Here are the headlines from the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) and Australian finance circles on Tuesday morning, with Rio Tinto Limited’s (ASX: RIO) quarterly production guidance in focus.
But first, here are the data points:
Australian Dollar ($A) (AUDUSD): 74.1 US cents
Dow Jones (DJI): up 0.2%
Oil (WTI): $US68.05 per barrel
Gold: $US1,243 per ounce
Australian Investing News
Making finance news, Rio Tinto Limited (ASX: RIO) reported its second quarter of production results. Rio Tinto Chief Executive J-S Jacques said:
“Operational performance was solid across most commodities, rounding out a strong first half performance for the Group. Our increasingly flexible Pilbara iron ore system continued to perform well. Our Bauxite and copper businesses also delivered strong operating results, demonstrating the success of our ongoing mine-to-market productivity programme, which is increasingly important in an environment of rising cost inflation.”
According to Rio Tinto, it carried out 88.5 million tonnes of Pilbara iron ore shipments in the second quarter, which was 14% higher than a year ago. This improvement was due to better weather.
Also in the news, Australia’s second largest lender, Westpac Banking Corp (ASX: WBC), will stop lending to self managed superannuation funds (SMSF) by the end of July 2018. Market commentators worry that this will put even more pressure on a declining housing market.
Daigou business Aumake International Ltd (ASX: AU8) reported that sales were up 37% in the June 2018 quarter compared to the March 2018 quarter. The gross profit increased by 31% to $1.08 million compared to the March 2018 quarter’s profit of $0.82 million. The business expects to achieve breakeven operating cashflow during the 2019 financial year.
Marijuana business Creso Pharma Ltd (ASX: CPH) confirmed that it is now trading on the Frankfurt Stock Exchange after the successful, revenue-generating dual product launch of cannaQIX and anibidiol and initial sales in Europe’s Benelux region. Creso appointed German firm DGWA to assist.
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