Australian shares saw a positive trading session, with the ASX rising and the broader shares up more than one per cent. The domestic advance came as global economic indicators presented a mixed picture, with the Dow Jones resetting a record high. However, the U.S. economy experienced a sharp slowdown in employment during June, adding just 57,000 jobs and dwarfing previous months’ figures. The U.S. unemployment rate, despite slowing, fell to 4.2 percent, reflecting labor market growth.
Locally, several companies were in the spotlight. Tourism Holdings, a global provider of RV and campervan rentals and sales, awarded due diligence to BGH Capital. Elsewhere in the market, Bass Energy and Genesis Minerals both confirmed they met their financial guidance targets. Meanwhile, Pexa, the Australian digital property settlement platform that streamlines transactions for legal and financial professionals, issued a warning regarding potential fee cuts. In the aviation sector, Qantas outlined a major strategic shift, with fewer seats and higher fares expected in the future. The airline expects to become unrecognizable within five years, with its “Project Sunrise” strategy aimed at repositioning it as an upscale premium international carrier, and away from the mass-market brand.
Regulatory and policy developments also received attention. A federal court approved a $23 million fine in a significant market development, although specific details of the recipient were not immediately available. Additionally, a KPMG partner has been appointed as deputy to the Australian Prudential Regulation Authority (APRA), the independent statutory authority that oversees all banking, insurance and superannuation institutions. Investors are also reassessing the residential property market, with new restrictions on negative gearing and capital gains tax signaling a shift in the appeal of investment properties and potential buyers following recent budget changes.
Post Comments: 112
