Live: ASX on the rise after S&P 500 touches all-time high

May Be Interested In:Isha Ambani and Nita Ambani grace Priyanka Chopra’s brother Siddharth Chopra’s wedding with Neelam Upadhyaya – See photos | – The Times of India


Market snapshot

  • ASX 200: +0.3% to 8,400 points
  • Australian dollar: -0.1% to 62.86 US cents
  • S&P 500: +0.5% to 6,118 points
  • Nasdaq: +0.2% to 20,053 points
  • FTSE: +0.2% to 8,565 points
  • EuroStoxx: +0.4% to 530 points
  • Spot gold: Flat at $US2,753/ounce
  • Brent crude: -1.4% to $US77.86/barrel
  • Iron ore: -0.3% to $US103.90 a tonne
  • Bitcoin: +1.4% to $US104,525

Price current around 10:22m AEDT

Live updates on the major ASX indices:

ACTU welcomes $10,000 cost-of-living boost for apprentices

Australian unions have welcomed the Albanese government’s announcement of a $10,000 wage bonus for apprentices to work in housing construction and clean energy.

The policy follows today’s release of the Strategic Review of the Australian Apprenticeship Incentive System, which revealed that low wages were a key barrier to entry and completion of apprenticeships.

Starting July 1, 2025, eligible apprentices will receive five $2,000 payments, supplementing their wages, over the course of their apprenticeship. The incentive payments aim to ease cost-of-living pressures, increase apprenticeship completion rates and build a long-term pipeline of skilled workers in housing construction and the clean energy industry.

The program will support the federal government’s plan to build 1.2 million homes in five years under the Homes for Australia initiative. Eligible occupations will be determined in consultation with Jobs and Skills Australia and Jobs and Skills Councils.

“Unions hear from apprentices across Australia that the biggest barrier holding them back are low wages,” ACTU assistant secretary Liam O’Brien said in a statement.

“Thousands of young Australians, especially in our outer suburbs and regions, make huge sacrifices to pursue an apprenticeship so they can get ahead.

“The Albanese government’s expansion of Free TAFE and their boosting of apprentice wages will help repair Australia’s skills and training sector after a decade of cuts and closures from Peter Dutton’s Coalition.

“Tradies finally have a government that is on their side and actually cares about investing in their future.” 

ASX opens up

The Australian share market has opened higher, tracking gains on Wall Street.

The ASX 200 index was up 20 points or 0.2% to 8,399, by 10:15am AEDT.

Nine out of the 11 sectors were higher with real estate (+1pc) leading the gains.

Here are the top and bottom movers at open.

(Reuters)

The Business is back on Monday

Loading…

In an election year, with economic issues top of mind for many voters, the ABC’s The Business program is returning to ask the questions you need answered.

We kick off on Monday, January 27 to get to the heart of the issues shaping our lives, with stories and in-depth interviews with decision makers and key industry players.

Watch us Monday to Thursday on ABC News Channel at 8:45pm AEST and after the Late News on ABC TV and anytime of the day or night on ABC iview.

Albanese to announce $10,000 apprentice incentive

Apprentices who work in residential construction would get a $10,000 cash bonus under an election policy to be launched by Prime Minister Anthony Albanese at the National Press Club on Friday.

The government has set aside enough for just over 60,000 apprentices, although a similar scheme for green jobs attracted only 2,200 applicants.

The press club address will mark one year since Mr Albanese used a similar appearance to unveil changes to the stage three tax cuts.

The Housing Industry Association says the incentive is “a welcomed response to the crippling labour shortages the residential building industry has been faced with for decades”.

Read more from political reporter Tom Crowley.

David Chau’s Finance Report

ICYMI: Myer and Premier Investments’ $880m merger deal

Here is the story from business reporter Emilia Terzon.

One of Australia’s first online retailers will shut for good. Here’s why

Clothing retailer River is being shut down after more than 140 years, costing 650 workers their jobs.

Mosaic Brands, which owns Rivers, went into administration last year.

The receivers say Rivers will close 136 of its stores by mid-April after no buyer could be found.

Fashion experts say while the news is troubling, there could still be some hope for the two remaining brands under Mosaic Group’s umbrella if the right steps are taken.

Read more by clicking the link below.

Solomon Lew slams high interest rates for hitting Australian pockets

Billionaire investor and Premier Investments chair Solomon Lew says Australia is in a cycle at the moment, where the retail market and the consumer are under pressure from inflation and 13 interest rate rises.

In an interview with the ABC’s Business Reporter Emilia Terzon, he said the government needs to resolve the issue quickly for the benefit of every Australian.

He says this period is the first time they’ve had a blip in their apparel business in relation to earnings.

On the Myer deal to acquire the clothing division of Premier Investments, he said he was “feeling very happy” about the two companies joining forces.

As part of the deal, Apparel Brands — which is made up of Just Jeans, Jay Jays, Portmans, Dotti and Jacqui E — will move under Myer, giving the retail giant a footprint of more than 780 stores across Australia and New Zealand.

95 per cent of Myer shareholders had voting in favour of the takeover, while 99.8 per cent of Premier’s shareholders approved the move.

S&P 500 rallies on Trump comments

The benchmark S&P 500 rose to a record level on Thursday.

At the World Economic Forum in Davos, Switzerland, Trump demanded that OPEC lower oil prices and that central banks reduce interest rates, while he warned global business leaders they will face tariffs for products made anywhere but in the US.

Uncertainty about tariffs has dominated the market’s mood as the president said earlier this week that tariffs on imports from Canada, Mexico, China and the European Union could begin on Feb. 1. Analysts, however, widely expect April 1 to be when major plans will be unveiled.

Investors are concerned tariffs could add to inflation pressures and slow the Federal Reserve’s pace of monetary policy easing. Traders expect the Fed to leave interest rates unchanged for the first half of 2025, according to data compiled by LSEG.

But while investors are cautious about tariffs they “like the idea of interest rates coming down, of oil prices coming down,” said Lindsey Bell, chief strategist at 248 Ventures in Charlotte, North Carolina.

“All in all, the market is optimistic the more they hear about Trump policies. We’re just seeing a reflection of that optimism,” said Bell.

Technology stocks took a step back after rallying sharply on Wednesday following Trump’s announcement of a private-sector $US500-billion investment in AI infrastructure.

Power utility stocks advanced rapidly after Trump told the World Economic Forum that the United States needs double the energy it has to power rapidly emerging AI operations.

On the economic data front, a Labor Department report showed weekly jobless claims stood at 223,000, compared with expectations of 220,000.

ASX to open higher

Good morning and welcome to Friday’s markets live blog, where we’ll bring you the latest price action and news on the ASX and beyond.

A mixed session on Wall Street overnight sets the tone for local market action today.

The Dow Jones index gained 0.8 per cent, the S&P 500 advanced 0.2 per cent and the Nasdaq Composite was down 0.2 per cent.

ASX futures were up 26 points or 0.3 per cent to 8,373 at 7:30am AEDT.

At the same time, the Australian dollar was up 0.3 per cent to 62.91 US cents.

Brent crude oil was down 1.1 per cent, trading at $US78.10 a barrel.

Spot gold was flat at $US2,754.12.

Iron ore lost 0.3 per cent to $US103.90 a tonne.

share Share facebook pinterest whatsapp x print

Similar Content

Pope urges 'all people of all nations' to silence arms in Christmas address
Pope urges ‘all people of all nations’ to silence arms in Christmas address
Aishwarya Rai Bachchan's sister-in-law Shrima Rai shares a cryptic post amid trolling: 'Never jealous, never in competition' | Hindi Movie News - Times of India
Aishwarya Rai Bachchan’s sister-in-law Shrima Rai shares a cryptic post amid trolling: ‘Never jealous, never in competition’ | Hindi Movie News – Times of India
From Astro Bot to Prince of Persia: 15 best video games of 2024
From Astro Bot to Prince of Persia: 15 best video games of 2024
From Sophocles to Sarah Kane: theatre and dance to look forward to in 2025
From Sophocles to Sarah Kane: theatre and dance to look forward to in 2025
These 50+ editor-approved Black Friday smart home deals are worth grabbing before the sell out
These 50+ editor-approved Black Friday smart home deals are worth grabbing before the sell out
U.S. President Joe Biden and First Lady Jill Biden greet president-elect Donald Trump and Melania Trump as they arrive at the White House in Washington, D.C.
Carrie Underwood had to sing a cappella at Donald Trump inauguration
Informed Minds: Knowledge is Power | © 2025 | Daily News