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5 things you need to know today

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Published on: Monday, June 03, 2019

1. Scott Morrison has pledged $250 million for infrastructure projects in the Solomon Islands during a visit to Honiara, as pressure mounts from the Chinese government for the Solomon Islands to sever ties with Taiwan.

2. Anthony Albanese has announced his shadow cabinet, including Kristina Keneally as shadow minister for Home Affairs, Jim Chalmers as Shadow Treasurer, Stephen Jones as Shadow Assistant Treasurer and shadow minister for Financial Services, and Katy Gallagher as shadow minister for Finance.

3. As the trade war between the US and China continues, Morgan Stanley said that the global economy could be in recession within the next year. "If trade tensions continue to escalate, the global cycle will be at risk. We could end up in a recession in three quarters," Morgan Stanley's chief economist Chetan Ahya said

4. The Reserve Bank will announce its latest interest rate decision tomorrow, with the AFR reporting that "top CEOs and chairman" were warning against a cut because the RBA "should keep some firepower in reserve to guard against an unexpected recession".

5. The Dow Jones closed lower on Friday and was down 6.7% for the month of May, while the S&P 500 fell 6.6% and the Nasdaq declined 7.9% in May.


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