Latest updates on Key Economic Indicators:

Aussie $: $0.6500 USD (down $0.0020 USD)

Iron (SGX): $100.70 USD (down $0.65 USD)

Iron (SGX): $97.90 USD (down $0.48 USD)

Oil (WTI): $67.57 USD (down $1.97 USD)

Gold: $1,962.56 USD (up $3.05 USD)

Copper (CME): $3.6660 (up 0.0060 USD)

Bit-coin: $27,087.42 (down 2.74%)

Dow Jones: 32,908.27 (down 134.51 pts)

All changes compared to 7am yesterday.

Ukraine War:

French president Emmanuel Macron has said that Vladimir Putin may not face war crime charges if the war in Ukraine ends in a negotiation.

In a speech in Moldova, he said: “If in a few months to come we have a window for negotiations, the question will be arbitrage between a trial and a negotiation, and you have to negotiate with the leaders you have de facto, and I think negotiations will be a priority"

"You can put yourself in a position where you say: ‘I want you to go jail but you are the only one I can negotiate with’.”

Macron also said that Ukraine needed security assurances. Leaders will meet in Vilnius, the capital of Lithuania, in July to discuss Ukraine’s Nato membership.

Putin Says 'No' To Martial Law:

Russia does not plan to declare martial law after Tuesday’s large-scale drone strike on Moscow, the Kremlin spokesperson, Dmitry Peskov, has said.

Figures from Russia, including the head of Chechnya Ramzan Kadyrov, said Putin should declare martial law nationwide to “Sweep away that terrorist gang”.

90% of the 500 Russian missiles Fired Failed:

Analysis from the Kyiv Post has claimed that about 90% of the 500 missiles and drones launched by Russia in May in attacks on Ukraine failed, to the cost of $1.7b.

It said that 533 of them were destroyed by the Ukrainian air force. It includes 401 Shahed-136 drones, which cost about $20,000 each.

Britain Is Moscow’s “Eternal Enemy”:

The Russian security council deputy chair, Dmitry Medvedev, said on Wednesday Britain was Moscow’s “Eternal enemy” and that any British officials who facilitated the war in Ukraine could be considered legitimate military targets.

Medvedev, the hawkish long-term ally of Vladimir Putin, was responding to British foreign secretary James Cleverly’s remark that Ukraine had a right to project force beyond its own borders, said Britain’s “Goofy officials” should remember that Britain could be “Qualified as being at war”.

'Judgment day in Roberts-Smith case

The Age - Page Online : 1 June 2023 - Original article by Michaela Whitbourn - Portmac.News Summary

The Federal Court will hand down its judgment in the defamation case of Victoria Cross recipient Ben Roberts-Smith on today.

The Afghanistan war veteran launched legal action against three Nine Entertainment mastheads over a series of articles that were published in June and August 2018.

Roberts-Smith alleges that the articles had wrongly accused him of war crimes and bullying a fellow soldier. He was not named in four of the six articles.

Inflation rate shock

The Australian - Page 1 & 4 : 1 June 2023 - Original article by Patrick Commins - Portmac.News Summary

Data showing that Australia's annual inflation rate rose to 6.8% in April has strengthened the case for another increase in the official cash rate in June.

The general consensus of economists was that inflation would rise by about 6.4% in April, having peaked at 8.4% in December and fallen to 6.3% in March.

Goldman Sachs economists are amongst those who expect the Reserve Bank of Australia to increase the cash rate to 4.1% on Tuesday.

Meanwhile, RBA governor Philip Lowe has warned that the nation could face higher interest rates and unemployment if cost-of-living pressures are not brought under control.

Lowe warns Labor on wages

The Australian Financial Review - Page 1 & 4 : 1 June 2023 - Original article by Michael Read, John Kehoe - Portmac.News Summary

Reserve Bank of Australia governor Philip Lowe appeared before the Senate estimates committee on Wednesday.

Lowe noted that unit labour costs are growing at 3.5-4% and this needs to be reduced to 2-3% if the RBA is to return inflation to its target range, which is also 2-3%.

He stressed that action is needed to boost Australia's low level of productivity growth, noting that there has been no increase in the average output produced per hour worked in Australia over the last three years.

Meanwhile, Australian Industry Group CEO Innes Willox has warned against an excessive increase in the minimum wage when the Fair Work Commission announces its decision on Friday.

He says a large increase would risk further embedding inflation and setting off a wage-price spiral.

Retail downturn is here

The Australian - Page 21 : 1 June 2023 - Original article by Robert Gottliebsen - Portmac.News Summary

The federal government's 9 May budget included a forecast that there would be a sharp fall in the Australian economy in 2023-24.

This is the one thing that the budget got right, but the downturn has started a bit earlier than expected.

The retail sector has recorded a sharp fall in the last two weeks, including a decline of 15-20% in some areas, although retailers want more time before pronouncing a downturn.

Meanwhile, the ANZ-Roy Morgan Consumer Confidence has now spent 13 straight weeks below the 80 mark, a clear warning of trouble ahead.

The last time this index spent at least 13 weeks under 80 was during the 1990-91 recession.

Pressure grows to end native forest logging

The Guardian Australia - Page Online : 1 June 2023 - Original article by Paul Karp - Portmac.News Summary

The federal government is under growing pressure to phase out native forest logging in NSW and Tasmania.

A group of 15 crossbenchers has written to Environment Minister Tanya Plibersek calling for action to accelerate the transition to plantation timber logging.

The Labor Environment Action Network is also lobbying the government to end native forest logging.

However, CFMEU official Michael O'Connor says the timber industry employs thousands of workers and is vital for the social fabric of many communities.

The Victorian government recently revealed plans to end native forest logging.

UK trade deal as a win for young Australians

The Australian - Page Online : 1 June 2023 - Original article by Sarah Ison - Portmac.News Summary

Federal Trade Minister Don Farrell has met with UK High Commissioner Vicki Treadell in Canberra to mark the official commencement of the free-trade agreement between the two nations.

Farrell says a key driver of the trade deal was the need for Australia to diversify its export markets after China imposed punitive tariffs on a range of Australian imports.

He says that while all Australians will benefit from the trade deal, younger people in particular will do so; the age limit for UK working visas has increased from 30 to 35, and visas will now be valid for three rather than two years.

Uber warns of 'Catastrophic' job losses from gig reform

The Australian Financial Review - Page 5 : 1 June 2023 - Original article by David Marin-Guzman - Portmac.News Summary

Ridesharing pioneer Uber has made a new submission to the federal government regarding its plans to legislate minimum pay and conditions for people with 'Employee-like' arrangements.

The reforms are primarily aimed at the gig economy, but Uber has expressed concern that the broad nature of the reforms means that they could result in significant job losses in sector and higher prices for consumers who use on-demand services.

Uber cited the impact of similar reforms in other countries, which has result in a sharp fall in the number of UberEats couriers.

FBI restarts Julian Assange probe

The Age - Page Online : 1 June 2023 - Original article by Matthew Knott - Portmac.News Summary

US law enforcement authorities appear to be seeking to gather new evidence against Wikileaks founder Julian Assange.

It has been revealed that FBI agents have requested an interview with Andrew O'Hagan, who was a ghost-writer on Assange's autobiography in 2011.

O'Hagan has expressed surprise that the investigation into Assange is still continuing, adding that he would not agree to give a witness statement against a fellow journalist who is being pursued for telling the truth.

Assange faces 17 counts of breaching the US Espionage Act if the long-running battle to extradite him succeeds.

44 years to pay off a degree, warns union

The Australian - Page 3 : 1 June 2023 - Original article by Sarah Ison - Portmac.News Summary

University students and graduates face a 7.2% increase in their HECS debt on 1 June, given that it is indexed to inflation.

This is the highest indexation rate since 1990, when student debt increased by 8%. Modelling by the National Tertiary Education Union suggests that business management graduates could take up to 44 years to repay their student debt, with their degree ultimately costing more than $119,000.

A humanities and social sciences honours degree could in turn take 40 years to repay.

Feud worsens over St Barbara mine

The Australian Financial Review - Page 15 : 1 June 2023 - Original article by Peter Ker - Portmac.News Summary

St Barbara's proposed deal to sell its flagship Gwalia gold mine to Genesis Minerals will be put to a vote of shareholders on 20 June.

Rival bidder Silver Lake Resources has urged St Barbara to allow it to undertake due diligence, while it has stated that St Barbara shareholders will have no option but to vote against the Genesis proposal if the board continues to refuse to engage with Silver Lake.

Meanwhile, St Barbara's third-largest shareholder Baker Steel Capital Managers has advised that it is inclined to back the Genesis deal; however, it adds that it is not certain to do so.

Home-building activity falls to seven-year low

The Australian Financial Review - Page 41 : 1 June 2023 - Original article by Michael Bleby - Portmac.News Summary

Data from the Australian Bureau of Statistics shows that the value of residential construction fell by 2% quarter-on-quarter to $18.1bn in the three months to 31 March.

Residential construction fell to $72.6bn in the year to March, which is its lowest level since the June 2015 quarter.

Some $36.8bn worth of detached homes were built during the year to March, down 12.2% on the previous 12 months.

However, total construction activity rose to a four-year high of $224.5bn.

ASX hits two-month low

The Australian Financial Review - Page 32 : 1 June 2023 - Original article by Tom Richardson - Portmac.News Summary

The Australian sharemarket retreated on Wednesday, with the S&P/ASX 200 shedding 1.64% to close at 7,091.3 points.

BHP was down 3.4% at $42.02, Whitehaven Coal fell 6.5% to end the session at $5.66 and Bubs Australia fell 2.6% to $0.185.

However, Paladin Energy rose 1.9% to $0.545 and BetMakers was up 20% at $0.15.