Australian markets faced headwinds as inflation ticked up in August to 3 per cent, exceeding forecasts. The ASX experienced declines near midday AEST. KMD posted a loss, while Super Retail settled a legal dispute with former employees. Conversely, Santos and Woodside saw gains. The monthly CPI increase has prompted concerns among investors, contributing to market volatility.
Prime Minister Anthony Albanese met with Donald Trump at a New York dinner, coinciding with a UN reception attended by numerous world leaders. Discussions focused on defence and tariffs, with Albanese slated for a more formal meeting with the former US president next month. Fortescue’s boss voiced concerns over Trump’s rhetoric.
In other global developments, Donald Trump indicated a potential shift in policy towards Russia, suggesting Ukraine could regain all its territory. This represents a notable change in tone, with Trump describing Russia as a ‘paper tiger’. Such a U-turn could significantly impact markets, particularly concerning countries purchasing Russian oil, with China being a primary target.
Meanwhile, Optus has appointed Dr Kerry Schott to lead an independent review into recent Triple Zero failures. Chairman John Arthur has committed to publicly releasing the review’s findings, addressing the telco group’s emergency calls debacle. Optus is an Australian telecommunications company that provides a range of services, including mobile, internet, and fixed-line phone services. Super Retail Group is a leading retailer of auto, sports, outdoor and apparel products with brands such as Supercheap Auto, Rebel, and BCF.
