CBA beats, CSL and ASX lose CEOs, Roblox

Commonwealth Bank's profit topped estimates, buoyed by growth in its flagship mortgage business.

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Good morning, earnings season is heating up, with two of Australia's largest companies reporting early today. Commonwealth Bank delivered a profit beat, while CSL's first-half net income slumped from a year earlier, with the resignation of CEO Paul McKenzie compounding worries. Be sure to watch both stocks at market open. Adding to the leadership churn, the ASX is also preparing for a change at the top, with CEO Helen Lofthouse set to depart - Carmeli Argana, Australian stocks reporter. What's happening now Commonwealth Bank of Australia's profit topped estimates, buoyed by growth in its flagship mortgage business and a push in lending more to companies. CEO's from two major companies announced their resignations after the close of trading yesterday, with CSL's Paul McKenzie stepping down immediately and the ASX's Helen Lofthouse leaving in May. Australia's government ramped up pressure on Roblox Corp., summoning executives to explain reports that have alleged children as young as four years old have been sexually groomed on the gaming service. UBS Australia's Richard Schellbach says ASX 200 profit growth is set to top 10% in 2026, with miners and banks driving momentum. Click image to watch Australia's rental accommodation affordability has plunged to a record low as surging prices outpace wage growth, fueling inflationary pressures that forced the Reserve Bank to raise its key interest rate last week. What happened overnight Here's what my colleague, market strategist Mike "Willo" Wilson says happened while we were sleeping… Treasury yields fell across the curve and stocks wavered near all-time highs after US retail sales data for December flat-lined. The dollar itself didn't feel the pinch, ending mixed against major currency peers, while Aussie dragged kiwi lower after Tuesday's soft domestic sentiment data. Australia has home loan data and comments from an RBA official to consider while New Zealand enjoys an eco free hump day. ASX futures speak to a positive start for local equities. Federal Reserve Bank of Cleveland President Beth Hammack said interest rates could be on an extended hold while officials evaluate incoming economic data. Hammack has repeatedly urged her peers on the Federal Open Market Committee to be cautious with rate cuts to avoid stoking higher inflation. Beth Hammack, president and chief executive officer of the Federal Reserve Bank of Cleveland. Photographer: Desiree Rios/Bloomberg An artificial intelligence tool aimed at creating tax strategies sparked a selloff in wealth-management stocks Tuesday as investors fear the business could be at risk from automated advice. Stocks in Australia that could move include Netwealth, Pinnacle Investment and Magellan. India has agreed to phase out duties on a range of agricultural products including 'certain pulses' and 'additional' farm products, a White House fact sheet showed, fueling opposition criticism over lack of transparency and impact on farmers in the South Asian nation. What to watch Australian 4Q Home Loans Value, 11:30 a.m. One more thing... Pakistan has agreed to play India at the T20 Cricket World Cup on Sunday, reversing an earlier boycott after intense diplomatic efforts by countries in the region. Pakistan earlier this month refused to play its scheduled match against India, citing support for Bangladesh, which has been barred from the tournament by the sport's governing body. Enjoying Australia Briefing? You might also like: Markets Daily for what's moving in stocks, bonds, FX and commodities Next China for dispatches from within the world's second-largest economy on where China stands now — and where it's going next Markets Daily India for key news and movers in this fast-growing market before the trading day starts Get weekly updates on these industries with our new Retail Monitor, Auto Monitor, Defense Monitor, Real Estate Monitor, Banking Monitor newsletters Explore all Bloomberg newsletters at Bloomberg.com. We're improving your newsletter experience and we'd love your feedback. If something looks off, help us fine-tune your experience by reporting it here. Follow us You received this message because you are subscribed to Bloomberg's Australia Briefing newsletter. If a friend forwarded you this message, sign up here to get it in your inbox. Unsubscribe Bloomberg.com Contact Us Bloomberg L.P. 731 Lexington Avenue New York, NY 10022 |