Finance news you need to know today
OVER 200,000 protesters took to the streets of France yesterday in a showdown between trade unions and President Macron.
THE Australian share market is expected to open sharply lower after US stocks slumped as President Donald Trump’s move to impose tariffs on up to $US60 billion of Chinese imports drove fears about the impact on the global economy.
At 0820 AEDT on Friday, the Australian share price futures index was down 89 points, or 1.5 per cent, at 5,829 points.
In the US, the Dow Jones Industrial Average fell 2.93 per cent to 23,957.89, the S & P 500 lost 2.52 per cent to 2,643.69, and the Nasdaq Composite dropped 2.43 per cent to 7,166.68.
The losses marked the biggest daily percentage drop for each of the major indexes since February 8, when the Dow and S & P confirmed a market correction from their January 26 highs.
WORLD FINANCE UPDATE:
NEW YORK — US stocks plunged after the Trump administration slapped sanctions on goods and investment from China. The Dow Jones industrial average dropped more than 700 points as investors feared that trade tensions between the world’s largest economies would escalate.
PARIS — An estimated 200,000 protesters took to the streets of France on Thursday in a showdown between trade unions and President Emmanuel Macron that could be decisive for his reform agenda.
JERSEY CITY — Workers at New York-area airports will see their wages nearly double after the agency that operates the airports approved a series of hikes through 2023, bringing to a close years of protests.
WASHINGTON — Primed for economic combat, President Donald Trump set in motion tariffs on as much as $60 billion in Chinese imports to the U.S. on Thursday and accused the Chinese of hi-tech thievery, picking a fight that could push the global heavyweights into a trade war.
NEW YORK — Nike reported a loss in its third quarter due to a $2 billion tax expense related to recent changes in the U.S. tax law.
THURSDAY HIGHLIGHTS:
OROTON — Oroton creditors will meet next week to vote on a $25 million rescue plan that will safeguard 350 jobs and hand control of the luxury handbag retailer to major shareholder Will Vicars.
LABOUR FORCE — Australia’s unemployment rate rose to 5.6 per cent in February as more people looked for jobs, however a surge in full-time positions has more than offset a fall in part-time jobs.
CBA AUSTRAC — Commonwealth Bank and AUSTRAC will enter mediation to attempt to resolve the civil case in which the bank is alleged to have breached money-laundering and terrorism-funding laws.
MYER — Most of the 63 Myer stores around Australia are likely to be at break-even and the veteran retailer must shrink to survive, a new analyst’s report says.
BILLABONG — Quiksilver’s owner Boardriders says there will be “blood on the hands” of those who block its takeover of surfwear brand Billabong, as a shareholder vote on the deal nears.