Business
Australia’s ASX 200 Slips 0.15% to 8,828 as Mining Losses Offset Gains in Banks and Communication Stocks Today
SYDNEY — The S&P/ASX 200 edged lower Thursday afternoon, giving back early gains as a slide in mining stocks offset strength in banking and communication services shares, even as Wall Street’s overnight rally lifted sentiment across the region.
The benchmark index was down 13.0 points, or 0.15%, to 8,828.1 as of 3:02 p.m. AEST, pulling back from a positive open earlier in the session.
The pullback came despite a firmer start to the trading day. Australian shares had opened higher, tracking a solid overnight session on Wall Street, where the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all advanced on easing inflation signals and a strong start to the U.S. second-quarter earnings season.
By late morning, the ASX 200 had climbed as much as 7.6 points, or 0.09%, to 8,848, with eight of the index’s 11 sectors trading in positive territory. Communication services led the advance, rising roughly 1.3% on gains in REA Group, CAR Group, Seek and News Corp. Financial stocks also contributed to the early strength.
The gains proved short-lived. Mining stocks weighed heavily on the broader market through the session, dragging the materials sector into negative territory even after BHP Group reported record iron ore production for the 2026 financial year. BHP shares fell despite the milestone, part of a broader retreat among miners that accounted for the bulk of the index’s worst-performing stocks. Mining names were the primary drag on the benchmark, offsetting gains elsewhere on the board.
Elsewhere on the local corporate front, AMP shares advanced after the wealth manager lifted its first-half profit guidance, citing favorable investment returns and its partnerships in China. Other notable movers in early trade included Mesoblast, Life360, Tabcorp and Flight Centre.
Investors were also digesting fresh economic data. The Melbourne Institute released its monthly reading on consumer inflation expectations for July, one of several data points traders are using to gauge the outlook for Reserve Bank of Australia policy in the second half of the year. Domestically, Treasurer Jim Chalmers has been pressing regulators to adopt a more pro-growth stance in a bid to lift the country’s lagging productivity.
Offshore, the session unfolded against a backdrop of mixed signals from Australia’s largest trading partner. China reported its weakest annual GDP growth since 2022 for the second quarter, a result that has stoked expectations Beijing could roll out fresh stimulus measures. Chinese officials have acknowledged that external risks remain elevated and that demand continues to trail supply in the world’s second-largest economy. The soft growth figure has added a layer of caution to sentiment in Asia-Pacific markets, even as local shares initially shrugged it off.
Geopolitical tensions in the Middle East continued to cast a shadow over global markets more broadly. Renewed strikes and a reinstated U.S. naval blockade have disrupted shipping through the Strait of Hormuz, a critical corridor for global oil flows, rattling economies across the Gulf region and keeping crude prices elevated. Traffic through the strait has remained sharply depressed compared with pre-conflict levels, with some vessels reportedly switching off transponders to avoid attack. The disruption has also weighed on Chinese refinery activity, with throughput at multiyear lows.
Energy markets have been volatile as a result, and the swings in crude prices have rippled through to mining and resources stocks on the ASX, adding to the sector’s choppy performance this week.
Thursday’s session capped a mixed run for the Australian benchmark. The index closed Wednesday up 0.35% to 0.4% at roughly 8,841 points, its strongest finish in about a week, as banks and miners both contributed to gains following a rally in Rio Tinto after the miner topped its quarterly iron ore sales forecasts. That followed a choppier start to the week, with the index closing essentially flat on both Monday and Tuesday amid escalating Middle East tensions and cautious trading ahead of the Chinese GDP release.
Over the past month, the ASX 200 has been trading in a relatively narrow band, moving between roughly 8,656 and 8,984 points. The index remains a few percentage points below its 52-week high, reflecting a market that has been buffeted by a mix of geopolitical risk, shifting global rate expectations, and a domestic economy still finding its footing.
Among the standout movers in recent sessions, gold miners have swung sharply as investors weigh the conflicting pulls of rising bond yields and safe-haven demand tied to the Middle East conflict. Uranium stocks have also seen sharp declines this week, tracking a broader selloff in global uranium equities, while lithium and rare earths names have been more mixed, with several junior explorers reporting fresh drilling results and resource upgrades.
Looking ahead, traders said they would be watching for U.S. retail sales and jobless claims data later this week, along with any further developments in the Middle East that could affect oil markets and broader risk sentiment. Domestically, attention is turning to labor market data due out next week, which will offer the Reserve Bank of Australia additional information as it weighs its next policy move.
For now, the ASX 200 remains caught between competing forces: a resilient corporate earnings backdrop both locally and in the U.S., against a more uncertain global growth picture out of China and ongoing volatility tied to the conflict in the Middle East.
Trading is expected to remain choppy in the sessions ahead as investors sift through the incoming data for clearer signals on the direction of both the Australian and global economies.
Business
(VIDEO) Code Red Air Quality Alert Hits South-Central Pennsylvania as Canadian Wildfire Smoke Blankets Region
A Code Red air quality alert took effect across south-central Pennsylvania on Thursday as thick smoke from wildfires burning in Canada drifted into the region, prompting warnings from state environmental officials and creating conditions expected to disrupt normal outdoor activity for residents throughout the Susquehanna Valley.
The Pennsylvania Department of Environmental Protection issued the alert as smoke from fires burning in southern Ontario and northern Minnesota spread across the Great Lakes and into the Northeast. Meteorologists tracking the smoke said it was settling close to the surface, which is producing especially poor air quality across central and southeastern Pennsylvania compared with smoke events where haze remains higher in the atmosphere.
A Code Red designation means air pollution levels have reached a point considered unhealthy for the general public, not just for individuals in sensitive groups such as children, older adults or people with existing respiratory conditions. The alert covers the entire Susquehanna Valley for the duration of Thursday.
Local meteorologists declared Thursday an “Impact Day,” a designation used when weather conditions are expected to significantly disrupt residents’ typical daily routines. Officials cautioned that the smoky air could produce a range of symptoms even in otherwise healthy individuals, including itchy or burning eyes, coughing and difficulty breathing. Those with asthma or other chronic respiratory conditions were warned they could experience a worsening of their symptoms while the smoke lingers over the region.
Health officials urged residents to limit outdoor exercise and avoid strenuous physical activity outdoors for as long as the Code Red alert remains active. The advisory carries particular significance for the Susquehanna Valley, given that the last time the region saw a Code Red air quality alert was in June 2023, when a similar wave of Canadian wildfire smoke triggered widespread hazy skies and health warnings across the eastern United States.
Despite the heavy smoke reducing sunshine and keeping temperatures slightly lower than they would otherwise be, Thursday’s conditions are still expected to be hot and humid. Forecasters said the high temperature was expected to reach about 92 degrees, with humidity pushing the heat index into the mid- to upper 90s. No separate heat-specific alerts were in effect as of Thursday morning, with the primary public health concern tied specifically to the smoke rather than temperature extremes.
The poor air quality is not expected to clear quickly. Forecasters said conditions will likely persist into Friday, when the alert level is expected to shift to Code Orange, indicating air quality that remains unhealthy specifically for sensitive groups rather than the general public. Officials cautioned, however, that conditions could still worsen depending on how smoke concentrations shift, and that Friday’s alert could be upgraded back to Code Red if pollution levels climb again. Friday’s high temperature is expected to reach near 90 degrees.
Some relief may be on the way by the weekend. Forecasters said scattered showers and thunderstorms are possible Saturday, a pattern that could help clear out lingering smoke and improve air quality heading into the start of the weekend, though the exact timing and intensity of any rainfall remained uncertain as of Thursday morning.
Health officials outlined a series of recommended precautions for residents during the smoky stretch, particularly for children, older adults and those with existing heart or lung disease, groups considered most vulnerable to the effects of poor air quality. Recommended steps include limiting time spent outdoors, avoiding strenuous outdoor activity, keeping windows closed where possible, and running air conditioning systems on a recirculate setting to limit the amount of outside air, and by extension smoke, entering homes. Officials also encouraged residents to monitor themselves for symptoms such as coughing or shortness of breath and to check local air quality sensors and forecasts before heading outside.
The smoke event adds another layer of disruption to a region already contending with a stretch of hot, humid summer weather. Local coverage of the smoky conditions noted that the alert arrived the same week runners competed in the Harrisburg Mile despite high temperatures, with race organizers taking precautions given the heat even before the wildfire smoke moved into the region. Weather trackers in the area also flagged the arrival of a wetter pattern building into the forecast for later in the week, which could bring the added benefit of clearing smoke alongside its potential to increase storm chances Thursday and beyond.
Wildfire smoke drifting into the northeastern United States from Canadian fires has become a recurring seasonal concern in recent years, with south-central Pennsylvania previously experiencing significant smoke-driven air quality alerts during comparable stretches of summer weather. Thursday’s Code Red designation represents the most severe classification the state uses for air quality alerts, reserved for conditions serious enough to affect the general population rather than only individuals with preexisting health vulnerabilities.
Meteorologists said they will continue monitoring the smoke’s movement and updating air quality forecasts as conditions evolve throughout the week. For now, officials are asking residents across the Susquehanna Valley to treat Thursday’s hazy, smoke-filled skies as a signal to adjust their daily plans, whether that means moving exercise routines indoors, delaying outdoor errands, or simply keeping a closer eye on family members with respiratory sensitivities until the air clears.
The situation remains fluid, with forecasters cautioning that both the intensity of the smoke and the timing of improved conditions could shift depending on how the wildfires in Ontario and Minnesota continue to burn and how wind patterns carry that smoke across the Great Lakes region in the coming days. Residents were encouraged to check updated local forecasts regularly rather than relying solely on Thursday’s outlook, given how quickly smoke-related air quality conditions have shifted in past events affecting the region.
Business
Shortsellers take aim at manufacturing in June amid supply chain stress, Hazeltree data shows

Shortsellers take aim at manufacturing in June amid supply chain stress, Hazeltree data shows
Business
Trump Administration Fires Newly Appointed U.S. Attorney in Seattle Minutes After His Judicial Appointment
SEATTLE — The Trump administration fired a federal prosecutor Wednesday less than an hour after he had been appointed to lead the United States attorney’s office in Seattle, a move that sets up a potential legal battle over the president’s authority to remove prosecutors chosen by the judiciary.
Federal judges in the Western District of Washington had unanimously selected Roger Rogoff to serve as the Justice Department’s top official in the district, filling a vacancy the administration had left unaddressed. But the Trump administration has repeatedly resisted efforts by federal judges to fill such vacancies on their own, and Rogoff was dismissed by email roughly 54 minutes after his appointment.
Rogoff, 57, has retained an employment law firm and is now weighing whether to challenge his removal in court, a step that would mark a departure from how other prosecutors dismissed under similar circumstances have responded. Legal experts say such a challenge would likely lead to a lengthy and difficult court fight and could raise the unusual possibility of a U.S. attorney operating independently of the administration that removed him. It could also complicate the position of Charles Neil Floyd, the Trump administration’s preferred pick to lead the office, whose appointment as first assistant United States attorney has never been formally submitted to the Senate for confirmation.
Rogoff told The New York Times he had envisioned the role as one focused on implementing the administration’s stated law enforcement priorities, describing goals such as prosecuting illegal immigration, human trafficking and drug gang activity as fairly conventional. But he was sharply critical of the administration’s broader approach to filling top prosecutor positions without Senate involvement. He said that when officials are placed into such roles through what he described as an improvised process, it undermines the functioning of individual offices, and he argued the practice also raises constitutional concerns.
In response, the Justice Department said in a statement that the district court had not coordinated with the department on Rogoff’s selection. The agency also pointed to a letter that acting Attorney General Todd Blanche sent to The Times earlier this year, in which he wrote that when judges act unilaterally in selecting prosecutors, the outcome tends to be straightforward: a prosecutor chosen solely by the judiciary will not remain in the position.
The standoff has been building since January, when federal judges in Washington state launched a public search process to fill the vacancy, going so far as to ask applicants how they would respond if the administration moved to fire them. Rogoff recalled telling the judges he would consider pursuing a legal challenge if that happened.
The dispute has become a source of ongoing frustration for state officials. Washington Attorney General Nick Brown, a Democrat who previously served as U.S. attorney in Seattle himself, described the administration’s approach to the vacancy as unlawful in an interview last fall, comparing the shifting arrangement of acting officials and first assistants to a plot device from the film “Casino,” in which a character’s title was repeatedly changed to make it harder for regulators to track what was happening.
Rogoff brings a varied background to the dispute. In addition to his legal career, he has worked for Microsoft, and he was most recently appointed by former Washington Gov. Jay Inslee, a Democrat, to lead a state office responsible for investigating the use of deadly force by police. His appointment to the U.S. attorney post came from the full panel of federal district judges in Seattle and Tacoma, a group of 17 judges that included ten appointed by Democratic presidents and seven appointed by Republican presidents.
Any lawsuit stemming from Rogoff’s firing would likely involve prolonged legal proceedings, and it remains unclear whether the administration would ultimately seek to bring such a dispute before the Supreme Court. A similar standoff arose last year in New Jersey, when a federal judge ruled that Alina Habba, a former personal lawyer for President Trump, was not lawfully serving as U.S. attorney there. The administration at the time threatened to escalate that fight to the Supreme Court but ultimately did not follow through.
Not every such dispute has ended in conflict. After three of Habba’s successors in New Jersey were also found to be leading that office unlawfully, judges in the district worked directly with the Justice Department to appoint Robert Frazer as the district’s top prosecutor, an outcome reached through cooperation rather than confrontation.
Under federal law, permanent U.S. attorney appointments typically require approval either from the Senate or from federal judges in the relevant district when a vacancy persists. Interim appointments made without formal approval are limited to 120 days, but the Trump administration has repeatedly extended its preferred officials’ tenures by designating them acting U.S. attorneys or leaving them in place as first assistants, a practice that has drawn criticism from judges and state officials in multiple districts.
Legal scholars say any court challenge to Rogoff’s dismissal would face significant hurdles. Elizabeth G. Porter, a law professor at the University of Washington, noted in an email earlier this year that federal statute empowers district courts to appoint a temporary U.S. attorney to serve until a traditional appointee is in place, language that could theoretically be read to protect such an appointee from removal without cause. But she cautioned that this would be a difficult legal argument to sustain in court.
The dispute in Seattle adds to a growing list of standoffs between the Trump administration and federal courts over control of vacant U.S. attorney positions across the country, with judges in several districts pushing back against the administration’s reliance on acting officials and first assistants to sidestep the Senate confirmation process. Whether Rogoff pursues a formal legal challenge could determine if the Seattle case becomes the next flashpoint in that broader fight, potentially testing, in court, the extent of a president’s authority to remove a prosecutor chosen entirely by the judicial branch.
Business
Woodside chases players in stench gas stunt, in dispute against protesters
Woodside claimed more people could be involved in a stench gas protest at its Perth office, in its pursuit against activists in the state’s highest court.
Business
Market Wrap: Sensex ends flat, Nifty holds 24,050 as Iran-US conflict keeps optimism in check
Sensex gained a mere 1 point to end at around 77,187, and Nifty 50 dropped around 6 points to close at nearly 24,073 on Thursday. Broader markets slipped into the red, with Nifty Midcap 100 and Nifty Smallcap 100 indices closing up to 0.4% lower.
Eternal was the top loser on Sensex, falling more than 3%. Bajaj Finserv, Bharat Electronics (BEL) and HDFC Bank shares declined nearly 1% each. HCL Technologies, IndiGo and Bajaj Finance shares gained nearly 2% each.
The muted market sentiment came even as volatility measure India VIX dropped nearly 3% to close at 12.88. Sectorally, Nifty Realty and Nifty Financial Services dropped nearly 1% each to lead losses, with Nifty Consumer Durables surged 1.5%. The overall market breadth however turned bearish, with NSE seeing 1,776 declines and 1,543 advances, while 112 remained unchanged.
What lies ahead?
With many companies reporting their Q1 results in the coming days, the market is likely to respond to the results, said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
“Financials-both banks and NBFCs- are likely to report a good set of numbers aided by robust credit growth now running at 18%. Automobiles is a sector to watch closely since the growth numbers for Q1 would be impressive and the sector continues to exhibit momentum, aided by GST cuts and easy availability of finance. Most segments of the sector -cars, SUVs, two-wheelers, commercial vehicles, exports- are doing well. Digital platform companies, too, will be reporting good growth numbers. Announcement of bonus issue by Paytm in the July 20th board meeting is an important news,” according to the analyst.Technical view on Nifty
The Nifty index continues to trade within a narrow range, reflecting a consolidation phase with a neutral undertone, said Vatsal Bhuva, Technical Analyst at LKP Securities. The analyst noted that the index technically is expected to find strong support in the 23,950–24,000 zone, while the 24,250–24,300 region is likely to act as an immediate resistance, with a broader hurdle placed near 24,500.
“Option chain data also indicates the highest put writing at the 24,000 strike, reinforcing it as a key support level. Considering the current technical setup, a buy-on-dips near support and sell-on-rise near resistance strategy remains appropriate,” Bhuva further said.
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Business
Form DEF 14A Peloton Interactive Inc For: 16 July

Form DEF 14A Peloton Interactive Inc For: 16 July
Business
Euro Car Parks being investigated over petrol forecourt parking charges
One of the UK’s largest private parking providers is being investigated by the competition regulator over whether parking charges for drivers queuing at petrol forecourts are fair.
Euro Car Parks’ broader appeals process relating to petrol stations and car parks is also being looked into, to determine if it breaches consumer protection law.
The investigation forms part of a wider crackdown by the Competition and Markets Authority (CMA) into potentially unfair practices by private parking operators.
Research by the RAC has suggested the number of tickets issued in places like gyms, supermarkets, restaurants and retail parks more than doubled in six years, to 14.4 million.
Motorists have complained about these parking issues, the CMA said, highlighting problems including unclear signage, faulty apps and broken ticket machines.
The regulator said it wanted to make sure drivers are being treated fairly following complaints from motorists who feel they’ve been unjustly issued with parking tickets.
The CMA says it has its own concerns about the way some operators are handling appeals, or attempting to make motorists pay additional fees on top of parking charges.
It has written to the sector as a whole, and issued warnings to some individual operators about their practices.
The CMA’s executive director of consumer protection Emma Cochrane said receiving a parking ticket could be a stressful experience.
“Costs are high and often unexpected which is difficult when people are budgeting carefully,” she said.
“Parking companies must treat motorists fairly at all stages – and a clear and consistent appeals process must be at the heart of this.
“It’s time for all private parking operators to comply with consumer law or risk action from the CMA.”
The CMA’s investigation into Euro Car Parks is focusing on whether it is fair for drivers to receive parking charges while queuing for, or using, petrol pumps and other forecourt services such as car washes, plus its wider appeals process.
It is in the evidence gathering stage, and is set to run until Spring 2027.
Euro Car Parks has more than 3,000 facilities across the UK and Ireland, according to the company’s website, with more than two million cars parking in their spots every day.
The BBC has contacted Euro Car Parks for comment.
Business
Qantas cleared of wrongdoing in cyber incident report
The final report into last year’s Qantas hack, which affected approximately 5 million Australians, has found that there was nothing more Qantas could have done to prevent the incident.
Business
RENK Group AG (RKGRY) Discusses Pre-Close Update and Strong Order Intake Driven by Defense Contracts Prepared Remarks Transcript
Operator
Welcome to the RENK Group AG pre-close call for H1 2026. Please note that this call will be recorded. I’d now like to turn the call over to Maximilian Konig, Senior Investor Relations Manager. Please go ahead.
Maximilian Konig
Thank you, operator. Good morning, everyone. Thank you for joining today’s pre-close call for the second quarter and first half of 2026. One organizational aspect upfront. In the next few minutes, I will walk you through a short set of key messages, giving a reminder of publicly disclosed information provided by us during the second quarter and potential implications on Q2 2026. After that, there will be no Q&A session. We will, of course, be happy to take all of your questions at our half year results call on August 6, where the full details will be published. Please bear in mind, our half year closing process is still ongoing. Everything I say today, therefore, reflects our current view. Final figures will be published on the mentioned H1 print on August 6.
Ladies and gentlemen, the key message is very clear. Our story is fully on track. H1 unfolds exactly as planned and always communicated and in full alignment with our full year 2026 guidance of more than EUR 1.5 billion revenues and an adjusted EBIT range of EUR 255 million to EUR 285 million. Rest assured that we continue to clearly target the upper half of that adjusted EBIT range.
Let me now start with order intake. Based on an unchanged strong market momentum with continued high demand for our products, order intake will again be one of the highlights of the quarter
Business
Warren Buffett is buying, Michael Burry is shorting: The AI trade splitting Wall Street
Buffett’s Berkshire Hathaway last month unveiled a large new stake in Alphabet, instantly propelling the Google parent into Berkshire Hathaway’s top 10 holdings. The move is widely seen as an endorsement of Alphabet’s heavy AI investments and the market’s view of the company as a frontrunner in the AI race.
The investment comes at a moment of transition for Berkshire. Buffett announced in May that he will step down as CEO at the end of this year, though he will retain his stock, handing the reins to vice chairman Greg Abel after decades at the helm of a company that began as a Nebraska textile mill and grew into one of the most influential conglomerates in American finance.
Burry doubles down on his skepticism
Michael Burry, however, is moving in the opposite direction. The investor who famously profited from betting against the U.S. housing market in 2008 has taken new short positions in Palantir and Nvidia, two of the highest-profile beneficiaries of the AI boom.He has been particularly critical of accounting practices across Big Tech, arguing that companies “have been systematically increasing the useful lives of chips and servers, for depreciation purposes, as they invest hundreds of billions of dollars in graphics chips with accelerating planned obsolescence.”
Burry is also in a period of transition. Scion Asset Management, his hedge fund, will close by year-end. In a recent investor letter, he wrote that his “estimation of value in securities is not now, and has not been for some time, in sync with the markets.” He has since launched a financial newsletter, Cassandra Unchained, where he continues to express skepticism about the AI boom.
A market split as AI hype peaks
Their opposing moves come as even industry leaders begin to acknowledge stretched expectations. Sam Altman, CEO of OpenAI, has voiced concerns about the pace and scale of speculative fervor surrounding artificial intelligence.
Still, capital continues to flood the sector, and the disagreement between two investors of such high reputation underscores the uncertainty in the market. Buffett turned Berkshire Hathaway into one of the most recognizable names in American investing, while Burry inspired Michael Lewis’s The Big Short and the film adaptation starring Christian Bale.Now, with both navigating turning points in their own careers, the divergence in their AI positions is emerging as one of the most closely watched splits in the market—one that could signal whether the boom is built on solid ground or heading toward another historic correction.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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