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5 things you need to know today

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Published on: Tuesday, July 16, 2019

1. Business conditions have improved according to The Executive Connection's quarterly confidence index of 251 CEOs published by the AFR. "The two things that have had the biggest impact on sentiment are the passing of the income tax legislation through Parliament, and the other one which I think is underplayed is the importance of the housing market," said economist Warren Hogan, an adviser to The Executive Connection.

2. Reserve Bank of New Zealand deputy governor Geoff Bascand has told the AFR that its decision to block the sale of AMP Life to Britain's Resolution Life was made because "The contract between the AMP Life NZ and Resolution Life was agreed without consideration of the Reserve Bank’s requirements."

3. China's economic growth has fallen to its lowest level since 1992 according to Chinese government figures. GDP grew by 6.2% in the quarter to June, down from 6.4% growth in the previous quarter.

4. Donald Trump said that China's slowdown in economic growth was evidence that tariffs introduced by the US were "having a major effect on companies wanting to leave China for non-tariffed countries," the President said in a tweet. US Treasury Secretary Steven Mnuchin said that trade negotiators from both countries are expected to speak by telephone again this week.

5. Wall Street's main indexes all closed marginally higher on Monday to again set new record-high closes. The Dow Jones rose 0.01% to 27,359.16, the S&P 500 gained 0.02% to 3,014.30 and the Nasdaq closed 0.17% higher on 8,258.19.


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