Market Reports
Australian Market Report: Solid jobs data failed to extend early gains on the Australian sharemarket, but the Australian dollar reversed from knee-jerk highs. The S&P/ASX 200 index opened up 0.6 per cent following the firm lead from Wall Street and ongoing relief over bank capital levels.... [more]
U.S. Market Report: U.S. stocks ticked lower on Friday as weak earnings from industrial giant General Electric weighed, while tech shares retreated from record highs and energy tracked the price of oil lower. GE (GE.N) shares fell 2.9 percent to $25.91 and hit their lowest level since October 2015. The company reported a nearly 60 percent slump in profit and said its full year profit and cash flow will be at the low end of its forecasts.... [more]
North/South Americas Market Report: North and South American markets finished mixed as of the most recent closing prices. The IPC gained 0.11%, while the Bovespa led the S&P 500 lower. They fell 0.39% and 0.04% respectively.... [more]
European Market Report: European markets finished broadly lower today with shares in Germany leading the region. The DAX is down 1.66% while France's CAC 40 is off 1.57% and London's FTSE 100 is lower by 0.47%.... [more]
Asian Market Report: Asian markets finished lower today with shares in Japan leading the region. The Nikkei 225 is down 0.22% while China's Shanghai Composite is off 0.21% and Hong Kong's Hang Seng is lower by 0.13%.... [more]

Australia News
Aussie Dollar's Rollercoaster Shows Dilemma Facing Central Banks. Australia’s central bank whipsawed the nation’s currency this week, underscoring just how difficult policy makers are finding it to even discuss an end to ongoing stimulus.... [more]
The Prime Minister has issued a quiet warning to Australians investing in housing that they cannot continue to assume house prices will only go up. “Clearly you need to remember that asset price movements go in two directions,” Prime Minister Malcolm Turnbull said after a speech to an economics conference this week.... [more]
The Australia Institute has expressed concern about the numbers of Australians using trust funds to minimise their taxable income. A new report from the institute shows the tax man is missing out on roughly $3.5 billion a year.... [more]
Banks cautious over open data review. Australia's banks have cautiously welcomed the formalisation of a review to examine how to implement an open banking regime that could dramatically increase competition and reduce costs for customers. Treasurer Scott Morrison has appointed Scott Farrell, a partner at law firm King & Wood Mallesons, to lead a review that will report to government by the end of the year.... [more]
Expectations are firming for major central banks to turn further away from ultra-easy monetary policy despite scant evidence of a pickup in inflation, Reuters polls of more than 500 economists show. One striking conclusion from surveys covering more than 40 economies is the rift opening between what most top central banks target - inflation - and policy bias, prompting many economists to warn about the rising danger of policy error.... [more]
It was a case of "move along, nothing to see here", as the Reserve Bank attempted to hose down market speculation this month's board minutes constitute a nod to raising interest rates. The RBA July meeting minutes released earlier this week noted the board had discussed the theoretical "neutral" level of the cash rate at 3.5 per cent, 2 percentage points above where the current cash rate is parked.... [more]
Selling CommInsure could make sense for CBA: analysts. Commonwealth Bank could free up capital by selling its insurance arm CommInsure, analysts said.... [more]
Bankwest is lifting mortgage rates for interest-only loans, following the lead from the big four banks that already adjusted rates in an attempt to slow down riskier lending. The Commonwealth Bank-owned lender will from Tuesday increase new interest-only owner-occupier home loans by 0.05 per cent, while dropping new principal and interest investor home loans by 0.15 per cent.... [more]
Almost 200,000 Australians are on waiting lists for housing but a large number of them can't find accommodation because larger homes are being occupied by single, elderly people. Figures from the Australian Institute of Health and Welfare (AIHW) show social and community housing for low-income Australians is not reflecting the needs of the population.... [more]
Carnarvon Petroleum Ltd (28.5%) and partner Quadrant Energy (71.5%) have provided an update on the Outtrim project on the North West Shelf of Western Australia.... [more]
Doray Minerals has intersected high-grade gold from follow-up drilling at the newly discovered northern extension at its Deflector Gold Copper Mine in Western Australia. The assays received include 1.4 metres at 106.2 g/t gold and 4.4% copper from 166 metres.... [more]
Fortescue Metals may appeal a Federal Court decision recognising a native title claim over land in Western Australia where it mines iron ore. Chief executive Nev Power has told ABC radio that Fortescue is considering its options and is likely to appeal.... [more]
Fortescue Metal Group's signal that it will appeal a judgment granting native title is "disappointing" say the local people who won the landmark case. The Federal Court ruled on Thursday that the Yindjibarndi had exclusive rights over Pilbara land where Fortescue operates the Solomon iron ore mine.... [more]
Paladin Energy Ltd has provided an update on the potential sale of Langer Heinrich Mine. Paladin has referred to its previous announcements regarding a potential option in favour of CNNC Overseas Uranium Holding Ltd (CNNC) which, if validly exercised, could entitle CNNC to acquire Paladin’s 75% interest in the Langer Heinrich Mine.... [more]
Imugene has achieved a major milestone by securing a patent for its proprietary cancer vaccine, HER-Vaxx, from the Canadian Patent Office. The company’s shares were last trading 13% higher intra-day, at A$0.017.... [more]
Shares in Primary Health Care absorbed a significant hit to the company's full-year guidance, eventually closing the day higher, after the company slashed the goodwill value of its medical centres. After shedding almost 0.8 per cent in early trade, shares in the medical centre and pathology operator were climbing by lunchtime and closed three cents higher at $3.63.... [more]
Bionomics to present BNC210 at summit... [more]
Optus has pledged to spend $1 billion over the next year to improve its regional mobile network in what it claims is the biggest investment into regional coverage in the company's history.... [more]
Optus is investing $1 billion to build an alternative mobile offering in regional Australia in a bid to break Telstra's "stranglehold" on coverage away from big cities. The country's second largest telco on Friday announced plans to spend $1 billion on 500 new regional and remote mobile sites that it said will help connect rural businesses using its network to metropolitan and international markets.... [more]
Eden Innovations has secured a second order for over US$90,000 of EdenCrete® which has been delivered to a Texas based pre-stressed concrete manufacturer for use in bridge beams.... [more]
Embattled retirement village operator Aveo is spruiking a 1960s "casino fun night" at one of its NSW sites at the end of this month to celebrate the success of the listed giant's new Freedom Aged Care business – some residents, though, are in no mood to party. Aveo is in the process of turning much of its portfolio of pure retirement villages – the second largest in the country – into ones that offer Freedom Aged Care, a new venture for Aveo which runs facilities similar to nursing homes.... [more]
Three Chinese and Taiwanese staff members from an Australian foreign exchange trading firm continue to be held against their will in a Shanghai office, in an alleged extortion attempt. The staff were part of a group of 20 employees working in the Union Standard Group FX office on Wednesday afternoon when dozens of unidentified men stormed the office.... [more]
Most of the 180 workers at Perth-based Australian Road Express have been retrenched today after a short failed sales campaign by the transport and logistics company’s receivers. Since being put into the loss-making business on Monday, receivers from McGrathNicol had kept Australian Road Express trading while gauging interest from potential buyers.... [more]
People who let their properties to poorly-behaved guests on short-term accommodation sites like Airbnb could be slapped with a fine or a temporary ban under proposed NSW legislation. The regulations released in an options paper on Friday aim to crack down on the booming industry.... [more]
Comment - Adele Ferguson: Calls for action on retirement villages grow louder.... [more]
Comment - Ross Gittins: Human factor keeping jobs growth alive and well.... [more]

World News
U.S. Owns 700 Million Barrels of Oil. Trump Wants to Sell It... [more]
What's Next for Bitcoin After Digital Currency Split Is Averted... [more]
The last time big U.S. banks made so much money, the financial world was heading toward the brink of collapse. This time, it’s stiff regulation that’s in danger. Ten of the nation’s biggest lenders including JPMorgan Chase & Co. and Bank of America Corp. together made $30 billion last quarter, just a few hundred million short of the record in the second quarter of 2007, according to data compiled by Bloomberg.... [more]
Several regulators have dropped pursuit of a long-running plan to restrict bonuses on Wall Street, as part of a wider effort to stop working on unfinished rules put in place after the financial crisis. Government agencies, including the Securities and Exchange Commission and several banking regulators, were directed under the 2010 Dodd-Frank law to develop compensation rules intended to curb excessive risk taking.... [more]
Move over Amazon.com Inc., Microsoft Corp. is coming for your throne in the sky. Microsoft beat fourth-quarter earnings expectations Thursday, helped by a $1.8 billion tax credit it received for its Windows Phone business.... [more]
Plug Power shares jump 13% on news of deal with Wal-Mart... [more]
U.S. to drop charges against ex-J.P. Morgan traders in London Whale case... [more]
Theresa May’s U.K. government is drawing up plans to extend the timetable for negotiating and completing the Brexit process, which could see a long transition period lasting until 2022, according to an official familiar with the matter. While she failed to win the bigger majority she’d hoped for, the prime minister’s decision to call a snap vote last month bought her more time at the end of the exit negotiations in 2019 by pushing back the next scheduled election from 2020 to 2022.... [more]
Britain Hasn’t Been This Politically Risky in 40 Years... [more]
Bank of America has chosen Dublin as its new base to service EU clients as part of its Brexit contingency plans. It is the first US bank to confirm the Irish capital as its preferred site.... [more]
The number of plastic carrier bags handed out by large stores in England fell by 83 percent since they started charging a levy for their use, government data showed on Friday. The average shopper in England now takes home about 25 bags a year from the main supermarkets, compared with about 140 bags before the charge was introduced in October 2015, according to the first full year of data recorded by the Department for Environment, Food and Rural Affairs.... [more]
Miller Homes is in advanced talks to be taken over by the owner of Pret A Manger, it emerged on Friday. Private equity firm Bridgepoint is said to be close to doing the deal for the housebuilder, which last year made £89.3m in pre-tax profits.... [more]
Britons travelling to Europe offered just 88 euro cents for £1. ritish holidaymakers heading to Europe for this weekend’s big getaway are being offered what may be the worst ever foreign exchange rates at British airports – in one case, just 88 euro cents for every pound they hand over.... [more]
Vodafone plots attack on UK market following recovery from IT meltdown... [more]
A £14bn class action lawsuit against Mastercard has been thrown out by the Competition Appeals Tribunal. The former financial ombudsman, Walter Merricks, had claimed that 46 million consumers had been overcharged by Mastercard over a 16-year period.... [more]
German Carmakers Can't Catch a Break as Next Scandal Looms Large. Another week, another scare from the German car industry.... [more]
Russia to suspend income tax on tourism businesses in Far East. Suspension will last five years but analysts note qualifying for the tax break is not that simple... [more]
Siemens is scaling back its business in Russia after it learned that power generation equipment was being diverted to Crimea. The German industrial group said it had received "credible information" that four gas turbines destined for a project in southern Russia had been "modified and illegally moved to Crimea against clear contractual agreements."... [more]
In less than two months, the Russian Far East region will host its third annual Eastern Economic Forum, one of the largest investor events in the area attended by leaders and business people from Asia-Pacific countries. In an interview with Asia Times, Minister for the Development of the Russian Far East Alexander Galushka discusses plans for the region, which has attracted more than $36 billion in direct investment — more than 95% from the private sector.... [more]
China, the world’s largest cigarette market, is to some degree kicking the habit. While figures from Euromonitor International showed 2.4 trillion cigarettes were smoked last year, that marks the second straight annual decline.... [more]
Chinese billionaire Wang Jianlin is fighting back against talk that his sprawling business empire is in trouble. Wang's Dalian Wanda Group is one of China's biggest conglomerates, with several international acquisitions under its belt. Less than a year ago, Wang was promising to become the world leader in real estate, tourism, entertainment and sports.... [more]
Hedge fund manager Desmond Lun’s 21 percent average return over the last four years springs from an unlikely source -- a petri dish of algae. Lun, 37, is a new kind of quant, combining AI wizardry with old-school biology to trade futures. Although his Taaffeite Capital Management is small, Lun makes a big claim: His research into one of the natural world’s most byzantine systems -- the biological cell -- has given him an edge in untangling the secrets of financial markets.... [more]
Even as the Chinese state media turned shriller on India and accused foreign minister Sushma Swaraj of lying to Parliament on the Doklam impasse, India and China are working together at the World Trade Organization (WTO) to get developed countries such as the US and the European Union members to reduce subsidies for farm products that are detrimental to exports from developing and poor countries.... [more]
China has agreed to allow imports of rice from the US for the first time. The agreement gives US farmers access to the world's biggest rice consumer, with China importing about 5 million tonnes last year.... [more]
Bank Indonesia blamed a swearing-in ceremony at the nation’s financial regulator for the delay of its interest-rate announcement to close to midnight in Jakarta on Thursday. The timing of the decision left analysts puzzled and spurred speculation the central bank might have been waiting for European Central Bank President Mario Draghi’s monetary policy press conference that came hours beforehand.... [more]
What sanctions? North Korea economy grows at fastest pace in 17 years. North Korean GDP grew 3.9% in 2016, according to the central bank of South Korea... [more]
Indian featurephone players such as Micromax, Intex, Lava and Karbonn, and market leader Samsung, are expected to take the maximum hit from the 4G device that Reliance Jio Infocomm launched on Friday, analysts and industry executives said. Jio will supply its new phone effectively free of cost to users who are ready to deposit Rs 1,500 with the company for three years. This, industry experts expect, will force others to come up with similar offers to minimise damage.... [more]
The government today extended the deadline for small businesses to opt for the composition scheme in the GST regime by nearly four weeks to August 16. Small businesses with turnover of up to Rs 75 lakh earlier had time till today to opt for the scheme in the Goods and Services Tax regime.... [more]
Qatar's emir called for dialogue on Friday to resolve a political crisis pitting his country against four Arab states, saying any talks must respect national sovereignty. In his first speech since four Arab countries severed ties with Doha, a defiant Sheikh Tamim bin Hamad al-Thani said life was continuing as normal despite what he described as an unjust "siege".... [more]
Ethiopia woos textile companies to invest... [more]
More than 20% of the Democratic Republic of Congo's mining revenue is being lost due to corruption and mismanagement, a campaign group says. According to a Global Witness report, the money is being distributed through corrupt networks linked to President Joseph Kabila.... [more]
Analysis -Liam Denning: Venezuela's Perfect Storm for Oil May Be About to Break. "We may be about to see the first sovereign producer to unequivocally fail."The oil producer in question is Venezuela, and that assessment comes courtesy of Helima Croft, who is global head of commodity strategy at RBC Capital Markets and formerly worked with both the Council on Foreign Relations and the CIA.... [more]
Opinion - David Blanchflower: The cost of living crisis is down to Brexit. The chickens are coming home to roost... [more]