Market Reports

• Australian Market Report: Australia’s sharemarket has wiped most of the week’s gains in two sessions. The S&P/ASX200 fell 82.4 points on Friday, down 0.92 per cent, to 8828.7, as the broader All Ordinaries lost 79.5 points, or 0.87 per cent, to 9047.3..... [more]

• U.S. Market Report: Wall Street was closed on Friday for Juneteenth public holiday..... [more]

• European Market Report: European stocks closed weak on Friday amid cautious moves by investors due to uncertainty about U.S. and Iran securing a lasting peace truce in the Middle East following the abrupt cancellation of talks.... [more]

• Asian Market Report: Asian stocks ended mixed in thin trade on Friday, with markets in mainland China, Hong Kong and Taiwan closed for holidays..... [more]

Australian Business News

• Net overseas migration added 301,000 people to Australia’s population last year, the lowest increase since mid-2022 but still above the pre-pandemic pace..... [more]

• Treasurer Jim Chalmers has been accused of showing contempt for Australians as the Coalition claimed more than half of the public submissions about its controversial CGT changes had not been made available to a committee reviewing.... [more]

• Australian house prices could still fall 10% despite RBA rates hold.... [more]

• Why Australian shares are falling behind the world. Once a global outperformer, the Australian market has struggled to keep pace with international shares and the gap could persist..... [more]

• Centennial's Matthew Kidman says strange things start happening at the end of a bull market - investors should remain nimble and liquid..... [more]

• The Australian Securities and Investments Commission (ASIC) has confirmed active surveillances are underway with respect to private credit across wholesale and retail funds together with multiple enforcement investigations..... [more]

• Insurer wins ‘unfair’ pre-existing condition fight as court slams ASIC..... [more]

• BHP shares (BHP: ASX) fell sharply today after the mining giant revealed a 41% cost escalation at its flagship Jansen potash project in Canada, alongside a multi-billion-dollar impairment charge.... [more]

• Austral Resources (ASX: AR1) says maiden drilling at its Canyon Prospect has confirmed a significant copper oxide system less than four kilometres from the company’s Mt Kelly processing infrastructure in northwest Queensland..... [more]

• Caravel Minerals has increased confidence in the development base for its flagship WA copper project, with an updated ore reserve lifting proved tonnes by 48% while keeping total contained copper broadly unchanged..... [more]

• Aruma Resources chases scale at Ontario copper project as demand pressures build.... [more]

• Queensland's largest gold mine has escaped financial crisis by meeting its self-imposed refinancing deadline, although one expert warns a close watch should be kept on the project..... [more]

• West Wits Mining has kicked the door down on its project funding, executing definitive loan agreements for a ZAR1.115 billion (A$96.7 million) finance package to drive its Qala Shallows gold project in South Africa.... [more]

• EOS Shares Jump 14% Out of Halt: What Was Reported Today.... [more]

• Adelaide's SkyCity casino has been fined $21 million by South Australia's gambling regulator for failing to meet its anti-money laundering and harm minimisation obligations..... [more]

• Wilson Asset Management says proposed changes to capital gains tax (CGT) will encourage investors into higher-yielding assets. In the share market, that means ASX dividend shares, especially those that offer high franking.... [more]

• The AI startup with no AI: Aussie boss jailed for misleading investors..... [more]

• ‘Slavery’: 7-Eleven accused of taking back franchisee stores without compensation. Tense scenes played out inside a 7-Eleven store in Sydney this week, with the corporate giant accused of “unlawful” conduct.... [more]

• KPMG leaked confidential Optus information and surveilled whistleblower’s laptop, inquiry hears. International firm owns up to breach of ethics after staff leaked confidential Optus information while bidding for telco contract.... [more]

World Business News

• Oil prices face fresh wave of volatility amid conflicting reports about Strait of Hormuz reopening and ongoing regional strife.... [more]

• Average US gas price drops below $4 - barely.... [more]

• Bitcoin was headed for weekly losses on Friday, as some uncertainty over U.S.-Iran peace talks and rising interest rates kept markets largely averse towards cryptocurrencies..... [more]

• Warsh’s new task forces give the Fed wiggle room to put off changing rates until December. The new Fed chair has set up five groups consisting of insiders and outside experts to examine practices central to setting interest rates.... [more]

• Intel shares surged 11% Thursday, continuing their meteoric rise after President Trump said that the company had secured a deal to supply chips to Apple..... [more]

• Bob Iger reflects on 10 years of Shanghai Disneyland as it defies the Chinese pullback. Spend a day at Shanghai Disneyland and you wouldn’t know Chinese consumers are struggling..... [more]

• Maryland Gov. Wes Moore said Thursday the state will exercise its right of first refusal to match Churchill Downs Incorporated’s $85 million offer for the intellectual property of the Preakness Stakes and the Black-Eyed Susan Stakes..... [more]

• NBA to begin naming winning bids for Europe teams in the coming months, deputy commissioner says.... [more]

• Why Airfares May Not Fall After the U.S.-Iran Deal. Jet fuel may stay expensive for months, and airlines know travelers are willing to pay more for tickets..... [more]

• Kansas City is betting big. Betting almost $200 million, in fact, that hosting the World Cup will transform this Midwestern hub into a global tourist destination. .... [more]

• The UK borrowed a higher-than-expected £23.3bn in May amid the economic fallout from the Iran war, underlining the fiscal pressures facing Andy Burnham if he takes over as the Labour leader..... [more]

• Brexit cost 6% of UK economy, Bank of England company data suggests.... [more]

• Sterling strengthens on Burnham win, retail sales data.... [more]

• The economic boost from a Heathrow third runway could be a tiny fraction of previous estimates, government analysis shows, while the overall trade-off from the bigger airport could set the UK back by as much as £62.5bn..... [more]

• Lidl opens first-ever pub, The Middle Ale, in ‘milestone moment’ for supermarket chain.... [more]

• Andy Burnham is a political insider turned outsider who aims to be Britain’s next prime minister. The 56-year-old politician presents himself as an amiable northern everyman who prefers T-shirts to a suit and tie.... [more]

• China’s trillion-parameter AI race: how developers strive to narrow gap with US rivals. China’s AI developers deepen push into massive foundation models, backed by lower costs and investor momentum despite US restrictions.... [more]

• ‘We’re all in’: Alibaba’s Joe Tsai makes biggest AI push yet at VivaTech. Tsai lays out Alibaba’s AI playbook: invest across the stack, figure out the winners later.... [more]

• Jio Platforms, the telecom unit of billionaire Mukesh Ambani's Reliance Industries, has announced what analysts say could be one of India's biggest share sales. The company's board has approved a draft prospectus.... [more]

• Ambani Vows Reliance Will Be ‘Indivisible’ Even After Succession.... [more]

• The rupee extended its gains for a second straight session on Friday, closing 7 paise higher at 94.33 against the US ollar as optimism around India-US trade negotiations supported sentiment.... [more]