ASX 200 live: Market loses ground amid global economic uncertainty; Moody's cuts US credit rating
CBA shares continue to find support. Peter Stevens Motorcycles enters administration, around 400 jobs at risk. Government to hand down North West Shelf decision by month's end.
Welcome to the Trading Day blog for Monday, May 19. The ASX 200 closed 0.6 per cent lower to 8295.10 points, with CBA finding good support. US debt concerns grow after Moody’s cuts its credit rating.
Factory output in China grew at a faster rate than expected last month, official data showed Monday, weathering a brutal trade war with Washington.
China also slaps anti-dumping duties on plastic imports from the US, European Union and Japan.
On Wall Street on Friday, the Dow Jones Industrial Average jumped 0.8 per cent, while the S&P 500 index rose 0.7 per cent. The technology-focused Nasdaq rose 0.4 per cent.
Cryptocurrency giant bitcoin was below $US103,000 at 5pm AEST.
The Aussie dollar was near US64.10c.
Originally published as ASX 200 live: Market loses ground amid global economic uncertainty; Moody's cuts US credit rating
NSW generator says $5m doesn’t buy power shock protection
Vales Point-owner Delta Electricity says $5m is too low collateral to safeguard against so-called Black Swan events which could rock the electricity market. It thinks $20m is a fairer price.
Telstra at risk of massive fines over ‘misleading’ coverage claims
Australia’s biggest telco could be fined hundreds of millions of dollars if the competition watchdog finds in favour of rival TPG’s claim the telco significantly overstated its mobile coverage.