Competition watchdog launches probe into REA real estate pricing
The Australian Competition and Consumer Commission has been quietly meeting with real estate agents and industry bodies over the past few weeks, asking whether they have feedback or issues with the $34 billion, ASX-listed company.
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Sydney Morning Herald
an hour ago
- Sydney Morning Herald
ASX set to rise, Wall Street mixed; Trump labels Fed chief a ‘numbskull'
Wall Street is hanging around its records following some mixed profit reports, as General Motors and other big US companies give updates on how much President Donald Trump's tariffs are hurting or helping them. The S&P 500 was 0.1 per cent higher in late trading and on track to squeak to another all-time high. The Dow Jones was up 164 points, or 0.4 per cent, in late trade, and the Nasdaq composite was down 0.2 per cent after setting its own record. The Australian sharemarket is set to rise, with futures pointing to a gain of 40 points, or 0.5 per cent, at the open. The ASX edged 0.1 per cent higher on Tuesday. General Motors dropped 7.5 per cent despite reporting a stronger profit for the spring than analysts expected. The automaker said it's still expecting a $US4 billion-$US5 billion ($6.1 billion- $7.6 billion) hit to its results over 2025 because of tariffs and that it hopes to mitigate 30 per cent of that. GM also said it will feel more pain because of tariffs in the current quarter than it did during the spring. Loading That helped to offset big gains for some homebuilders after they reported stronger profits for the spring than Wall Street had forecast. D.R. Horton rallied 16.5 per cent, and PulteGroup jumped 11.4 per cent. That was even as both companies said homebuyers are continuing to deal with challenging conditions, including higher mortgage rates and an uncertain economy. So far, the US economy seems to be powering through all the uncertainty created by Trump's on-and-off tariffs. Many of Trump's stiff proposed taxes on imports are currently on pause, and the next big deadline is Aug. 1. Talks are underway on possible trade deals with other countries that could lower the proposed tariffs before they kick in. Companies are already feeling effects. Genuine Parts, the Atlanta-based company that sells auto and industrial replacement parts around the world, trimmed its profit forecast for the full year in order to incorporate 'all US tariffs currently in effect,' along with its updated expectations for business conditions in the second half of the year. Its stock rose 6.5 per cent after it reported a stronger profit for the latest quarter than analysts expected.
The Age
an hour ago
- The Age
ASX set to rise, Wall Street mixed; Trump labels Fed chief a ‘numbskull'
Wall Street is hanging around its records following some mixed profit reports, as General Motors and other big US companies give updates on how much President Donald Trump's tariffs are hurting or helping them. The S&P 500 was 0.1 per cent higher in late trading and on track to squeak to another all-time high. The Dow Jones was up 164 points, or 0.4 per cent, in late trade, and the Nasdaq composite was down 0.2 per cent after setting its own record. The Australian sharemarket is set to rise, with futures pointing to a gain of 40 points, or 0.5 per cent, at the open. The ASX edged 0.1 per cent higher on Tuesday. General Motors dropped 7.5 per cent despite reporting a stronger profit for the spring than analysts expected. The automaker said it's still expecting a $US4 billion-$US5 billion ($6.1 billion- $7.6 billion) hit to its results over 2025 because of tariffs and that it hopes to mitigate 30 per cent of that. GM also said it will feel more pain because of tariffs in the current quarter than it did during the spring. Loading That helped to offset big gains for some homebuilders after they reported stronger profits for the spring than Wall Street had forecast. D.R. Horton rallied 16.5 per cent, and PulteGroup jumped 11.4 per cent. That was even as both companies said homebuyers are continuing to deal with challenging conditions, including higher mortgage rates and an uncertain economy. So far, the US economy seems to be powering through all the uncertainty created by Trump's on-and-off tariffs. Many of Trump's stiff proposed taxes on imports are currently on pause, and the next big deadline is Aug. 1. Talks are underway on possible trade deals with other countries that could lower the proposed tariffs before they kick in. Companies are already feeling effects. Genuine Parts, the Atlanta-based company that sells auto and industrial replacement parts around the world, trimmed its profit forecast for the full year in order to incorporate 'all US tariffs currently in effect,' along with its updated expectations for business conditions in the second half of the year. Its stock rose 6.5 per cent after it reported a stronger profit for the latest quarter than analysts expected.
AU Financial Review
an hour ago
- AU Financial Review
ASX to rise, S&P 500 edges higher as rally stalls
Australian shares are set to open higher. Shares were mixed in New York as rallies that have fuelled record highs in the S&P 500 and Nasdaq Composite stalled ahead of results from Alphabet and Tesla. The two megacap techs are the first of the magnificent seven set to report June quarter results. They each are set to release statements after Wednesday's closing bell in New York, early Thursday AEST. 'Technology's strength has helped to drive recent performance and has solidified this sector as being the best performing out of all major S&P sectors on a 1-week, 1-month, 3-month, and 6-month basis,' Fundstrat Global technical analyst Mark Newton said. Newton said near-term and intermediate-term technical trends remain bullish for US equities. 'Momentum and breadth remain constructive on an intermediate-term basis despite some short-term waning. Additionally, seasonality and cycles don't begin to turn too negative until August.' Market highlights ASX futures are pointing up 33 points or 0.4 per cent to 8674. All US prices as near 2.30pm New York time. Today's agenda Results are expected on Wednesday from Iluka Resources, Woodside Energy and Paladin Energy. Top stories Macquarie risks first-ever strike amid disquiet over bumper pay days | Two influential advisory firms are urging their clients to reject salaries and bonuses, citing a failure to hold executives accountable for compliance issues. 'Seduced by his personality': The fall of a finance fraudster | Linden Toll was a former Sydney Grammar boy and one-time Macquarie futures trader who promised investors interest rates on loans of 10 to 12 per cent. But it was all a facade, writes Tony Boyd. Chanticleer: Hostplus' $10b property bomb is a warning for all Australian investors | Lendlease and Mirvac's battle for three funds is about more than $10.5 billion in assets. It's about who gets to invest the whopper retirement savings pool. | Irish teenager Liam Fuller came to Sydney for a holiday with his dad and left with cheques from several investors, including a big one from Square Peg Capital.
