post-class modernisation and globalism.
Editorial
There’s a super-sized hole in the budget. Here’s why
The forecast bounce in the tax take on superannuation will not happen because we’ve massively overdone the concessions that take from poorer and give to richer Australians.
Economist
The cold war for Australia’s critical minerals future
Despite signalling Labor’s support for aligning with the US on economic security, Madeleine King is likely to want to keep the Chinese investment spigot open.
Editorial
There is no Blair-mania about UK Labour leader Keir Starmer
The Conservative government – now on its fifth prime minister since 2010 – has been a pointless charade for months now. What exactly a Labour government will mean is much less clear.
Bloomberg columist
Why Olivia Wirth’s top Myer role is a governance fail
Myer’s decision to appoint Olivia Wirth as executive chair and CEO has stunned corporate governance experts but has the full support of Solomon Lew.
Columnist
Reports
The future of financial advice
This special report looks at options to make financial advice more accessible and affordable, including robo-advice, as well as tips for the new financial year.
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‘Super-sized hole’ in budget as Treasury revises tax take
Treasury has cut $11 billion from its four-year estimates of revenue from superannuation taxes, as “overly large tax concessions” keep benefiting the richest retirees.
No time for ‘denial and delay’: PM starts second-term pitch
Anthony Albanese will use his second anniversary in office to urge voters to stick with Labor for another term, rather than vote for the Coalition and return to the era of conflict fatigue.
- Exclusive
- Industrial relations
Qld union’s 13pc pay rise may spoil energy relief
One of the biggest first-year pay rises in the country could add 30 per cent to costs, as Labor rolls out $1300 in household energy relief ahead of the October state election.
Labor and Coalition warned against ‘quick fix’ immigration cuts
The Coalition will have to cut visa places for health, education, aged care and tourism sectors as part of efforts to slash overseas arrivals.
New tax hit could push up cost of your dentist visit
Patients accessing dental services in large medical clinics around the country face possible price hikes from new payroll tax liabilities being imposed by state governments.
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World
Sunak stumbles on Rwanda migrant plan as campaign kicks off
The prime minister conceded he cannot introduce promised signature policies on deporting asylum seekers before the July 4 election, as campaigning got under way.
- Analysis
- China relations
More China ‘punishment’, but Taiwanese have seen it all before
In the streets of Taipei, people appeared sanguine as they went about their daily lives, but then the Taiwanese are used to looming threats from their gigantic neighbour, writes Jessica Sier.
China sends warships, jets to ‘punish’ Taiwan
Chinese fighter jets have carried live missiles and warships encircled Taiwan in a show of force to “punish” the self-ruled democracy’s new president.
Trump taps Texas oil tycoons in bid to close the cash gap with Biden
The former president, whose campaigning has been restricted by his criminal trial in New York, has attended fundraisers in Houston and Dallas.
- Analysis
- UK election
Drenched Sunak’s gamble to avoid electoral drowning
On the steps of Downing Street, a rain-soaked Sunak was drowned out by Tony Blair’s victory anthem. It was hard to see past these harbingers of imminent defeat.
Property
- Exclusive
- South-east Queensland
Miles gives in to councils with $350m bid to fast-track housing
The Queensland premier will unveil a new fund to fast-track housing development in urban areas across the state, incentivising developers to transform industrial zones and low-density suburbs.
- Exclusive
- Luxury property
Rich Lister behind Lego movies buys $12m Byron digs
Animal Logic co-founder Zareh Nalbandian has paid $12 million for a Byron escape after selling his animation studio to streaming giant Netflix.
Coles property boss says building woes could force up grocery prices
Coles property boss Fiona Mackenzie says not being able to deliver new supermarkets as planned could force up the prices of grocery items.
Home buyers pay up to 53pc more for a ‘green’ home
Properties with eco-friendly attributes such as solar and double glazing are selling faster for more, according to Domain.
Property fund manager’s stock pops as it says goodbye to Europe
In a transformational deal, long struggling Cromwell has sold out of its European exposures, sending its stock surging as investors welcomed the move.
Wealth
- Opinion
- Superannuation
How to claim a $157,000 tax deduction while turbocharging super
Anybody who can make extra concessional contributions of this magnitude should seriously consider doing so.
- Opinion
- Superannuation
‘It’s my money’ attitude leading to illegal super withdrawals
Early release of super is only supposed to allowed as a last resort. So why are so many people being approved to use it for dental work?
I’m a risk-taker but he plays it safe. How do we invest as a couple?
Mismatched risk appetite is a common problem in relationships. How can couples get over this hurdle when investing together?
Technology
Tech industry pushed to shut down market for sexual AI deepfakes
Joe Biden is pushing the tech industry and financial institutions to shut down a market of sexual images, many of celebrities, made with AI technology.
Replica Ozempic ban could deny thousands ‘life-changing medication’
Healthcare start-ups say the ban is a step too far and risks leaving tens of thousands of Australians without the medications they need.
Australian Open champ backs Melbourne composting start-up
The Funded blog is the home for news on the tech deals that are done in Australia, as soon as we hear about them.
Work & Careers
‘There is no work-life balance’ for Ange Postecoglou
How does the Tottenham manager balance the Premier League with being a father and husband? He doesn’t.
What the state of your desk says about your work
Whether you have a Jane Austen or Bill Gates type ordered desk or a Steve Jobs or Albert Einstein messy desk, might explain the way you think and work.
Life & Luxury
Movie review: Furiosa – drives hard but takes too many wrong turns
George Miller’s latest Mad Max film is bogged down by the gruesome particulars of his post-apocalyptic world – and Chris Hemsworth’s wooden acting.
- Driving With Tony Davis
- Motoring
What it’s like to drive an $11.5m hypercar in the hills of Emilia-Romagna
It pays not to think of the cost of Pagani’s Huayra Codalunga when dodging mad Italian motorists on winding roads: it performs like a full-on race car.
Is this the cutest restaurant on water? Sea foodies seem to think so
An energetic and animated chef keeps fine dining lively on the ocean.
On your next cruise, try a magical night offshore you won’t forget
Thanks to the growing popularity of cruising, luxury lines are coming up with ever-more exotic excursions on land – especially after sundown.
How belly fat can predict our future - and longevity
We need to be less obsessed with our outward appearance and treat our inner self with the respect it needs and deserves.
