Australian shares experienced a slight dip near midday AEST, even as new figures revealed the nation’s Gross Domestic Product (GDP) expanded at a rate of 0.6 per cent for the June quarter, surpassing initial forecasts. The resources sector showed mixed performance, with gold stocks surging while the tech sector faced headwinds and recorded losses. Westpac Banking Corporation experienced a 2 per cent decrease in share value following a downgrade from UBS.
In other news, Advent International is set to acquire Automic Group in a deal valued at $725 million. Automic Group provides share registry and managed fund services. Advent International is a global buyout firm that seeks investments aligned with its expertise, and the purchase aligns with their global investment philosophy, under the direction of new Australia head Beau Dixon.
Globally, concerns are mounting as bond markets signal potential risks for investors. Traders in government debt are displaying increased nervousness, prompting a watchful eye on major tech companies like Nvidia. Meanwhile, China’s President Xi Jinping welcomed 26 world leaders, including Vladimir Putin and Kim Jong-un, to Tiananmen Square, showcasing diplomatic and military strength.
Domestically, ANZ is facing challenges with employee engagement amid a company-wide shake-up led by Chief Executive Nuno Matos. Elsewhere, Woodside Energy CEO Meg O’Neill dismissed speculation about relocating the company’s primary listing from the ASX, despite aiming for a 50-50 revenue split between Australia and the United States.
