Here are the stories from the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) and Australian finance circles. Rask Media has your financial news headlines sorted.
First, here are the data points:
Australian Dollar ($A) (AUDUSD): 70.57 US cents
Dow Jones (DJI): down 1%
Oil (WTI): $US66.69 per barrel
Gold: $US1,231 per ounce
In economic news today, the ABS is due to release its Australian building approvals data for September 2018. With recent news of slowing house prices, commentators will be closely watching for any positive news.
In overseas markets, the US Government is reportedly planning to implement more tariffs on Chinese goods if a meeting between the country’s two leaders fails.
US President Donald Trump and Chinese President Xi Jinping are due to meet in early December, according to Bloomberg. If the meeting fails the US is expected to add tariffs on Asian imports valued at as much as $257 billion.
In local sharemarket news, plumbing and water solutions business Reliance Worldwide Corporation Ltd (ASX: RWC) updated the market on its 2019 financial year outlook during its AGM.
Reliance CEO Heath Sharp said the group remains on track to achieve an EBITDA result between $280 million and $290 million. Click here to learn what EBITDA means.
Reliance Worldwide recently announced the acquisition of the UK’s John Guest. “We remain confident that annual synergy realisation from the John Guest acquisition will exceed $30 million on a run rate basis by the end of FY2020,” Mr Sharp said.
Also making headlines is Slater & Gordon Ltd (ASX: SGH), the law firm.
In an ASX filing the company noted two class actions have been commenced against the company’s former auditors. The auditors join former directors and the company. Slater & Gordon’s expansion into the UK market was marred by a poorly executed acquisition and falling share price.
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