Latest updates on Key Economic Indicators:

A$: $0.6600 USD (down 0.0022)

Iron (SGX): $118.70 USD (down $1.00)

Oil (WTI): $78.37 USD (down $0.32)

Gold: $2,314.14 USD (down $9.80)

Copper (CME): $4.5905 USD (down $0.0190)

Bit-coin: $63,111.91 USD (down 0.66%)

Dow Jones: 38,884.26  (up 31.99 pts)

All changes compared to 7am yesterday.

Stormy Daniels Steamy "Tell All" At Trump's "Hush-Money" Trial:

Stormy Daniels has taken the witness stand at Donald Trump's hush money trial, describing for jurors a sexual encounter the adult film star says she had with him in 2006 that resulted in her being paid off to keep silent during the presidential race 10 years later.

Jurors appeared riveted as Ms Daniels offered a detailed and at times graphic account of the encounter Mr Trump has denied.

Mr Trump stared straight ahead as Ms Daniels entered the courtroom, later whispering to his lawyers and hanging his head away from the witness box as she testified.

Ms Daniels testified that her life descended into "chaos" after the deal was made public, saying she was ostracised and harassed at her home.

"My husband asking questions, my friends asking questions," Ms Daniels testified on day 13 of the first criminal trial of a former US president.

"It blew my cover, for lack of a better way to explain it."

Prosecutor Susan Hoffinger asked her: "Who do you understand Mr Trump to be referring to as horseface and sleazebag in this post?" as she displayed a social media post by Mr Trump.

"Me," Ms Daniels replied, later saying she hated Mr Trump and hoped he went to jail if found guilty.

She told the New York jury about the alleged 2006 sexual encounter with Mr Trump and the $US130,000 ($197,000) hush money payment she secured when he ran for president in 2016.

Ms Daniels said she was worried he would not pay her if he won the November 2016 election. Jurors saw documents that showed she cancelled the deal in mid-October but later revived it.

She said she honoured the agreement by telling the Wall Street Journal in 2018 that she had not had sex with Mr Trump. Nevertheless, the Journal published the story.

Ms Daniels, 45, said she was determined to keep the incident private after being threatened in a parking lot in 2011 but changed her mind during Mr Trump's 2016 presidential bid when he faced multiple accusations of sexual misbehaviour.

"My motivation wasn't money, it was to get the story out," she said.

Boeing's Starliner capsule prepares to launch astronauts into space:

Boeing's new CST-100 Starliner astronaut capsule is poised for its first launch after a much-delayed crew test flight.

The gum-drop-shaped capsule is set to lift off from the Kennedy Space Centre in Florida today, after the original flight yesterday was called off for at least 24 hours, over a technical issue.

This cancellation follows two years of delays in launching with a crew.

A successful launch for Boeing will give it a chance to score a badly needed win as it struggles to compete with Elon Musk's SpaceX.

The Starliner test mission will take two NASA astronauts to the International Space Station (ISS). 

The crew's arrival at the ISS will be the final demonstration before the spacecraft can be approved to fly routine space trips under NASA's commercial crew program. 

It has taken two years for Boeing to get to this point, completing its first test voyage to the orbital laboratory without astronauts aboard two years ago.

As the final flight test for Starliner, NASA's Boeing Crew Flight Test will validate the transportation system, including the launch pad, rocket, spacecraft, in-orbit operational capabilities, and return to Earth with astronauts aboard. 

Bullock's red flag on inflation

The Australian - Page 1 & 5 : 8 May 2024 - Original article by Patrick Commins - Portmac.News Summary

Reserve Bank of Australia governor Michele Bullock says she is "alert and vigilant" to the risk of inflation staying too high for too long.

The RBA left the cash rate on hold at 4.35 per cent on Tuesday, and Bullock says the RBA board believes that it is at the right level to return inflation to the target range of 2-3% in 2025.

However, Bullock adds that doing so is likely to be a bumpy ride, while she has flagged the possibility of further interest rate increases if services inflation remains above the central bank's target range.

Meanwhile, Bullock has emphasised the need for Treasurer Jim Chalmers to ensure that the budget on 14 May is not inflationary.

Retailers welcome May cash rate relief

Australian Retailers Association - Page Online : 8 May 2024 - Portmac.News Summary

The Australian Retailers Association has welcomed the Reserve Bank of Australia's decision to again hold the cash rate at 4.35% on Tuesday, following subdued retail trade data.

ARA CEO Paul Zahra says the decision will provide a hint of relief for retailers as economic challenges continue to dampen discretionary spending and consumer confidence.

He notes that the retail sector's performance remained subdued in March, with cost-of-living pressures taking their toll on discretionary spending categories.

Zahra adds that higher interest rates are a major factor in this spending slowdown, and he warns that another cash rate increase would be punishing for both mortgage holders and discretionary retailers, with small businesses on thin margins being the most vulnerable.

Consumer Confidence drops 0.6 points to 80.5 before RBA meeting

Market Research Update - Page Online : 8 May 2024 - Original article by Roy Morgan - Portmac.News Summary

ANZ-Roy Morgan Consumer Confidence fell 0.6pts to 80.5 in the week to 5 May.

The index has now spent a record 66 straight weeks below the mark of 85.

Consumer Confidence is 2.8 points above the same week a year ago (77.7), but 2.1 points below the 2024 weekly average of 82.6.

Consumer Confidence was down significantly in Victoria, but up slightly in New South Wales, Queensland, Western Australia and South Australia.

Now 20% of Australians (up 1ppt) say their families are 'better off' financially than this time last year, while 51% (down 1ppt) say their families are 'worse off'.

Looking forward, 32% (up 1ppt) of Australians expect their family to be 'better off' financially this time next year, while 33% (down 1ppt) expect to be 'worse off'.

Now 9% (up 1ppt) of Australians expect 'good times' for the Australian economy over the next 12 months, while 35% (up 2ppts) expect 'bad times'.

Meanwhile, only 21% (unchanged) of Australians say now is a 'good time to buy' major household items, while 49% (up 2ppts) say now is a 'bad time to buy'.

Palestine chant 'may incite violence'

The Australian - Page 1 & 7 : 8 May 2024 - Original article by Joe Kelly - Portmac.News Summary

Former ASIO director-general Dennis Richardson contends that 'from the river to the sea' is a "very violent statement" and its use by pro-Palestine demonstrators could prompt violence against communities in Australia.

PM Albanese has expressed similar sentiments about the now widely-used chant, and he has stated that it has "no place on Australia's streets".

Richardson and Albanese have discussed the issue in a documentary hosted by former treasurer Josh Frydenberg that will be broadcast by Sky News later in May.

Meanwhile, Frydenberg has called for action to remove pro-Palestine encampments at some of the nation's major universities.

Four-day week for Woolworths workers

The Australian - Page 3 : 8 May 2024 - Original article by Ewin Hannan - Portmac.News Summary

The Shop, Distributive & Allied Employees' Association has backed a proposal to enshrine the right to a four-day working week in a new enterprise agreement for Woolworths employees.

The proposed deal would allow full-time staff to compress their 38-hour working week into four shifts comprising 9.5 hours each.

Bernie Smith from the SDA says staff who opt for a four-day week would be required to work up to four weekend shifts over a four-week period.

The enterprise agreement will cover about 130,000 workers, who will vote on the proposed deal in coming weeks.

Retailers welcome NSW reforms to reduce knife crimes

Australian Retailers Association - Page Online : 8 May 2024 - Portmac.News Summary

The Australian Retailers Association has welcomed the NSW Government's package of reforms around knife laws.

ARA CEO Paul Zahra says the robust stance on knife laws will help improve protection for retail workers and customers.

He adds that retail precincts are vital hubs for socialising, dining and employment, and everyone deserves to feel safe in these spaces.

Zahra says the ARA is committed to collaborating with the NSW Government to establish clear and practical regulations regarding the sale of knives to minors, while it would also like to see better alignment across states and territories around retail crime legislation.

Price commission plan rocks supermarkets

The Australian - Page 15 & 22 : 8 May 2024 - Original article by Eli Greenblat - Portmac.News Summary

The Senate inquiry into supermarket pricing has released a report that includes a 14-point plan to address the market power of Coles and Woolworths.

Its recommendations include giving the Australian Competition & Consumer Commission new powers to prosecute food retailers for price gouging.

Another recommendation suggests the establishment of a Commission on Prices and Competition that would examine the price-setting practices of industries across the economy.

The inquiry has also recommended making the food and grocery code of conduct mandatory and expanding it to include all retailers that sell food.

However, the inquiry has ruled out charging Woolworths CEO Brad Banducci with contempt after he refused to to answer a question about the grocery giant's return on equity.

Distrust replaces trust for Coles and Woolworths

Market Research Update - Page Online : 8 May 2024 - Original article by Roy Morgan - Portmac.News Summary

Amidst a massive cost of living crisis, calls for an inquiry into allegations of price gouging and heightened media coverage of profit announcements, trust for Australia's supermarkets has been decimated.

Coles has plummeted 221 places from its December 2023 ranking as Australia's 5th most trusted brand to become the 9th most distrusted brand (on a 12-month rolling average to March 2024).

Woolworths has in turn dropped 32 places from its December 2023 ranking as Australia's 2nd most trusted brand to become the nation's 34th most trusted brand in March.

Roy Morgan CEO Michele Levine says we have been tracking trust and distrust of brands in Australia for more than seven years, but we have never seen a reputational crash as dramatic as Coles and Woolworths.

Network 10 is in 'total turmoil' & may not survive

News.com.au - Page Online : 8 May 2024 - Original article by Shannon Molloy - Portmac.News Summary

Professor Amanda Lotz from the Queensland University of Technology believes that one of Australia's three commercial free-to-air TV networks will not survive until the end of this decade.

She says the sector is in a "Death spiral" and it possible that just one network will be viable in the long-term.

The three networks had combined advertising revenue of $7.7bn in 2006, but this had fallen to $3.8bn in 2020-21.

The Ten Network's future in particular is uncertain, given that it may not be very appealing to potential buyers of parent company Paramount Global.

Media commentator James Manning says a private equity firm seeking a "Bargain buy" might be the most likely buyer of Ten.

Disney to 'focus on quality' as it plans to cut output

The Guardian - Page Online : 8 May 2024 - Original article by Callum Jones - Portmac.News Summary

The Walt Disney Company has posted a pre-tax profit of $US657m for the three months to 30 March, which is 69% lower than previously.

However, total revenue increased by 1% to $US22.1bn during the period, while its Disney+ and Hulu entertainment streaming services became profitable for the first time.

Meanwhile, CEO Bob Iger has indicated that Disney's film division will focus on quality rather than quantity, with the production slate for popular film franchises such as the Marvel Cinematic Universe to be reduced.

Iluka boss calls out China over rare earths prices

The Australian Financial Review - Page 18 : 8 May 2024 - Original article by Brad Thompson - Portmac.News Summary

Iluka Resources MD Tom O'Leary contends that the entire rare earths industry is unprofitable due to China's efforts to manipulate prices in order to retain its dominance in the sector.

O'Leary has told shareholders at Iluka's AGM that no rare earths producer is making money at the current prices for minerals that are critical to the energy transition.

He also alleges that Chinese state-owned entities are seeking to control rare earths production via binding offtake agreements or the acquisition of rival producers.

Meanwhile, Iluka is seeking additional federal government funding for its rare earths refinery at Eneabba in Western Australia.

Pace of house price growth to cool as risks rise

The Australian Financial Review - Page 29 & 31 : 8 May 2024 - Original article by Nila Sweeney - Portmac.News Summary

Property auctioneer Tom Panos notes that sentiment among house buyers and sellers has shifted over the last month, due to uncertainty about the outlook for interest rates.

However, Challenger's chief economist Jonathan Kearns says the Reserve Bank's decision to upwardly revised its inflation forecast on Tuesday could see the cash rate stay higher for longer than has been expected.

This in turn could weigh on future price growth in the housing market. SQM Research's MD Louis Christopher notes that vendors in Sydney and Melbourne vendors have already been reducing their asking prices.

ASX jumps 1.4% after RBA Announcement

The Australian Financial Review - Page 26 : 8 May 2024 - Original article by Joanne Tran - Portmac.News Summary

The Australian sharemarket rallied on Tuesday, in response to the Reserve Bank's decision to leave the cash rate unchanged at 4.35%; the S&P/ASX 200 added 110.9 points to close at 7,793.3 points. 

BHP rose 1.6% to $43.42, Woodside Energy was up 1.9% at $27.84 and the Commonwealth Bank advanced 2.1% to $119.

However, Sims was down 6.4% at $11.06.