A positive overnight performance on Wall Street is expected to lift local stock markets, though analysts warn of ongoing US-China trade friction. The RBA’s September meeting minutes are due, and we will be providing live coverage of the day’s financial news and insights. This includes developments in superannuation, Qantas’s data breach response, and currency market shifts.
The overnight rally in New York is poised to positively influence local stock market s, however, financial analysts caution that the simmering trade tensions between the United States and China remain far from resolution. The Reserve Bank of Australia ( RBA ) is scheduled to release the minutes from its September board meeting, providing insights into the deliberations that led to the decision to hold interest rates steady.
Follow the day’s financial news and gain valuable perspectives from our expert business reporters in our live blog, offering up-to-the-minute coverage and analysis of market movements and key economic indicators.As the local stock market prepares to open, we offer a succinct recap of how the week began, drawing on the expertise of our finance specialist. Santos boss Kevin Gallagher expressed his gratitude to Ms. Duhe for her dedicated service, recognizing her ‘significant contribution’ during her tenure. In another development, the Australian Securities and Investments Commission’s (ASIC) recent findings regarding superannuation funds’ customer service standards are particularly relevant today, especially for institutions like the Commonwealth Superannuation Corporation, which manages substantial funds for public servants. The corporation has issued a customer advisory on its website, warning of a planned system outage between 6 pm and 10 pm on Wednesday, October 14th. This advisory highlights potential challenges within the corporation’s operational capabilities. Regarding the Qantas data breach, affected customers are still waiting for direct communication from the airline, with one individual, Ebe Ganon, expressing frustration at the lack of direct contact. Qantas has not held a press conference since hackers followed through with their threat to release customer data on the dark web. In response to inquiries from the ABC, a Qantas spokesperson directed attention to a statement available on the airline’s website and also mentioned the availability of support services from IDCARE, offered on a case-by-case basis to affected customers.Currency markets witnessed a notable turnaround from the risk-averse sentiment that dominated Friday’s trading, with the Australian dollar leading gains amongst the G10 currencies after having been the poorest performer at the end of the previous week. The majority of this price action occurred at the beginning of Monday, fueled by positive signals emerging from the US and China. A recent review conducted by ASIC revealed that some trustees of superannuation funds provided generic, one-size-fits-all communications regarding retirement planning. These communications primarily target individuals approaching retirement, thereby missing opportunities to engage with members throughout their retirement journey and provide more tailored and valuable support. Wall Street opened for the week on a much more optimistic note than it concluded on Friday, with stock prices experiencing a recovery. Despite the overnight market activity, the Commonwealth Bank of Australia’s (CBA) morning note suggests that complete resolution of existing issues cannot be assumed. CBA’s head of international economics and foreign exchange noted that the United States government has neither withdrawn nor modified its threats to impose tariffs and restrict software supply. Consequently, CBA believes that the trade dispute has the potential to escalate beyond mere rhetoric. The next key development that market participants will be watching closely is whether the meeting between President Trump and President Xi will take place as scheduled
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