ASX set to rise as Wall Street advances
The S&P 500 was 0.6 per cent higher in afternoon trading and above its all-time high set on Thursday. The Dow Jones was up 217 points, or 0.5 per cent, in mid-afternoon trade, and the Nasdaq composite was adding 0.7 per cent to its own record. The Australian sharemarket is set to rise, with futures at 4.51am AEST pointing to a gain of 24 points, or 0.3 per cent, at the open. The ASX lost 1 per cent on Monday.
The Australian dollar is stronger. It was 0.3 per cent higher at 65.27 US cents at 5.07am.
On Wall Street, Verizon Communications helped lead the way and rose 4.8 per cent. The telecom reported a stronger profit for the latest quarter than analysts expected, along with higher revenue than forecast. Following the strong performance, Verizon raised its forecasts for profit and other financial measures for the full year.
That helped offset a 4.2 per cent drop for Sarepta Therapeutics, which continued to fall after the Food and Drug Administration said Friday it asked the company to voluntarily stop all shipments of its gene therapy for Duchenne muscular dystrophy due to safety concerns.
Block, Jack Dorsey's company behind Square, Cash App and other tech brands, jumped 8 per cent in its first trading after learning it will join the widely followed and imitated S&P 500 index. It will take the place of Hess, which Chevron bought, before trading begins on Wednesday.
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Cleveland-Cliffs rallied 13.6 per cent after the steel producer reported a smaller loss for the spring than analysts expected. It shipped a record 4.3 million net tonnes of steel during the quarter, and CEO Lourenco Goncalves said the company has begun to see 'the positive impact that tariffs have on domestic manufacturing' and other things.
It's a major supplier to the auto industry, and Trump's tariffs steer companies hoping to sell cars in the United States toward steel made in the country.
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Sydney Morning Herald
12 minutes ago
- Sydney Morning Herald
High-end heist: Australians caught up in Louis Vuitton data breach
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The Age
12 minutes ago
- The Age
High-end heist: Australians caught up in Louis Vuitton data breach
'The Louis Vuitton breach is just the latest in a string of cyber incidents for the sector, with big names like Tiffany, Dior, Adidas, Victoria's Secret and Cartier disclosing incidents since just April. Ransomware group ShinyHunters is likely behind some, but not all of these.' Loading ShinyHunters, which was formed in 2020 and named after a Pokemon, has claimed credit for some of the most significant data breaches globally, affecting millions of people including Australians. It hasn't yet claimed responsibility for the Louis Vuitton breach. 'ShinyHunters' MO is stealing large datasets. Often, they sell these datasets to other criminals; sometimes, they leak them as a publicity stunt,' Mansted said. She said CyberCX was seeing far fewer businesses in Australia, and globally, pay ransoms to cybercriminals. The criminals aren't stopping, however, but are instead operating in sectors and places more willing to pay ransoms or changing their service offerings. Some are reverting to stealing and selling data to make money. 'The retail sector is in a sweet spot for cybercriminals,' she said. 'The sector hasn't faced the same regulatory pressure to uplift cyber maturity as banks, telcos and other critical providers. But at the same time, it holds huge consumer datasets. These datasets are highly valuable – whether transacted by powerful data brokers, or unlawfully on the dark web by criminals. 'The high-end retail heist also highlights a growing problem confronting all businesses: third-party cyber risk. We're still understanding these incidents, but it's very possible that the source of at least some of these breaches is a third-party vendor commonly used across the sector.' Australian companies now face fines of up to $50 million for serious breaches of the Privacy Act, after high-profile data breaches affected Optus and Medibank customers. The Office of the Australian Information Commissioner was contacted for comment. The latest breach comes after 5.7 million Qantas customers had their information accessed by hackers this month, including information on frequent flyer accounts, addresses and food preferences. The airline said last week it had found no evidence yet of stolen data being released, but it was 'actively monitoring'. Cybersecurity researcher Jamieson O'Reilly said while no passwords or financial data had been taken, the scope of stolen Louis Vuitton data still presented significant opportunities for exploitation. 'That is especially true when the breached entity is a high-profile luxury brand with a highly engaged and brand-loyal customer base,' he said. Jamieson, who runs cybersecurity consultancy DVULN, said he had already noticed online chatter and victim reports indicating that Louis Vuitton customers had received phishing emails impersonating the company. 'Notably, this email referenced a known artist, Clara Bacou, who previously published conceptual NFT artwork for Louis Vuitton back in 2021,' he said. Loading 'Anyone who searched the artist's name would find legitimate links tying her to Louis Vuitton, giving the email a false sense of authenticity. Combined with accurate customer data from the breach, the setup is precise enough to fool even security-aware recipients.' He said it was highly likely that threat actors are already using the stolen data for nefarious purposes. 'While breaches are frequent, that does not make them acceptable,' he said.
AU Financial Review
12 minutes ago
- AU Financial Review
Why net zero targets are impoverishing our nation
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