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Need an update on yesterday’s market performance (before this morning’s dip)?

If so, you’re in luck! Behold by Alan Kohler financial report from last night’s 7pm news bulletins:

With the US presidential race now looking “elbow and neck”, more attention is being paid to the economic policies of the Democratic candidate, Kamala Harris.

Ms. Harris is trying to distinguish herself from the Republican nominee Donald Trump with big spending social programs and a controversial pledge to raise the US corporate tax rate.

For more, you can listen to our senior business correspondent of Peter Ryan last report:

SunCable’s Australia-Asia Power Link project in the remote Northern Territory has received crucial approval from the Commonwealth government.

The company (owned by a tech billionaire Mike Cannon-Brookes) plans to build a 10-gigawatt, 12,400-hectare solar farm near Elliott and transport electricity to Darwin via an 800-kilometre overhead line, then to Singapore via a submarine cable.

The project was assessed and approved by Tanya Plibersek, Minister of Environment and Water, under the Environmental Protection and Biodiversity Conservation (EPBC) Act.

It paves the way for the next phase of development to deliver industrial-scale electricity to customers.

For more, here’s the story of Lucia Stein:

Insurance Australia Group reported a strong profit and massively increased its dividend.

Its annual net profit rose 7.9% to $898 million (a figure that takes into account IAG’s revenues and costs across all its divisions).

But when we look exclusively at him ‘insurance profit‘, that rose 79.1% to $1.44 billion.

One of the reasons IAG’s insurance profit was so high was that it paid out less than it had budgeted for.

The company said natural risk costs were $983 million (which was significantly below the $1.1 billion it had planned to pay).

IAG will also pay its shareholders a the final dividend of 17 cents per share (which is a 89% increase. on last year).

Among the company’s many insurance brands are: NRMA, RACV and GCU.

As Australians struggle to keep up with the cost of living, some essentials are becoming increasingly unaffordable.

In the spotlight in the supermarket industry this year, the federal government has committed to making the Food and Nutrition Code mandatory.

Major supermarket chains will be fined for mistreating suppliers and was one of the recommendations made after an independent review by former Labor minister Craig Emerson.

The move was backed by the Senate committee on supermarket prices, which delivered its report in May.

However, that committee could not decide whether to allow the federal court to break up supermarket monopolies.

Another inquiry led by the ACCC, which is focusing on competition in the industry and how items are priced, will publish its final report next year.

For more, here’s the story of Claudia Williams:

Online retailers are struggling with higher distribution costs and, as a result, high delivery fees.

Shippit data shows that the number of retailers offering free shipping has fallen by 11% in five years, and the amount customers have to spend to get “free shipping” has increased.

Brands that have recently increased shipping costs or thresholds include Chemist Warehouse, David Jones and icona. Other retailers like Assos they have dropped their free returns policy.

For more, here’s the latest story by Emilia Terzon:

Beijing’s attempts to “activate” its post-Covid economy have resulted in an oversupply of steel.

With Property prices in China down for much of the past three years, and with construction activity remaining sluggish, there are concerns that Australia’s biggest trading partner will not require as much iron ore.

The Federal Treasury’s analysis showed the budget would be hit by $3 billion over four years if prices continued to fall.

If you want to hear a simple explanation (and have three minutes to spare), here’s a report I shot it for The business:

A prolonged downturn in China’s housing market will have significant effects on the finances of the Australian government and the local steel industry, economists have warned.

The Asian superpower’s real estate sector has been seen as a pillar of economic growth until 2020, when China instituted some of the world’s toughest and longest COVID-19 lockdowns.

Australia shipped $136 billion worth of iron ore overseas last year, most of it to the Chinese market, Department of Foreign Affairs and Trade (DFAT) data has revealed.

But the prosperity that Australia has enjoyed as a result of China’s insatiable appetite for iron ore may be under threat – if the price of the steel-making ingredient falls much further.

Earlier this week, iron ore fell to around $90 a tonne (the lowest level since the beginning of the year).

But the good news is that prices have since recovered to around $96 per tonne (but are still down around 30% since January).

For more on that, here’s the story I wrote Lucia Stein:

Prices current around 7:20am AEST

Good morning! I will be here to guide you through the latest financial and economic news.

The Australian share market is set to open lower, snapping his eight-day winning streak.

It comes after a cautious session Wall Streetwhich dropped after eight straight days of gains (so investors thought it was a good idea to take profits while they were still ahead)!

The Dow Jones and S&P500 fell about 0.2 percent each, while the Nasdaq Composite fell 0.3 percent.

But the biggest winner overnight was goldafter its spot price rose to a record high of $2,531.60.

Gold was supported by a weaker US dollar as markets grew more confident that the Federal Reserve would cut interest rates in September.

Meanwhile, the lower greenback boosted the Australian dollar to 67.5 US cents.

This week is relatively quiet as there is not much economic data moving the market.

The big event will be the huge gathering of central bankers in Jackson Hole, Wyoming, the symposium at the end of the week.

The keynote speaker will be the chairman of the US Fed Jerome Powell (and markets will be watching to see if he gives any indication of the direction of US interest rates in the coming months).

Locally, several companies will announce their financial results today, including Santos, Breville Group, Insurance Australia Group, Domino’s Pizza, WiseTech Global and Scentre Group.