US President Donald Trump again accused the Organization of Petroleum Exporting Countries of driving petrol prices higher on Twitter on Wednesday and urged the oil cartel's members to do more.
Markets Live: ASX opens higher despite mining losses
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Tesla dropped a standard new-car braking test it saw as unnecessary as it pushed to make an elusive production target for its Model 3 sedans last week.
The so-called "brake and roll" test was halted early on June 26, according to Business Insider.
"I can't even figure out a good reason to ever bypass this," Dave Sullivan, manager of product analysis for AutoPacific, said in an email to USA TODAY.
"For a company that is under such immense scrutiny for safety, there is zero reason to bypass anything related to brakes now."
Read the full story here.
Woolworths' petrol business will get an annual pre-tax earnings boost of $80 million after the retail giant locked in a 15-year wholesale fuel supply agreement with Caltex and increased the number of service stations where customers can hand in shopper dockets and receive petrol discounts.
The deal, first revealed by Street Talk, allows for a one off $50 million payment to Woolworths from Caltex.
Woolworths had been searching for ways to boost its petrol business after Caltex rival BP abandoned a $1.8 billion takeover bid that had hit a wall with the competition regulator.
Jessica Gardner has the full story here.
The Australian sharemarket, as predicted has risen this morning despite some big losses being posted.
The S&P/ASX 200 index is up 19.6 points, or 0.3 per cent to 6203.
ANZ, Westpac and NAB are leading the index along with Macquarie. Commonwealth Bank is also higher.
Resolute Mining is up 2.9 per cent followed by Cleanaway Waste Management, up 2.7 per cent.
BHP Billiton, Rio Tinto and South32 are all more than 1 per cent lower following an overnight base metal advance.
Domino's Pizza is down 8.2 per cent following a Credit Suisse broker note. Bellamy's Australia is down 5.4 per cent while Carsales.com is down 3.4 per cent.
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Australia's sharemarket is poised to open slightly higher today following a quiet trading session in overseas markets, with Wall Street closed for America's Independence Day holiday, writes Kyle Rodda.
European stocks ended fractionally higher in a lacklustre trading session, setting the ASX up for a rise at the start of trading. SPI 200 futures traded 0.2 per cent higher at 7:30am AEST.
The Australian dollar was buying 73.81 US cents.
Read the full 8@eight here.
Here are the overnight market highlights:
SPI futures up 8 points or 0.1% to 6145 near 7am AEST
AUD -0.1% at 73.79 US cents
Wall St closed for the July 4th break
In Europe: Stoxx 50 +0.2% FTSE -0.3% CAC +0.1% DAX -0.3%
Spot gold +0.3% to $US1256.70 an ounce at 1.10pm New York time
Brent crude +0.7% to $US78.27 a barrel
US oil +0.3% to $US74.33 a barrel
Iron ore -0.5% to $US64.20 a tonne
Dalian iron ore -1.7% to 455 yuan
LME aluminium +0.4% to $US2089 a tonne
LME copper -1.6% to $US6386 a tonne
2-year yield: US 2.52% Australia 2.01%
5-year yield: US 2.72% Australia 2.23%
10-year yield: US 2.83% Australia 2.58% Germany 0.30%
The federal government will give the states an extra $9 billion over the next decade to ensure no one loses during the transition to a new GST formula, and that no state will ever again receive less than 75¢ in the dollar.
Once the transition is complete, every state will be better off but Western Australia will be the clear winner.
By 2026-27 when the new formula and other changes are in full effect, WA would have received $4.5 billion of the $6.6 billion in extra Commonwealth money that would be so far spent.
By 2028-29, the Commonwealth will have kicked in a total of $9 billion.
Phillip Coorey has the full story here.
Good morning and welcome to the Markets Live blog for Thursday.
Your editor today is William McInnes.
This blog is not intended as investment advice.
Fairfax Media with wires.
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