Australia’s sharemarket experienced a significant downturn, falling by 1.2 per cent. This drop marks the sharpest weekly decline since 2022. The bond market is reacting, increasing bets on a potential RBA rate rise. Meanwhile, oil prices are surging, and tech stocks are showing signs of a rally. In company news, the Lowy family has acquired a major stake in Magellan Financial Group following its merger with Barrenjoey.
The Lowy Family Group, the private investment business and family office led by Steven Lowy, confirmed the investment, citing a long-standing relationship with Magellan. Magellan is an Australian-based global asset manager. The company provides investment management services to retail, high net worth and institutional investors.
Elsewhere, James Packer has announced his engagement to a New York socialite, marking his fifth engagement and third marriage. Travellers are facing soaring airfares through Asia as they seek alternatives to Middle Eastern hubs, prompting airlines to introduce new routes to Australia. In the US, Donald Trump has replaced his homeland security chief, Kristi Noem, with Senator Markwayne Mullin. Draft regulations are being considered to require permits for global sales of Nvidia AI chips, potentially tightening control over the sector.
Rising oil prices and the decreasing probability of US interest rate cuts are creating ripple effects in global markets due to geopolitical conflicts, impacting Australia’s economy. In other news, Carlton AFL president is selling his $45 million Mosman mansion, known as Harston House, one of the suburb’s most significant properties.
