BUSINESS

Equity markets and the dollar wavered Monday as investors mulled the impact of the assassination attempt on Donald Trump, while the luxury goods sector was slammed by plunging profits at both British fashion label Burberry and Swiss watch group Swatch.

Swiss watch group Swatch saw its first half profits plunge due to the luxury market crisis in China and warned Monday the key market was likely to remain difficult throughout the rest of the year.

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Global stock markets mostly advanced on Friday as traders increasingly expect the US Federal Reserve to cut interest rates.

Production has yet to begin, but TotalEnergies' controversial East African oil project is already taking a dire environmental toll in Uganda's largest national parks, a leading conservationist group said Friday.

German airline giant Lufthansa slashed its 2024 profit forecast Friday after a weak second quarter and launched a "turnaround" plan for its flagship carrier, which it warned might not break even.

"Weak income growth for people born in the 1990s reflects the poor economic outcomes experienced by younger people following the global financial crisis (GFC)," the report said.

Australia and the U.S. are co-hosting the two-day Pacific Banking Forum, which will have 300 participants, including representatives from Pacific countries, commercial banks and officials from the International Monetary Fund.

The pound advanced Friday after Britain's centre-left Labour Party clinched an expected landslide election victory to end 14 years of right-wing Conservative rule.

The resurgence of hybrids has taken the automobile industry by surprise as automakers were inclined to phasing out internal combustion engine vehicles. But, with the demand for hybrids rising, automakers Ford, General Motors, Mercedes-Benz and Volkswagen are delaying EV plans.

Eurozone stock markets rallied Wednesday and the euro rose on hopes France could avoid a far-right majority in looming polls, while London also gained ground on the eve of its general election.

The US trade gap grew slightly less than expected in May, to the widest level since late 2022, government data showed on Wednesday, as exports and imports both slipped.

Eurozone inflation cooled in June, official data showed Tuesday but experts say it will not be enough to convince the European Central Bank to accelerate its rate-cutting cycle despite sluggish economic growth.

The first quarter of 2024 had seen a noticeable decline of 3.0% reduction in job ads, and the advertisements decreased by 7.1% in the second quarter of the year.

US aircraft manufacturer Boeing said Monday it had reached a "definitive deal" to buy its subcontractor Spirit, which has faced scrutiny over production quality control in recent months.

The euro and global equity markets rose Monday amid signs France's far right would not win enough seats for an overall majority in legislative elections.

Stock markets mostly climbed and the dollar diverged Friday awaiting key US inflation data and with focus on upcoming global elections and yen weakness.

The US Federal Reserve's favored measure of inflation eased slightly in May, according to government data published Friday, as goods prices cooled.

Shares in H&M slid Thursday after the world's second biggest fashion retailer warned that the conditions to meet its profitability target for this year have become "more challenging".

A key political meeting that is watched for signals on China's economic direction will be held in mid-July, state media said Thursday, as policymakers seek to shore up a stuttering recovery.

The yen, weakened by the Japanese government's easy monetary policy, hit a 38-year low against the dollar on Wednesday, sparking speculation about a new intervention by authorities.

The Reserve Bank's goal range of 2-3% was exceeded in May when annual headline inflation jumped to 4%, as per the most recent figures from the Australian Bureau of Statistics.

European stock markets slid Tuesday as jitters resurfaced over impending French elections but US tech shares bounced following a selloff led by investor darling Nvidia.

Recommendations include bringing supermarkets with an annual revenue of AU$5 billion under the code and imposing a fine up to AU$10 million for violations.

Asian markets mostly fell Friday following a broadly negative lead from Wall Street, where tech giants led a sell-off on profit-taking, while traders are on intervention watch as the yen retreats back towards a three-decade low.

The government-funded research to study grocery price comparisons were launched to probe allegations that the supermarket giants were indulging in price gouging with suppliers, while hiking it for consumers.

Britain's inflation rate has slowed to a near three-year low, official data showed Wednesday, but the boost for embattled Prime Minister Rishi Sunak was unlikely to prevent his Conservatives from losing the upcoming general election to Labour, analysts said.

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