The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open higher today, the USA’s S&P 500 Index (.INX) went up by 2.14% on Tuesday.
Australian Dollar ($A) (AUDUSD): 69.92US cents
Dow Jones (DJI): up 2.06%
Oil (WTI): $US53.00 per barrel
Gold: $US1,325 per ounce
ASX Sharemarket News
In ASX sharemarket news, Westpac Banking Corp (ASX: WBC) was the final bank to announce its interest rate cut yesterday evening.
As a reminder, yesterday the Reserve Bank of Australia (RBA) decided to cut Australian interest rates by 0.25% to 1.25%.
The second biggest bank in Australia decided to cut its interest rate by 0.20%, meaning it will be profiting by 0.05% from the RBA’s move.
The RBA Governor Philip Lowe expects that Australian interest rates could fall to 1% if employment growth and inflation targets are not met soon.
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Shares of Vocus Group Ltd (ASX: VOC) will be under the spotlight this morning at the start of trade. You may remember that EQT Infrastructure had offered a preliminary takeover bid of $5.25 per share.
After an accelerated period of due diligence, EQT has decided not to proceed with the transaction and discussions have now been terminated.
Vocus CEO and Managing Director Kevin Russell said: “As we said in our Interim Results on 27 February, we are in the early stages of a business turnaround. We have great confidence that our strategy will deliver significant value to our shareholders in the medium to long term.
“There is growing demand for our strategically valuable network assets and we have a substantial opportunity to gain market share in Vocus Networks.”
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Wesfarmers Ltd (ASX: WES) has appointed Sharon Warburton to the Wesfarmers Board, she will join from 1 August 2019.
The company said that Ms Warburton has extensive board and executive experience in corporate strategy, business operations, finance and risk management, particularly in the resources and infrastructure sectors.
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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).
At the time of publishing, Jaz does not have a financial interest in any of the companies mentioned.