Market Reports

• Australian Market Report: The Australian sharemarket surged ahead after positive inflation figures in the United States and a bullish local jobs report propelled the benchmark index to within touching distance of its record closing high. The S&P/ASX 200 Index climbed 135.5 points, or almost 1.7 per cent, to 7889.2 at the close – just seven points short of its record set on March 28..... [more]

• U.S. Market Report: The Dow crossed the 40,000 level for the first time on Thursday, notching a fresh all-time high and leading Wall Street gains a day after tepid inflation data bolstered hopes of interest-rate cuts..... [more]

• European Market Report: European stocks closed lower on Thursday, as some disappointing earnings updates outweighed optimism about interest rate cuts, rendering the mood a bit cautious..... [more]

• Asian Market Report: Asian stocks rallied on Thursday after Wall Street's three major indexes notched record closes overnight on optimism that inflation is heading back in the right direction and that there will be two interest rate cuts by the U.S. Federal Reserve in 2024..... [more]

Australian Business News

• Australia’s jobless rate rose more than expected last month as more people looked for work, easing risks of another Reserve Bank rate hike. The unemployment rate in April was 4.1%, seasonally adjusted, compared with a revised 3.9% for March, the Australian Bureau of Statistics said on Thursday..... [more]

• No 'quick fix' to housing crisis warns RBA assistant governor Sarah Hunter.... [more]

• Investing wisdom from 40 years of Morningstar. To celebrate Morningstar’s 40th anniversary, we share our best investing insights.... [more]

• The superannuation system is a key asset for helping people fund their retirement. But with all of this inflation, investors may wonder if their nest egg is still on track. For many people, the retirement phase of their lives can be many years, perhaps decades. Therefore, we need to ensure the superannuation balance lasts as long as possible..... [more]

• The top-performing area of the ASX over the last 10 years. In this wire, Auscap's Tim Carleton shares why the firm has decided to launch an ASX Ex-20 Fund..... [more]

• Industry superannuation funds Vision Super and Active have announced they are aiming to merge on 1 March, next year. The two funds announced today they had signed a successor fund transfer deed with Vision Super to be the successor fund with the result being an entity with around $29 billion in funds under management and 170,000 members..... [more]

• Is IPO mania back for the ASX? Sun Silver jumps 100% on first day of listing.... [more]

• South Australian oil and gas giant Santos is cutting 200 jobs, blaming a delay in “growth activities” for the cull. The ASX-listed $25bn producer announced the retrenchment on Wednesday, with most impacted roles centred in the company’s Perth office..... [more]

• The chief executives of Australia’s largest hydrogen and critical minerals companies say a $22 billion budget boost will supercharge the nation’s competitiveness in the race for global capital, fuelling a clash with the Coalition over taxpayer support for the sectors..... [more]

• GreenTech, Anax set to forge dynamic Pilbara copper duo.... [more]

• Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) announced the appointment of Timothy Armstrong as a non-executive director with immediate effect. Armstrong is an institutional advisor at Prenzler Group, a Sydney-based boutique broker and advisory firm, and he previously worked in financial PR in Australia and London..... [more]

• The Walkley Foundation will not renew its major sponsorship deal with the fossil fuel company Ampol after changing its donation policy to sever ties with companies whose dealings “offer no tangible benefit to humanity”. Ampol’s two-year platinum sponsorship is understood to be worth several hundred thousand dollars and was the top sponsorship tier funding the national Walkley journalism awards..... [more]

• Fuel efficiency standards, PRRT changes pass Senate as Labor dumps offshore gas bill.... [more]

• Atomo Diagnostics (ASX:AT1) says the just announced Federal Budget will significantly support HIV Self-Testing in the country, and will be a big tailwind for its business. The Government announced on Tuesday that people with or at risk of HIV will receive unprecedented support of $43.9 million through better prevention, testing, workforce training and information..... [more]

• Singular Health Group’s biggest shareholder has reaffirmed its belief in the med-tech company by splashing more cash into its kitty, adding another $770,000 to the major investment it made back in November..... [more]

• The Victorian government has invested $37 million from its Breakthrough Victoria venture capital fund in a US satellite imagery and space tourism company. The company, Arizona-based World View, is selling tickets for near-space tourist flights from the Great Barrier Reef but has yet to receive approval for that venture..... [more]

• Cromwell jumps 3.8% as it sells Polish retail fund on a stellar day for real estate.... [more]

• A contentious battle to redevelop a $27.5 million property once owned by former business mogul Alan Bond is back in the public spotlight, with neighbours now bringing lawyers to council meetings to fight back against the development plans..... [more]

• University of Western Australia forced to back pay staff more than $10m in super payments.... [more]

• Opinion - Stephen Bartholomeusz: Wall Street just got very excited about this data. But there’s a but. At last, there’s a glimmer of good news from an inflation front in the US that for much of this year looked threatening..... [more]

• Opinion - Elizabeth Knight: Why house prices will stay stronger for longer.... [more]

• Analysis - Carl Capolingua: US stocks are breaking records, so how high can Australian shares go? On Thursday several key US stock indices surged to record highs. The catalyst was a better than expected Consumer Price Index (CPI) reading for April that showed inflation in the USA moderated by a larger than expected margin..... [more]

World Business News

• The Supreme Court on Thursday rejected a conservative-led attack that could have undermined the Consumer Financial Protection Bureau. The justices ruled 7-2 that the way the CFPB is funded does not violate the Constitution, reversing a lower court and drawing praises from consumers..... [more]

• The chorus of voices warning about the dangers of record US government debt is growing louder. In the past 24 hours, JPMorgan (JPM) CEO Jamie Dimon and Ray Dalio, founder of the world’s biggest hedge fund, have weighed in with concerns about America’s debt pile..... [more]

• UPS taps Goldman Sachs to manage its $43.4 bln pension funds.... [more]

• The average rate on a 30-year mortgage in the U.S. fell for the second straight week, giving some relief to home shoppers already facing sky-high prices and a shortage of supply. The average 30-year rate fell to 7.02% from 7.09% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.39%..... [more]

• The state of Wisconsin purchased $163 million in bitcoin ETFs in the first quarter.... [more]

• Wayfair to open its first large store, as physical locations make a comeback.... [more]

• Here's what 10 analysts have to say about Netflix ad tier. Netflix (NASDAQ:NFLX) announced Wednesday that it will team up with The Trade Desk (NASDAQ:TTD), Google (NASDAQ:GOOGL) Display & Video 360, and ad-tech firm Magnite to accelerate automated ad buying..... [more]

• Walmart Inc. reported another quarter of strong results Thursday as its low prices pull in shoppers scouring for discounts with inflation stubbornly high. The nation’s largest retailer, based in Bentonville, Arkansas, also offered an upbeat outlook. Share rose more than 6% in early afternoon trading..... [more]

• Under Armour is laying off workers as retailer says North America sales will plunge this year.... [more]

• The U.S. Justice Department on Thursday unveiled a historic proposal to ease restrictions on marijuana, a rule that if enacted would also enable more research on its medicinal benefits. The proposal, first announced in April, would reclassify cannabis from a so-called schedule one drug to a schedule three..... [more]

• U.A.W. Effort to Organize Mercedes Workers in Alabama Has High Stakes. Southern political leaders say a win for the United Automobile Workers would threaten their economies. Activists want to strike a blow against a system they say exploits the poor..... [more]

• Nvidia stock can't keep soaring forever, and the chip behemoth will eventually suffer as demand for its GPUs softens, according to DA Davidson analyst Gil Luria. Luria told BNN Bloomberg on Tuesday that Nvidia probably won't see a meaningful decline over the short term..... [more]

• Boeing supplier Spirit AeroSystems to lay off about 400 employees, memo says.... [more]

• 2 brothers were just charged by the Justice Department over a $25 million crypto heist that took 12 seconds.... [more]

• E.U. Investigates Meta Over Addictive Social Media Effects on Children. The American tech giant’s platforms, Facebook and Instagram, may “exploit the weaknesses and inexperience of minors,” the European Commission said..... [more]

• More than half a million firms in Britain are in “significant” financial distress, with thousands facing insolvency over the coming months as Britain’s economy continues to stutter, a new report has said. Begbies Traynor, one of the UK’s biggest insolvency practitioners, said firms continued to struggle with the same pressures as last year, such as high interest rates, brittle consumer confidence and high levels of debt accrued during the pandemic..... [more]

• Union warns of threat to Harland & Wolff jobs if Treasury vetoes £200m support .... [more]

• Morrisons has received backlash from angry farmers as it trials the sale of New Zealand lamb instead of 100% British lamb in 39 of its stores. The supermarket says the move is due to customer demand for cheaper prices. "The blunt commercial reality is that New Zealand lamb is cheaper to source", it said in a statement, adding that its butchers' counters will still sell British lamb..... [more]

• Meet the enigmatic Czech billionaire who wants to buy Britain’s Royal Mail .... [more]

• The UK’s financial watchdog has charged seven reality TV stars, including former Love Island contestants and cast members from The Only Way is Essex (Towie), with promoting an unauthorised foreign exchange trading scheme on Instagram. The Financial Conduct Authority (FCA) has brought charges against nine people in a crackdown on “finfluencers” who have a total of 4.5m followers on the social media platform..... [more]

• German experts cut their tax revenue forecasts for 2024-28 by 1.5%.... [more]

• Tesla (TSLA.O) got the go-ahead for an expansion of its German factory in Gruenheide near Berlin from the local council on Thursday despite protests against the U.S. electric vehicle maker's plans. The green light from the Gruenheide council is just the first in a series of hurdles Tesla needs to clear before being able to start its expansion to add logistical spaces including a train station. The expansion must also be approved by local environmental authorities..... [more]

• The Big Tariff era is here. Biden’s 100% tariffs on Chinese EVs show free trade is dead and protectionism now the consensus economic policy of both US political parties .... [more]

• Ping An Insurance Group Co. is weighing options that would allow it to reduce its 8% stake in HSBC Holdings Plc, according to people familiar with the matter. One option an internal team at the Chinese insurance giant is considering is further share sales, similar to the $50 million sale it disclosed last week, as it seeks to reduce its $13.3 billion position in Europe’s largest lender, the people said, declining to be identified as the deliberations are private..... [more]

• JD.com’s first-quarter sales beat estimates as price cuts pay off for e-commerce giant.... [more]

• Staff at Singapore Airlines have been told to prepare for a mighty pay packet this year after a massive year of profits for the company. Singapore Airlines reported a record annual profit of S$2.67 billion (A$2.97 billion) for the fiscal year 2023-2024, marking a whopping 24 per cent increase from the previous year..... [more]

• Japan’s economy contracts in first quarter .... [more]

• Vodafone Idea (VODA.NS) India's third-largest telecom operator by subscribers, missed analysts' estimates for quarterly revenue on Thursday, hurt by its shrinking user base. The company's consolidated revenue rose 0.7% to 106.07 billion Indian rupees ($1.27 billion) for the quarter ended March 31, compared with LSEG estimates of 107.15 billion rupees..... [more]