The Australian sharemarket experienced a surge this morning ahead of the Reserve Bank of Australia’s (RBA) interest rate decision, scheduled for 2:30 pm AEDT. Positive sentiment rippled through the market, with gold miners rebounding after recent dips. However, not all news was positive, as Neuren Pharmaceuticals experienced a dive. Credit Corp’s outlook has disappointed investors, while Commonwealth Bank of Australia (CBA) has issued warnings regarding provisions.
In other business news, NRW Holdings has secured contracts worth $270 million, bolstering its position in the market. Meanwhile, Coinbase, one of the world’s largest cryptocurrency exchanges, has voiced concerns about Australian financial institutions, stating that the debanking of digital asset companies and fintechs is a ‘systemic feature’ of the Australian finance sector. Coinbase facilitates the buying, selling, and storage of cryptocurrencies.
Globally, the Clinton’s have agreed to testify in the Epstein investigation to avoid contempt charges. Former US President Bill Clinton and Hillary Clinton will appear before a committee. Meanwhile, Donald Trump has unveiled a $17 billion critical minerals reserve aimed at countering reliance on foreign suppliers, with involvement from major players like GE and Boeing.
Further afield, a red plush horse toy in China, designed to beam optimism but accidentally manufactured with an upside-down mouth (a frown), is trending. This unintentional design is said to better reflect the current public mood.
