Morning business roundup

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Read a sample of the Morning Business Roundup from today.

Market Reports

  • Australian Market Report: The Australian sharemarket fell amid a sell-off in energy and healthcare stocks over fears economic figures to be released this week may show an uptick in inflation, and put pressure on the Reserve Bank to lift interest rates. The S&P/ASX 200 slumped 60.7 points, or 0.8 per cent, to 7735.3 at the close..... [more]

  • U.S. Market Report: The blue-chip Dow hit a one-month high in a broad-based rally on Monday, as investors rotated out of AI-linked stocks, while focus turned to a key inflation print later in the week to sharpen bets around interest rate cuts this year..... [more]

  • European Market Report: European stocks closed on a firm note on Monday as bond yields dropped and investors digested some corporate news, while looking ahead to fresh economic data, the U.S. Presidential debate, and France's snap parliamentary polls..... [more]

  • Asian Market Report: Asian stocks retreated on Monday as investors awaited U.S. inflation data and comments from Fed officials for additional clues on the outlook for interest rates..... [more]

Australian Business News

  • Minerals-rich WA is Australia’s proverbial boomtown, with a rich economy pulling in a growing swell of Australians and international migrants eager to “go west” and live the good life. Commonwealth Bank’s latest quarterly economic report on each state and territory and how they stack up against each other shows mining-heavy WA far ahead on key metrics like unemployment, private sector growth and state final demand, which calculates internal economic activity by stripping out exports..... [more]

  • Business leaders, unions push for all Aussies to get five weeks of leave. The renewed push comes as unions unite to campaign for the National Employment Standards to be updated with provisions to give employees five weeks of leave..... [more]

  • Australian housing is twice as expensive as the US. A new report suggests Australian housing is twice as expensive as that of the US and UK on a price-to-income basis. It also reveals that it’s cheaper to live in New York than most of our capital cities..... [more]

  • The 10 most overbought and oversold ASX 200 stocks – Week 25. The most oversold list reads like a graveyard of heavyweight lithium miners, including Mineral Resources, IGO and Pilbara Minerals..... [more]

  • Spotlight on the highest-yielding LICs and LITs. Because consistency is also key, we also looks at those with the lowest levels of volatility over 12 months.... [more]

  • 3 cheap Wide Moat stocks in a divided industry. All but a couple of shares in this industry have sold off. Our analysts think these three high quality companies have fallen too far..... [more]

  • Mineral Resources (ASX: MIN) has been on a relentless downtrend, shedding nearly 30% of its value since late May and down 19 out of the last 22 trading sessions..... [more]

  • Traditional owners in Western Australia's Pilbara have called for a state government inquiry into Fortescue Metal Group's (FMG) Solomon Hub iron ore mine over cultural and environmental concerns. It is the latest battle in the ongoing dispute between the Pilbara's Yindjibarndi Ngurra Aboriginal Corporation (YNAC) and Andrew Forrest's FMG..... [more]

  • American West nails $18.8m royalty deal for Canadian copper.... [more]

  • Lithium stocks have been in the doghouse for the past few months as prices have hovered at low levels, but there’s never any shortage of enthusiasm when the EV metal to rule them all is involved. Pilbara Minerals (ASX:PLS) gave a boost of confidence to the market by utilising a US$1500/t SC6 price in an expansion study on taking its Pilgangoora mine from a current 620,000tpa to ~2Mtpa, albeit at a 5.2% Li2O basis, from 2028..... [more]

  • Department store giant Myer has proposed a potential tie-up with the Solomon Lew-backed Premier Investments apparel business to “create one of the leading retail and apparel companies across Australia and New Zealand”. Under the proposed merger announced on Monday morning, Myer would acquire Premier’s Apparel Brands..... [more]

  • Luxury retailer Cettire drops 40% amid challenging market conditions.... [more]

  • Labor has promised to legislate massive new fines for breaches of the grocery code of conduct, which would be made mandatory under changes proposed by Craig Emerson’s independent review. On Monday the Albanese government will announce it is adopting in full the recommendations of Emerson’s report on the code, an interim version of which was released in April amid consumer and supplier complaints about soaring supermarket profits..... [more]

  • Over $100 million of GYG shares sold by insiders on day one. Should investors be worried?.... [more]

  • The chief executive of IGA operator Metcash has questioned the high penalties proposed under a revamped mandatory code of conduct, which he said would not directly result in lower shelf prices for consumers who are shopping around to get value for money..... [more]

  • Proteomics International Laboratories has sealed a new deal with medical diagnostics company Eurobio Scientific to distribute its predictive “PromarkerD” test for diabetic kidney disease (DKD) in France. Under the five-year deal, with an option to extend for a further five years, Proteomics will receive a payment for each PromarkerD kit sold..... [more]

  • Air compressor company Sprintex expands into Turkey with ESG bent.... [more]

  • The Kerry Stokes-controlled Seven West Media will make up to 150 jobs redundant as it grapples with a weak advertising market and braces for the end of a lucrative commercial deal with Meta. The cuts come after the network flagged further cost-cutting exercises in February, by then-chief financial officer Jeff Howard and former chief executive James Warburton..... [more]

  • The debts of a collapsed group of NSW businesses have blown out to almost $23 million, while other subsidiaries have quietly gone under in recent weeks. News.com.au reported in April that a western Sydney factory had closed down and all workers had been terminated on the spot..... [more]

  • An international hacking syndicate is allegedly responsible for stealing millions of customer records in cyber attacks on Pizza Hut, an Indonesian e-commerce site and now, Ticketmaster. Only one member has ever been prosecuted over the group's activities..... [more]

  • ASIC denies undermining and obfuscation. The Australian Securities and Investments Commission (ASIC) has hit back at claims by a key Parliamentary Committee that it has sought to undermine the work of the committee or to obfuscate..... [more]

  • Opinion - Elizabeth Knight: How Lew is lining himself up to be the ultimate winner.... [more]

  • Opinion - Stephen Bartholomeusz: The multitrillion-dollar threat that could spark another financial crisis. Ever since the 2008 financial crisis, financial regulators have been concerned about the rate of growth in the non-bank, or shadow banking, sector and the risks that growth might pose to financial systems..... [more]

World Business News

  • The oil market is at risk of a supply shortage as peak demand is still 10 years away, Goldman Sachs says.... [more]

  • Bank of America analysts predict a potential surge in gold prices, with estimates reaching $3,000 per ounce within the next 12-18 months. However, they acknowledge current market flows don't necessarily support this price point..... [more]

  • The Biden administration is announcing new steps to increase access to affordable housing as still-high prices on groceries and other necessities and high interest rates have dramatically pushed up the cost of living in the post-pandemic years..... [more]

  • ‘It’s All Happening Again.’ The Supply Chain Is Under Strain. As Houthi rebels intensify strikes on vessels headed for the Suez Canal, global shipping prices are soaring, raising fears of product shortages and delays..... [more]

  • Big U.S. lenders are expected to show they have ample capital to weather any renewed turmoil during this week's Federal Reserve health checks, but will be conservative on investor payouts amid economic and regulatory uncertainties, analysts said..... [more]

  • Fearing Losses, Banks Are Quietly Dumping Real Estate Loans. If landlords can’t pay back loans on office buildings, the lenders will suffer. Some banks are trying to avoid that fate..... [more]

  • Novo Nordisk to build $4.1 billion North Carolina facility to boost output of Wegovy, Ozempic.... [more]

  • Shares in Affirm Holdings (NASDAQ:AFRM) were up 11.5% on Monday, snapping a six-day losing streak, after Goldman Sachs upgraded its rating to buy and raised its price target. Goldman cited the fintech company's competitive underwriting compared with rivals and "well managed credit outcomes" despite faster growth as reasons for the upgrade..... [more]

  • Nvidia share slide erases $500bn in market value. Chipmaker’s shares have fallen 15% since Thursday, ending brief stint as world’s most valuable company last week.... [more]

  • A U.S. appeals court on Monday tossed out a proposed class action claiming Uber Technologies' (UBER.N) policy of terminating drivers with low passenger ratings is racially discriminatory. The San Francisco-based 9th U.S. Circuit Court of Appeals said Thomas Liu, a driver who filed the 2020 lawsuit, had not provided any evidence showing that Uber kicked non-white drivers off its app at a higher rate than white drivers with low ratings..... [more]

  • Under Armour to pay $434 million to settle lawsuit over sales disclosures .... [more]

  • Big record companies are suing artificial intelligence song-generators Suno and Udio for copyright infringement, alleging that the AI music startups are exploiting the recorded works of artists from Chuck Berry to Mariah Carey. The Recording Industry Association of America announced the lawsuits Monday brought by labels including Sony Music Entertainment, UMG Recordings and Warner Records..... [more]

  • Microsoft-G42 deal positive because it cut Huawei ties, White House official says.... [more]

  • European Union regulators have accused Apple of breaking tough new digital competition rules by preventing app developers from freely directing consumers to cheaper services. The European Commission’s preliminary findings stem from an investigation opened in March. If found guilty, the company could face a fine of up to 10% of its $383 billion annual global revenue, the EU’s executive arm said in a statement Monday..... [more]

  • EU and China set for talks on planned electric vehicle tariffs .... [more]

  • A Labour government would raise taxes or soften debt rules rather than cut spending in the event that stronger growth fails to rescue it from tough post-election choices, the head of a leading thinktank has said. Paul Johnson, the director of the Institute for Fiscal Studies, said the pressures on spending – including from public sector pay – were so powerful that he couldn’t envisage a Labour chancellor making cuts to balance the books..... [more]

  • Fast fashion retailer Shein confidentially files for London IPO as U.S. listing stalls.... [more]

  • London Tunnels moves IPO plan to Amsterdam in blow to UK markets. Proposed tourist attraction hopes to bring 2m visitors a year to abandoned wartime network.... [more]

  • Germany's new visa programme makes it easier for skilled workers to immigrate.... [more]

  • Ferrari’s all-electric model won’t be launched for over a year, but early tests indicate it has all the driving traits and emotion of a true Ferrari, according to Ferrari CEO Benedetto Vigna. “The final judge will be the client,” Vigna told CNBC during the opening of the company’s new E-Building in Maranello, Italy. “More people have started to drive our electric Ferrari, and they have a good feeling. The driving traits are there.”.... [more]

  • New World Development (NWD), the conglomerate owned by one of Hong Kong’s wealthiest families, said it has completed around HK$35 billion (US$4.5 billion) in “low-interest and long-tenure” loans and debt repayments since January. NWD announced on Monday that it was able to secure multiple low-cost new loans to replenish its liquidity and increase the proportion of yuan loans to reduce overall financing costs..... [more]

  • Canada to Curb China EV Imports as Trudeau Responds to Biden Move.... [more]