Sun, 21st Jul 2024

In this episode of the Weekly Finance News Wrap, we cover the recent fluctuations in the Australian market, with notable downsides seen in the tech sector. ASX200 dipped slightly by 0.27%, with the more significant impact felt by Wisetech Global and Domino's Pizza, dropping by 6.32% and 8.23% respectively. The banking and property sectors exhibited mixed performance amid concerns about potential rate hikes, while unemployment rose despite 50,000 new jobs. ANZ is nearing the completion of its $4.9 billion acquisition of Suncorp's banking division. The housing sector faces crisis due to rising interest rates and construction costs, which have stagnated new home supply, leading to a decade-low in building approvals. Lastly, Australian households are grappling with rising living costs, stagnant wages, and diminished savings, calling for clear-cut policies to reimprove household consumption, which has dropped by 7.6% since mid-2022.