Hey everybody,

Thanks so much for joining us on the blog today.

There was a lot on -- from the CBA's big profit result, to IAG's earnings results and Treasury Wines' financial update.

We also had wage growth data and lending stats out from the ABS.

The stock market pulled back from record highs as CBA investors took profits off the table.

Tomorrow we have ABS labour force data out at 11:30 AEST. Economists expect roughly 20,000 jobs to have been created in the month.

It's a quiet night though, for a change, with no major US economic data out tonight.

So, until tomorrow, take care!

The ASX 200 closed 0.6 per cent lower today, with a big fall for CBA shares the major culprit — the worst fall for the bank stock since April.

The lower finish for the local market came despite a wave of positivity across bourses in Asia, and the fact that 110 of the 200 stocks on the benchmark index rose this session.

Here's how the sectors fared — as you can see, most sectors rose but the falls were where it mattered, and of a significant magnitude:

The worst performers:

• AGL -13.1%
• Beach Energy -7.5%
• Pilbara Minerals -6.5%
• Commonwealth Bank -5.4%
• Mineral Resources -4.6%

And the best:

• Alcoa +7%
• Qantas +5.6%
• Life360 +5.4%
• Clarity Pharmaceuticals +5.2%
• Data#3 +5.1%

Tyro Payments said it has received takeover approaches from multiple parties in recent months, moving to clarify speculation after its shares were halted on the Australian exchange in the prior session.

The stock surged more than 10% before trading was paused on Tuesday, with the company later saying its shares would remain suspended pending a response to a price query.

Tyro did not disclose the identities of the interested parties or any financial details of the proposals.

"The interest received is not at a level that the Tyro Board has considered representative of Tyro's intrinsic value," the payments provider said, but it remains open to engaging with offers that deliver sufficient value to shareholders.

Tyro's market value stood at $565.77 million, according to LSEG data.

The Australian Financial Review reported in April that US fintech giant Stripe had held preliminary talks with Tyro, citing people with detailed knowledge on those discussions.

Tyro's shares have faced volatility since private equity firm Potentia Capital abandoned a takeover bid in 2023 that valued the company at $875 million.

• ASX 200: -0.6% to 8,827 points (live values below)
  
• Australian dollar: flat at 65.32 US cents
• Nikkei 225: +1.2% to 43,237 points
• Hang Seng: +2.1% to 25,510 points
• Wall Street: Dow Jones (+1.1%), S&P 500 (+1.1%), Nasdaq (+1.4%)
• Europe: FTSE (+0.2%), DAX (-0.2%), Stoxx 600 (+0.2%)
• Spot gold: +0.12% to $US3,354/ounce
• Brent crude: -0.7% to $US66.12/barrel
• Iron ore: +0.6% to $US103.26/tonne
• Bitcoin: +0.17% to $US119,208

Prices current around 4:30pm AEST 

Live updates on the major ASX indices:

Commonwealth Bank boss Matt Comyn reiterated the bank's support for a cap on superannuation balances, but wouldn't put a dollar amount on the proposal.

In a submission to the Productivity Commission ahead of the government's economic reform roundtable, which Mr Comyn will be attending, the bank argued "uncapped superannuation concessions appear to be unsustainable".

"We would support a superannuation cap, set at a level that encourages aspiration, and set well above the level where there is dependence on the state for support in retirement," the submission reads.

Speaking with business editor Michael Janda after another profit topping $10 million for CBA today, Mr Comyn said he would save detailed policy discussions for next week's roundtable.

Comyn: I think the principles that we set out there was that, you know, should be able to minimise any dependence on, any sort of government benefits and I think that people need to have… a comfortable retirement.

Those numbers, whether they were indexed or in and around the numbers that have been proposed… I don't think it's unreasonable for very large super balances to not be getting the same concessionary treatment that they receive.

Janda: Can you put a dollar figure on it?

Comyn: Not that I'm going to right now.

An existing federal government policy proposes changes to tax on superannuation balances over $3 million, imposing additional levies on large balances.

You can watch the interview with Matt Comyn on The Business tonight — 8:45pm AEST on ABC News Channel, after the Late News on ABC TV or anytime on iView.

And read more on the result below in the meantime:

The Australian share market was weighed down by its biggest player today, the CBA.

Its earnings results were solid, but it looks like the market took today as profit-taking opportunity.

By the close of trade it had fallen over 5 per cent, which represents more than $14 billion being wiped off its market capitalisation.

To give you some sense of the gravity of that, a share price correction is considered to be a peak to trough fall of 10 per cent or more.

Today, the CBA stock entered into a correction, with a peak to trough fall of 10.5 per cent. 

Thousands of Telstra customers across southern New South Wales are without internet and phone coverage due to an onsite power issue. 

A Telstra spokesperson said the outage resulted in a widespread outage, but power had since been restored. 

Telstra southern NSW regional manager Chris Taylor said calls to triple-0 should not be affected. 

We will keep you updated as we go. 

A bid by the Australian Tax Office to impose taxes on American soft drink giant PepsiCo has failed, with the High Court throwing out its case against the makers of Pepsi, Mountain Dew and Gatorade.

The court has rejected two prongs of an ATO case claiming the company was liable to pay Australian taxes.

The target for the ATO was an exclusive bottling agreement Schweppes Australia has to produce the famous drinks, using concentrate bought from an Australian Pepsi group company in Singapore.

The key question in the case was whether there was a sharing of intellectual property, which would amount to a royalty that would attract a tax.

My colleague Elizabeth Byrne is reporting from Canberra. 

The Commonwealth Bank's profit announcement this morning, while solid, knocked the wind out of the Australian share market at the open of trade.

Midday saw some buyers move in but the momentum couldn't be sustained.

At 3:30pm AEST, the S&P/ASX 200 is 42.10 points or 0.47 per cent lower at 8,838.70.

The worst performing stocks in the index are AGL Energy, down12.92 per cent, and Beach Energy, down 7.36 per cent.

The CBA is down 5 per cent to $169.80.

Commonwealth Bank reported $1.2 billion in finance for thermal coal miners this year. 

But Market Forces analysts say there's nothing new in the pipeline unless it's agreeable with a net-zero outcome.

“Australia’s biggest bank has officially ended any new finance for coal whether for power or making steel unless it's proven to be compatible with a safe and liveable climate,” policy analyst Morgan Pickett said.

“It’s another nail in the coffin for coal. 

"It’s critical for a secure economy and for our climate that Australia’s biggest banks follow suit by ending all new funding for companies developing new coal, oil and gas."