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5 things you need to know today

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Published on: Wednesday, May 08, 2019

1. Following its decision to keep interest rates on hold yesterday, the Reserve Bank indicated it could cut interest rates if unemployment does not fall below its current rate of 5%.

2. China has confirmed that Vice Premier Liu He will join the delegation heading to Washington this week for trade negotiations. US Trade Representative Robert Lighthizer also confirmed that the US is set to increase tariffs from 10% to 25% on US$200 billion worth of goods from China this Friday.

3. The Dow Jones had its worst day in over four months overnight after sinking 473.39 points or 1.79% to 25,965.09. The S&P 500 dropped 48.42 points or 1.65% to 2,884.05 and the Nasdaq fell by 159.53 points or 1.96% to 7,963.76. 

4. Treasurer Josh Frydenberg has told the AFR that Australia would be able to withstand a global downturn with its current policies, and said the government expected "cool heads to prevail" in the ongoing trade war between the US and China.

5. The Coalition's $158 billion in tax cuts could struggle to pass the Senate if the party is elected according to a report by the AFR.


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