The Australian share market or S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) index is expected to open slightly higher Tuesday morning, according to data from the Sydney Futures Exchange.
Here’s the key headline data:
SFE ASX 200 futures: +6 points
Australian Dollar ($A) (AUDUSD): 76.05 US cents
Dow Jones (DJI): down 0.1%
Oil (WTI): $US68.90 per barrel
Gold: $US1,326 per ounce
Overnight, London-listed shares of BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) finished up 0.1% and down 1%, respectively, according to Yahoo! Finance.
Australian Investing News
Making news in Australia and on the ASX, Commonwealth Bank of Australia (ASX: CBA), National Australia Bank Ltd. (ASX: NAB), ANZ Banking Group (ASX: ANZ), AMP Limited (ASX: AMP) and Westpac Banking Corp (ASX: WBC) will again be in the spotlight.
Over the past week, the banks have faced tough questioning from the Royal Commission, which is probing their culture, standard of financial advice and compliance processes. Some of their practices have been terrible.
As part of its investigation, the Commission has shone a light either directly on the banks’ financial planning teams or their ‘dealer groups’. AAP is reporting that ANZ is the latest bank to be found putting profit before customers. The Motley Fool reports the Commission will cost ANZ an additional $50 million.
Also in the news today, telecommunications company Vocus Group Ltd (ASX: VOC) announced its board has concluded that retaining (rather than selling) its New Zealand business is in the best interests of shareholders. Vocus will now cease talking to “interested parties”.
Vocus also updated the market on its debt position saying that its lenders have consented to a temporary increase in its allowable debt limit. “Vocus has continued to progress on its facility refinance plans,” Vocus added.
Technology business Redbubble Ltd (ASX: RBL) released its quarterly report and a trading update. Redbubble reported top-line (revenue) growth in line with guidance, adding, “Operating expense growth for FY2018 as a whole will be in the range of 17 – 19% compared to FY2017.”
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