Prices current around 4:45pm AEDT
Live updates on the major ASX indices:
Let's look at the winners and losers from today on the ASX 200.
Sector-wise, utilities fared the best, with healthcare lagging behind last.
These are the stocks with the biggest moves today:
And that wraps our coverage for today. Markets have been quite cautious awaiting tomorrow's news out of the US and ended the day flat. So let's take that as a cue to have a quiet one ourselves and rest up before a busy day of news tomorrow. Bye for now!
After bouncing around quite a bit today, the share market has closed flat, with the ASX 200 up 0.01% to 8142.1 points.
A reminder, this week's key event, the US interest rate decision is out at 4am AEST tomorrow and bets are ranging from a 25bp or 50 basis point cut. Analysists will also be looking at the language and guidance accompanying the interest rate decision itself. This may provide a hint on the pace of rate cuts there and the Fed's feeling about inflation and the health of the economy. So stay tuned
Here in Australia, key employment data will be out at 11:30am AEST which will be watched closely too for clues about where our central bank, the RBA, will go with interest rates when it announces its decision next week.
Hi, Kirsten Aiken here, with a value-add or preview of tonight's program.
All week, and let's be honest for much of 2024, we have been discussing when the US Federal Reserve will cut its benchmark rate from 5.25 - 5.5%. It's going to happen tomorrow at 4am AEST.
Markets are split on how big the Fed's cut will be with market pricing leaning towards a supersized cut of 50 basis points.
Bank of America's FX and rates strategist, Oliver Levingston, joined me to discuss what factors will guide the central bank's decision and what its dot plot guidance is likely to reveal about the health of the US economy.
Oliver Levingston also shared Bank of America's view on Australia's cash rate and when the Reserve Bank will announce its first cut in this cycle.
Tune in tonight at 8.45pm on ABC News, after the late news on ABC TV, and anytime on ABC iView.
Some interesting data out from Rabobank who found exports of Aussie table grapes (ie the grapes you eat, rather than those we turn into wine) are down 19% for the 2024 season.
The reason? Lower demand from China, which is decreasing its imports.
Export volumes to China were down 29% year on year, down 49% to Vietnam and down 38% to Thailand. On the bright side for grape producers, exports to Indonesia and South Korea were up.
The Australian Banking Association has appointed Melanie Evans, CEO of ING Australia, as its new Deputy Chair, replacing Marnie Baker who has held the role since 2019 .
The CEO of the ABA is Anna Bligh who said:
“I look forward to the important role Melanie will play in helping to lead the ABA Council to ensure the banking sector continues to put customer needs first."
Retailer Harvey Norman is facing class action over allegedly "worthless" extended warranties. The action has been launched by Echo Law in the Federal Court on behalf of customers sold Product Care warranties.
The law firm says:
"The class action is based on allegations that Product Care offered little or no value, because consumers were already guaranteed the same (or greater) rights under the Australian Consumer Law, for free. As such, we consider that Harvey Norman consumers who paid for Product Care should be entitled to compensation."
The firm believes tens of thousands of Harvey Norman, Domayne and Joyce Mayne customers who were sold extended warranties between September 2018 to today will be covered by the class action, with an estimated hundreds of millions of dollars to have been paid by those customers for warranty costs.
In a statement to the ASX this afternoon Harvey Norman said it "has complied with all relevant laws at all times and each intends to defend the proceedings vigorously".
The ABC has been investigating the strata management industry and allegations of poor practices within the industry. Four Corners has released this shocking investigation recently. Today, this story on one woman's experience of allegedly being ignored and overcharged by her strata manager.
There are now calls for a strata commissioner to be appointed to oversee the sector and a national inquiry into the industry:
New Zealand's Commerce Commission has announced it's filing charges against Jetstar under the Fair Trading Act, alleging Jetstar misled consumers about their rights to compensation when flights were delayed or cancelled for reasons within Jetstar’s control.
The Commission's general manager Competition, Fair Trading, and Credit, Vanessa Horne, says the commission believes Jetstar’s communications likely discouraged consumers from seeking compensation they were entitled to, and that Jetstar likely denied legitimate claims.
“The Civil Aviation Act is clear that airlines have a responsibility to reimburse customers for loss caused by cancellations or delays on New Zealand domestic flights that are within the airline’s control,” Ms Horne says. This likely includes delays or cancellations that are due to staffing or mechanical issues."
New Zealand's Commerce Commission noted consumers there are entitled to reasonable costs arising from a delay, which could include replacement flights, accommodation, and food, up to a maximum set under the convention, currently around $11,000.
The commission alleges Jetstar likely made false or misleading statements to consumers about their rights in aviation law, in 2022 and 2023.
The ABC has reached out to Jetstar for comment. In a statement on their website, JetStar apologised and said they're working on improving systems:
"We’re deeply sorry to have let our New Zealand customers down by errors made in assessing some compensation claims for disrupted flights in 2022 and 2023, as our operations restarted following COVID. "
"Late last year, we began reviewing past claims and reaching out to impacted customers to ensure they are correctly reimbursed, and we are continuing to work through this as a priority. "
As we mentioned earlier, the Business Council of Australia held its annual dinner in Sydney last night, with the who's who of the business world in attendance — from the CEOs of major banks, tech darlings like Atlassian and AirTrunk, the big mining companies and more all rubbing shoulders and clinking glasses at a swish CBD hotel.
I was in attendance (with the other reporters sitting at the back, with no champagne glasses to clink, alas) and listened to the speeches by the BCA's CEO Bran Black and the Prime Minister Anthony Albanese.
My take is there was a sense in the language of Mr Black's speech that business is preparing to fight back more to policy they do not like and perceived attacks from government.
He said that "anti business sentiment" is scaring investors away from Australia. He isn't the first — we have seen several business leaders speak out against what they see as populist policies in recent weeks.
The prime minister in response set a very positive tone in his speech and talked up what he said was the common ground between government and business.
Of course, the context here is we're in the lead up to a federal election which must be held before May and the BCA and business in general knows if it speaks up now it's (very large and powerful) voice is more likely to be heard and heeded as the major parties look to win support ahead of the election.
Watch: