Here are the stories from the S&P/ASX 200 (INDEXASX: XJO)(^AXJO) and Australian finance circles today. The ASX 200 is expected to open sharply lower, according to futures trading in Sydney.
First, here are the data points:
Australian Dollar ($A) (AUDUSD): 73.38 US cents
Dow Jones (DJI): down 3.1%
Oil (WTI): $US52.60 per barrel
Gold: $US1,236 per ounce
Following a swift sell-off on US markets overnight, Australia’s sharemarket is expected to follow suit. On Wall St, the Dow Jones and S&P 500 tumbled more than 3% after investors were “spooked” by trade war concerns and slower growth, according to AAP.
Making sharemarket news today, Australia’s largest healthcare company CSL Limited (ASX: CSL) hosts its research & development investor briefing today. CSL spent between 10% and 11% of its yearly revenue on research and development on new drugs and vaccines. According to the update, CSL has nine products in Phase III trials.
Also making headlines, telecom giant TPG Telecom Ltd (ASX: TPM) is facing the Australian Competition and Consumer Commission (ACCC) in Federal Court over misleading advertising relating to a $20 ‘prepayment’.
“A reasonable consumer would expect that this $20 payment would be refunded if it was not used, but in fact it is non-refundable,” ACCC Deputy Chair Delia Rickard said. “It is unacceptable that TPG only disclose this forfeiture in fine print.”
Bank of Queensland Limited (ASX: BOQ) announced the resignation of its CEO Jon Sutton. Sutton has been with BOQ for six years and will retire to, “focus on his long-term health following a heart operation earlier this year.”
“We understand and respect Jon’s decision to resign now, so as to focus on his health and be in great shape to return to corporate life when it makes sense for Jon and his family,” BOQ Chairman Roger Davis said.
BOQ’s current Chief Operating Officer (COO) Anthony Rose will take the helms as CEO.
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