Market Reports

• Australian Market Report: The sharemarket had its largest one-day fall in seven weeks on Friday, wiping out more than $40 billion as financial stocks. The downward tide erased Thursday’s 1% gain. The Australian dollar was trading at US72.26¢ at 4.20pm .... [more]

• U.S. Market Report: The S&P 500 and the Nasdaq touched fresh peaks on Friday, boosted by gains in Nvidia and other technology stocks, while a stronger-than-expected jobs report allayed ​concerns over the state of the labor market..... [more]

• European Market Report: The major European markets finished under water again on Friday for a second straight session, opening firmly lower and then remaining in the red throughout the trading day to end at session lows..... [more]

• Asian Market Report: Asian stocks declined on Friday as renewed hostilities between the U.S. and Iran lifted crude oil prices and revived inflation worries..... [more]

Australian Business News

• Tuesday's budget will include a migration overhaul, tax relief for small businesses and fresh efforts to cut red tape, in a push Treasurer Jim Chalmers says will save businesses money and boost Australian living standards..... [more]

• Next week’s federal budget will include $64bn in net savings, the Albanese government’s finance chiefs say. Finance Minister Katy Gallagher said on Friday that Labor had scraped together the savings by reprioritising funds.... [more]

• Tech entrepreneurs warn removing CGT discount will be 'disastrous' for startups and small business. When Paul Bassat, the high-profile co-founder of job ad website Seek, warned on LinkedIn that the Albanese government's plan.... [more]

• Should some of Australia’s more than 1 million family and small business trusts face higher taxes in future, bringing them closer to what ordinary wage earners already pay in income tax?.... [more]

• ‘Double the tax’: Finance guru Mark Bouris’ grim tax reform warning revealed. Next week’s federal budget could fundamentally reshape how all Australians build wealth – and not in a good way, a finance expert warns..... [more]

• Geoff Wilson warns tax changes could “slaughter” young investors. Australians under 40 could be hit with “double taxation”, crushing their money and home ownership dreams, while mums and dads cop the blame..... [more]

• Housing downturn possible as demand softens and rates kick in, Cotality warns.... [more]

• QBE Insurance Shares Slide Despite Strong Update: The Details.... [more]

• A bumper result for Macquarie Group’s commodities business has underpinned a full-year profit of $4.8 billion for investment group, and delivered a $35.4 million pay packet to the executive in charge of the division, Simon Wright..... [more]

• CSLR pressure – 79% of advisers planning to lift fees.... [more]

• Westpac Shares Dip as Ex-Dividend Trading Triggers Pullback.... [more]

• HESTA cuts new deal with AIA Australia, cuts fees.... [more]

• Investors face the sober truth about alcohol-related shares. In investing terms, the notion of alcohol being the ultimate defensive sector is fast losing its froth..... [more]

• ChartWatch ASX Scans: CSL, BHP, Rio Tinto, Mineral Resources, Iluka Resources, Nextdc, Global X Artificial Intelligence ETF.... [more]

• ADX Energy has bolstered the potential of its Austrian exploration campaign, sniffing out six additional gas-bearing intervals after a tactical decision to push the HOCH-1 well deeper than originally planned..... [more]

• Asara Resources raises $60M to fast track Kada gold exploration.... [more]

• Northern Territory taxpayers could be hit with a $75 million bill if a key player in the Beetaloo Basin defaults on its long-awaited fracking project. The contingent liability was detailed in the NT budget this week for the first time.... [more]

• Healthcare robotics enters its next phase as GI systems gain momentum.... [more]

• ASX-listed Amplia Therapeutics is aggressively broadening its clinical reach, unveiling a major new collaboration to throw its lead drug candidate, narmafotinib, into the ring against ovarian cancer..... [more]

• Analysis - Tyger Fitzpatrick: Why are ASX gold miners overvalued despite a near record gold price? All that glitters is not gold..... [more]

• Opinion - Millie Muroi: Michele Bullock has made a bold move – and it’s not the rate rise. Reserve Bank governor Michele Bullock is pretty good at holding a line. .... [more]

• Opinion - Sebastian Bowen: The best way to invest in AI on the ASX. Investing in AI is risky, but here's how you can mitigate the risks..... [more]

World Business News

• The Iran war has broken the oil market’s $100 barometer. As refiners chase profits, a better way to gauge the oil shock’s impact in America right now is through the price of gas and other oil products.... [more]

• U.S. employment increased more than expected in April, pointing to labor market stability and reinforcing expectations the Federal Reserve would keep interest rates unchanged for some time as the war with Iran fans inflation..... [more]

• Consumer sentiment continued to decline this month, reaching a fresh record low as the war in Iran drags on, keeping energy prices elevated. The University of Michigan’s latest consumer survey.... [more]

• U.S. Trade Representative Jamieson Greer said on Friday the Trump administration expects to prevail in an appeal of the ​Court of International Trade's ruling against its temporary 10% global tariffs ‌to replace duties struck down.... [more]

• Trump’s $1 million ‘Gold Card’ fails to catch on among the world’s wealthy.... [more]

• Top solar companies, banks and insurers have stopped doing business with at least a half dozen recently built U.S. panel factories because of uncertainty over whether their ties to China could disqualify them from clean-energy.... [more]

• Cisco Systems options trading surges to over 100,000 contracts.... [more]

• Uber-backed Lime plans IPO as debt concerns mount for the e-scooter maker. Investors will soon be able to invest in an e-bike and e-scooter pure play again, following Bird’s turbulent prior run on the public market.... [more]

• Cava Group options trading surges to 12,925 contracts.... [more]

• Intel (INTC.O), has reached a preliminary deal with Apple to make some of the chips that power the iPhone maker's devices, the Wall Street Journal reported on Friday, in ​a major boost for the chipmaker.... [more]

• Meta’s Embrace of A.I. Is Making Its Employees Miserable. As it adapts to the artificial intelligence era, the company is pushing many of its 78,000 workers to use the technology, and preparing to lay some of them off..... [more]

• How Planet Fitness lost its way in the increasingly competitive gym market. Planet Fitness acknowledged marketing missteps and showed slower growth in the crucial first few months of the year.... [more]

• Fitness wearable Whoop to offer on-demand clinician access to U.S. users.... [more]

• Some Unilever (ULVR.L), investors ​are pressing for the giant food entity created by a $65 billion deal with U.S. peer McCormick (MKC.N), to adopt the standards on ‌forestry and sustainabilty more broadly.... [more]

• Coinbase chief executive Brian Armstrong has informed employees in an early morning message that the cryptocurrency exchange would eliminate roughly 14 per cent of its workforce — about 700 jobs.... [more]

• FIFA triples price to $32,970 for its best available tickets to the World Cup final.... [more]

• Argentina analysts hike up 2026 inflation, trim growth forecasts in central bank poll.... [more]

• Trump walks back threat to rip up part of EU trade deal but tells bloc to ratify by 4 July. US president expresses impatience at speed of EU’s implementation and warns of ‘much higher’ tariffs.... [more]

• UK government borrowing costs fell and the pound rose on Friday as Keir Starmer vowed to remain as prime minister despite the Labour party losing hundreds of council seats across England..... [more]

• Bank of England's Bailey sees 'wrestle' with US on stablecoin regulation.... [more]

• British Airways fares will rise to try to recoup most of a €2bn (£1.7bn) hit in fuel costs this year, its parent group has said, adding that the Iran war will dent profits..... [more]

• Amazon delivers its first UK parcels by drone.... [more]

• Britain's pub industry is facing a deepening crisis, with an average of two establishments closing their doors every day during the first three months of the year. New figures reveal.... [more]

• Poland has signed its loan agreement under a European Union defence financing programme, securing 43.7 billion euros to strengthen ​its military as the bloc steps up efforts to ‌boost security amid heightened geopolitical risks..... [more]

• Campaigners drop bid to make Swiss National Bank hold bitcoin.... [more]

• French prosecutors are seeking charges against Elon Musk and his social platform X.... [more]

• Italy's biggest bank Intesa Sanpaolo (ISP.MI), on Friday reported better-than-expected quarterly earnings and ruled out any moves on Generali (GASI.MI), as speculation around the future of the insurer intensifies..... [more]

• Alarmed ASEAN leaders adopt crisis plan to mitigate backlash from Middle East war..... [more]

• A key company behind Thailand’s national AI effort is suspected of helping to smuggle billions of dollars worth of Super Micro Computer Inc. servers containing advanced Nvidia Corp. chips to China, with Alibaba Group Holding Ltd..... [more]

• Leapmotor, one of China’s strongest-performing electric vehicle (EV) makers this year, has taken a major step towards building cars locally for European customers after agreeing with shareholder Stellantis to add a line.... [more]

• Hong Kong secures US$3.5 billion to fund Northern Metropolis and green projects.... [more]

• Rupiah rout stoking fears of a 1997 repeat in Indonesia. Indonesia reaches for capital controls after rupiah hits record low amid investor fears of fiscal drift and poor governance.... [more]

• Japanese video-game maker Nintendo raises Switch 2 price, forecasts lower profits.... [more]

• Japanese electronics and entertainment giant Sony Group Corp. reported a 3.4% drop in its annual profit but projected Friday a comeback to record profits for the current fiscal year..... [more]

• Trump’s tariffs hit Toyota profit, though its global sales grew.... [more]

• Hyundai Motor India targets 8–10% domestic sales growth as tax cuts boost demand.... [more]