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Topic:Stock Market
Myer's profit dropped nearly 40 per cent in the first half of the financial year, as it was hit by stock distribution issues and booked costs associated with its takeover of Premier's Apparel Brands.
A fall on Wall Street has sent Australian stocks lower, as investors exercised caution ahead of a monetary policy decision from the Federal Reserve, while gauging the potential impact of President Donald Trump's tariff policies.
We'll bring you the latest on what's happening on the markets throughout the day in our live blog.
Disclaimer: this blog is not intended as investment advice.
By Samuel Yang
Price current around 10:20am AEDT
Live updates on the major ASX indices:
By Samuel Yang
Energy Australia has confirmed that the closure of the Yallourn power station is by 2028 and will not be extended.
It comes after an article in The Australian newspaper on Wednesday, saying the major coal power station in Victoria's Latrobe Valley "is set to stay open for four more years amid fears of devastating electricity shortages" and "a series of rolling talks had been held between AEMO and Victoria's Department of Energy, Environment and Climate Action over the mooted extension".
Energy Australia told the ABC that the claims in the newspaper were wrong.
"We have committed to Net Zero by 2050 and closing Yallourn by 2028 is part of that commitment," the company said in a statement.
"We have not met with the Victorian Government, or AEMO, to discuss extending the Yallourn power station."
The Victorian Government also refuted the claims.
"The three agencies also confirm that no such discussions have occurred and nor have there been 'rolling talks'," a joint statement from the Victorian Premier and Minister for Energy and Resources said.
"AEMO has not advised the Victorian Government that Yallourn would need to be extended beyond 2028, as claimed in The Australian."
By Samuel Yang
Morgan Stanley says the Australian wine producer Treasury Wine could stand as a beneficiary of potential tariffs on US wine disrupting the market.
The investment bank estimates imported wines constitute about 30% of total US consumption by value.
US President Donald Trump last Thursday threatened to slap a 200% tariff on wine, cognac and other alcohol imports from Europe.
The bank says the wine producer's Treasury Americas unit, which contributes about 38% to group revenue, may benefit from lower supply and increased pricing power as most of the unit's net sales revenue is domestically produced.
Brokerage maintains an "overweight" rating and price target of $12.90. It's currently down 0.9% to $9.98.
Thirteen of 15 analysts rate the stock "buy" or higher, and two as "hold", according to LSEG data.
Stock is down 11% so far this year, including current session's moves.
By Daniel Ziffer
Regulator ASIC dragged practically the entire former board of Star Entertainment to court for not doing their jobs.
There's a more legalistic definition, but it's essentially about "directors' duties", and not doing enough to ensure that Star Entertainment complied with Australian law.
It's a big case with potentially far reaching consequences for boards across Australia about how curious and independent directors need to be.
Some of the 11 former directors and executives have already ended their cases by accepting penalties including fines and "banning" — being unable to run companies for a period of time.
The rest are defending the allegations in the Federal Court, in a case that is ongoing.
Currently in the witness box is Star's former company secretary and group general counsel Paula Martin.
You can tune in on this live-stream.
By Samuel Yang
The Australian share market has fallen at the open.
The ASX 200 was down 44 point or 0.6% to 7,817, by 10:15am AEDT.
Nine out of the 11 sectors were trading in the red, with tech, utilities and real estate leading the losses.
Here were the top and bottom movers in the first 15 minutes of trade.
By Stephanie Chalmers
WiseTech has released some of the findings from the board review into co-founder Richard White, who is now executive chair of the company.
The review, conducted by several law firms, found in the cases of an employee and an associate of a supplier with whom Mr White had relationships, he made "incomplete disclosures" and was "not fully transparent and candid" with the board.
A number of other complaints against Mr White were found to not be substantiated.
A sub-committee of the WiseTech board "has indicated to Mr White that a number of matters are serious in nature, and that such conduct is not acceptable and must not be repeated".
It is now considering measures to "address the feedback from shareholders" and reviewing the company's code of conduct and other policies.
Mr White's response was included in the company's ASX statement, and said while the matters were personal, "with the benefit of hindsight he would have more fulsomely disclosed them to the Board and handled the contracting process differently".
"Mr White accepts the findings of the Board Review and has committed to, and is supportive of, a new and more stringent Code of Conduct in respect of such matters."
You can read the full statement from WiseTech here.
By Michael Janda
The Commonwealth Bank and Regional Australia Institute have released their latest report into the moving habits of CBA customers — a sample of more than 14 million people.
It has found there are still 32 per cent more people moving from cities to the regions than going the other way in the December quarter of 2024.
While that's well down from peak COVID levels, it's still more than 50 per cent above the pre-COVID average, which saw more people leaving the bush for the cities.
Sydney and Melbourne continue to dominate the city outflows, as congestion and affordability pressures bite, with Sydney accounting for 59% of people leaving a city, while Melbourne made up 40%.
The populations of Sydney and Melbourne are still increasing, largely because of net inflows from overseas.
In contrast, Brisbane and Perth picked up population from internal migration.
As for where people were moving, regional NSW remained the most popular destination, followed closely by Victoria, with Queensland a distant third.
The top five local government areas for regional inflows were Sunshine Coast (Qld), Greater Geelong (Vic), Lake Macquarie (NSW), Moorabool (Vic) and Maitland (NSW).
The fastest regional growth areas for inflows over the past year were Wingecarribee (NSW), Richmond Valley (NSW), Albany (WA), Bega Valley (NSW) and Wodonga (Vic).
CBA's head of regional banking Josh Foster said the growth areas show that many sea and tree changers were now looking further afield from areas near capital cities.
"This latest RMI [Regional Movers Index] proves that the great regional migration is being felt deep within our regions, with the economic and lifestyle gains no longer contained to areas within commuting distance," he observed.
"With the right commercial and industry investments, this offers a win-win for consumers as well as businesses."
By Samuel Yang
Sam can you please explain Macquarie Banks comment on share market crash coming on yesterday's comment they made its an alarming comment to make
– chrisso
Hello! Thank you for your question.
In its latest client note, Macquarie Bank warns Donald Trump's economic policies run the risk of precipitating a stock market crash, which is what you referred in the question.
And we've already seen the impact on Wall Street due to Trump tariffs and a potential US recession. The benchmark US S&P 500 stock index is already down almost 8 per cent from its highs last month, with the tech-heavy Nasdaq almost 12 per cent off the peak it reached in December last year.
"Unless Trump blinks and pulls back from trade wars and spending cuts, which currently seems unlikely, there is risk of a material slowing in US real consumer spending," Macquarie analysts warned.
"As this is the most consistent signal of a bear, we see growing risk that stocks fall 20 per cent from their Valentine's Day peak."
You can read more from my colleague David Taylor's analysis.
By Stephanie Chalmers
Myer's profit tumbled nearly 40 per cent in the first half of the financial year compared to a year earlier.
Net profit after tax declined 39.7 per cent to $30.4 million.
That includes the impact of about $14 million in costs associated with taking over Premier Investments' Apparel Brands division — which is made up of Just Jeans, Jay Jays, Portmans, Dotti and Jacqui E — and $2.5 million for a strategic review.
Total sales rose 0.1 per cent in the half-year, while sales for the first five weeks of the second half were down 2.6 per cent compared to the same time a year ago.
"Despite challenging trading conditions in a tough macro environment and complications experienced at our National Distribution Centre, Myer traded well throughout the all-important Black Friday and Christmas trading periods," Myer executive chair Olivia Wirth said, noting consumers remain cautious.
The retailer was hit by issues with the new distribution centre in Victoria, which went live in August but experienced problems and "is not yet operating as designed", leading to a $12 million hit to earnings.
"The complications created stock flow issues, including Myer Exclusive Brand (MEB) stock remaining trapped in the facility during Q1 FY25 and led to online fulfilment transferring to stores," the company said.
The sales of its exclusive brands were affected and fulfilling online orders in store increased costs and affected efficiency.
By Samuel Yang
By Samuel Yang
China's latest economic data has boosted sentiment in commodity prices, particularly copper, which has risen to a 10-month high following another stimulus announcement by Beijing.
Senior investment adviser at Bell Potter Securities Giuliano Sala Tenna says instead of focusing on iron ore and building infrastructure, China is moving towards a consumption-based economy.
He says the changing Chinese economy will be good for EVs and copper, but the downturn in property markets, which haven't recovered from the pre-COVID years, was weighing on iron ore prices.
However, gold has risen to an all-time high as a result of market volatility caused by trade wars and US tariffs.
Mr Sala Tenna says "the markets can't deal with uncertainty."
Watch this interview from business host Nadia Daly.
By Samuel Yang
Treasurer Jim Chalmers has lowered expectations about any spending surprises in the upcoming federal budget.
During his pre-budget speech on the economic outlook, he says the whole world has changed since the inauguration of the US president, and as a trading nation, Australia has a lot at stake.
It comes as the Organisation for Economic Co-operation and Development (OECD) is predicting lower economic growth next year because of the market uncertainty created by Donald Trump's trade war and tariffs on steel and aluminium imports from Australia and potentially Europe.
ABC chief business correspondent Ian Verrender explains the direct impacts of the tariffs on Australia will be minimal – about 0.02 per cent hit to the economy.
But the indirect impacts to Australia will be about 4 times that, to about 0.1 per cent.
He says another concern is the prospect of inflation breaking out again.
Mr Verrender says we shouldn't expect any spending surprises or cuts in the upcoming federal budget.
But it's not all bad news, RBA chief economist Sarah Hunter said household disposable income increased in the December quarter and spending has picked up.
Watch this interview from business host Nadia Daly.
By Samuel Yang
A new report from the Clean Energy Investor Group (CEIG) shows without renewables and battery storage, households and businesses would have faced wholesale electricity prices up to $80/MWh higher in 2024, along with an increased risk of blackouts.
CEIG's modelling isolates the full downward pressure renewables place on power prices, comparing the 2024 grid to one reliant on coal and gas.
The report found without renewables, the power shortfall would likely be filled by expensive open-cycle gas turbine (OCGT) generation, increasing total system costs and making energy less affordable.
It also found greater reliance on aging coal-fired plants would strain already outdated infrastructure, risking blackouts and price spikes.
It added that more gas would be diverted away from manufacturing and industry, pushing up costs.
CEO of the Clean Energy Investor Group Richie Merzian said this new research reinforces data from the Australian Energy Market Operator (AEMO), the Australian Energy Regulator (AER), the CSIRO, and the latest report from the Clean Energy Council that all show renewables are the cheapest form of energy.
"The cost of power is a very real issue confronting every householder but what our data makes clear is that prices would be even higher without renewable energy.
"Australia needs more renewable energy, not less, to achieve sustained power price reductions.
"The challenge for government is to ensure there is a smooth transition from a costly system reliant on coal and gas to cheaper renewables backed by batteries.
"With the right policies, private investment is ready to assist but policies that undermine confidence and freeze renewable energy investment mean the taxpayer will end up footing the bill for energy production, and will then have to pay higher power prices as well."
By Samuel Yang
Around 75,000 battery storage systems were installed last year, up 47 per cent from 2023.
Current modelling estimates the payback time on a battery system at around eight years for a typical household.
A wide range of experts, including a former RBA deputy governor, are calling for the federal government to introduce household battery subsidies to encourage uptake.
Read more from business reporter Rhiana Whitson.
By Samuel Yang
Credit reporting agency CreditorWatch has released the February results for its Business Risk Index, showing Australian businesses remain under pressure across key metrics.
Cost increases and household cost-of-living pressures continue to impact the hospitality sector, with closures hitting a record high of 9.3% — that's one in 11 businesses — in the 12 months to February 2025, up from 7.1% in the 12 months to February 2024.
The business closures rate comprises voluntary and involuntary administrations, ASIC strike-offs, deregistrations of solvent businesses and voluntary closures.
The report says the food and beverage services sector has struggled under cost pressures from food price increases, energy and insurance price rises, wage increases and higher rents.
Businesses in CBDs have also experienced a drop in trade as more people work from home. At the same time, their customers have experienced cost-of-living pressures and reduced discretionary spending.
"The expected slowdown in economic growth from the widespread US tariff regime will, unfortunately but inevitably, result in higher insolvencies," CreditorWatch CEO Patrick Coghlan said.
"After a tough couple of years managing higher inflation, interest rate increases and lower demand, I certainly hope Australia businesses are spared the worst of it.
"We encourage businesses to take steps now to manage that risk, whether it is reviewing credit policies, running a portfolio health check or monitoring customers more closely."
Meanwhile, insolvencies rose in February after having dipped in December and January to below the November high. They continue to trend strongly upward, the report says.
CreditorWatch's chief economist, Ivan Colhoun said, "given the economic and cost pressures and continuing high levels of accumulated ATO tax debt, it's too early to expect the level of insolvencies to reduce much in the period immediately ahead".
By Samuel Yang
US stocks fell on Tuesday, snapping a two-session streak of gains.
The Fed will release its latest policy statement at 5am AEDT Thursday, where the central bank is widely expected to keep interest rates unchanged, along with its updated summary of economic projections (SEP).
Markets are currently pricing in about 60 basis points of cuts from the Fed this year, although several US central bank officials have cautioned against the Fed moving too quickly on rates and said they would wait to see the impact of tariffs in economic data before making any policy shifts.
"There's just great uncertainty here about the tariffs, how extensive they are going to be, how that's going to economically impact us, how much the Fed might ease eventually and the economy in general," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.
"There is a lot of confusion out there, and when there's confusion, when there isn't a real opportunity for stocks to go up and for companies to expand and make more money, there's fear."
Adding to inflation concerns, US import prices unexpectedly rose in February amid higher costs for consumer goods.
Stocks had recently shown some signs of stabilising after several weeks of declines that sent the S&P 500 and Nasdaq down more than 10% from their recent highs, also known as correction territory.
The blue-chip Dow is slightly more than 2% away from reaching correction levels.
Russian President Vladimir Putin and US President Donald Trump agreed to seek a limited 30-day ceasefire against energy and infrastructure targets in Ukraine, while talks aimed at advancing toward a broader peace plan will begin "immediately," the White House said.
Alphabet fell after the company said it would buy Wiz for about $US32 billion in its biggest deal as the Google parent doubles down on cybersecurity.
Nvidia shares declined. The company is expected to reveal details of its latest AI chip at its annual software developer conference.
Tesla slumped after brokerage RBC slashed its price target on the EV maker's stock to $US120 from $US320, citing reduced expectations for its full self-driving pricing and robotaxi market share. Its shares are now down nearly 45% on the year.
Reflecting the defensive tone, investors moved to safe-haven assets, with gold trading at a record high, after crossing $3,000 per ounce for the first time last week.
By Samuel Yang
Good morning and welcome to our Wednesday live blog, where we'll bring you the latest price action and news on the ASX and beyond.
A tumble on Wall Street overnight sets the tone for local market action today.
The Dow Jones index dropped 0.6 per cent, the S&P 500 lost 1.1 per cent and the Nasdaq Composite down 1.7 per cent.
ASX futures were down 52 points or 0.6 per cent to 7,808 at 7:00am AEDT.
At the same time, the Australian dollar was down 0.3 per cent to 63.92 US cents.
Brent crude oil was down 0.8 per cent, trading at $US70.50 a barrel.
Spot gold gained 1.1 per cent to $US3,034.07.
Iron ore lost 0.2 per cent to $US101.80 a tonne.
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