7 August 2020
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AP/Pablo Martinez Monsivais Evan Vucci Jeff Chiu Jens Meyer

5 things you need to know today

Switzer Daily
29 July 2020

1. The Australian Office of Financial Management has sold more than $130 billion worth of bonds through auctions and capital market deals since March. The government’s debt manager is tracking ahead of the bond sales required to fund the budget deficit with investor demand doubling expectation.

2. Rio Tinto are leaping into gold mining as prices for gold soar to record levels. Rio is looking to have the first of what could become multiple gold mines in production by 2023 after discovering a gold deposit two kilometres from its main deposit in Western Australia.

3. US consumer confidence has deteriorated according to The Conference Board, who recorded consumer confidence on 92.6 in July, falling from 98.3 in June.

4. Mark Zuckerberg, Jeff Bezos, Apple CEO Tim Cook and Alphanet CEO Sundar Pichai will appear before the House Antitrust Subcommittee on Wednesday to defend safety concerns associated with their products. Zuckerberg's remarks ahead of his hearing were released prior, where he defends Facebook's acquisition of Instagram and WhatsApp, “Instagram and WhatsApp have been able to grow and operate their services using Facebook’s bespoke, lower-cost infrastructure and tackle spam and harmful content with Facebook’s integrity teams and technology," said Zuckerberg.

5. The ASX is tipped to open lower after the Dow closed 0.77% lower at 26,379.28. The S&P 500 dropped 0.65% to 3,218.44 and the Nasdaq fell 1.27% to 10,402.09. 

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