Australian shares experienced a decline near midday AEST, while DroneShield saw a surge following the announcement of new US defence contracts. Retail stocks faced downward pressure despite data from UBS indicating strong consumer sentiment. BHP has cut 750 jobs at its Queensland coal operations, and mothballed a mine, after earlier warnings that high royalty rates in the state could force such a move.
GQG Partners has expressed concerns about a potential bursting of the artificial intelligence (AI) bubble, cautioning investors to follow the money. GQG Partners is a global investment firm focused on managing investments for institutions, advisors and individuals worldwide. The firm aims to deliver long-term value through active management and a focus on high-quality businesses.
In other news, a landmark defence treaty between Australia and Papua New Guinea has faltered amid suspicions of interference by China. Meanwhile, UK police intervened to stop images being projected onto Windsor Castle shortly before Donald Trump’s arrival. A software founder has purchased a $36 million estate next door to Chris Hemsworth. Finally, Israeli ground forces have moved into Gaza City, intensifying the ongoing humanitarian crisis.
