Australia’s jobless rate has unexpectedly dropped to 4.1 per cent in December. Meanwhile, in company news, Fortescue Metals Group has reported record iron ore output. The mining giant, founded by Andrew Forrest, shipped 100.2 million tonnes of ore in the six months leading up to December 31. However, the company anticipates that prices may fall in the near future.
In other corporate updates, DroneShield has received an upgrade from Bell Potter. Conversely, Northern Star has lowered its guidance, while Santos has announced increased production for the quarter. Qantas is devaluing frequent flyer points for Emirates’ luxury cabins, adding restrictions on lower-tier loyalty members booking first-class seats. This follows broader changes made by the Australian airline months prior.
Elsewhere, Nationals leader David Littleproud has informed Sussan Ley that the Coalition is untenable under her leadership, raising questions about its future. Furthermore, key figures in the tennis world are engaging with bankers to address what they see as long-term commercial underperformance of the sport. The association representing the sport’s biggest stars says Tennis Australia is backing a structural reset to correct this underperformance.
Lastly, US Treasury Secretary Steven Bessent reportedly criticised Deutsche Bank CEO Christian Sewing at Davos over an analyst report suggesting European investors might sell US assets. ECB’s Christine Lagarde left a VIP dinner after being insulted by the US Commerce Secretary, highlighting tension in international finance circles.
