Reporting season: All the latest news from companies releasing financial results to the ASX today

Embattled Treasury Wine Estates has warned it will cop a $558.4 million hit to its books as it looks to rebalnce its troubled US supply chain.

The blow relates to the non-cash writedown of US based assets and a further impairment of brands DAOU, Frank Family Vineyards and Beaulieu Vineyard

TWE announced it June that it would pursue a strategic and operational review of its Americas business, focused on a “structural misalignment” within its US supply chain which left it with excess capacity as demand fell.

It will now reduce North Coast vintage sizes, including through the fallowing of vineyards to reduce annual grape intake.

“The underlying momentum in our business remains positive, with our key brands delivering depletions growth ahead of their categories, led by Penfolds, DAOU and Frank Family Vineyards, and we expect to report F26 EBITS ahead of the guidance we shared in June,” said chief executive Sam Fischer.

The number of businesses slapped with restrictions or disqualifications from the corporate watchdog has reached a five-year high.

Fresh figures from the Australian Securities and Investments Commission revealed it removed 150 rogue operators following investigations in the past financial year.

Data for 2025/2026 revealed the watchdog removed or restricted 87 individuals and businesses from providing financial services, while bans or restrictions were placed on a further 27 from credit services.

There were 36 people who were disqualified from managing corporations during the financial year.

It represents a 42 per cent increase from 2024/25 for the total number of enforcement actions taken by the watchdog.

Among the highest profile actions included a permanent ban for former financial adviser Barry King for misappropriating funds from clients and falsifying documents.

The watchdog also banned 15 advisers linked to the failure of the Shield Master Fund or First Guardian Master Fund.

Data from the financial year showed 61 per cent of all actions for financial services and 89 per cent of credit outcomes led to a permanent banning order or the cancellation of a licence.

ASIC chair Sarah Court said those in significant financial management positions needed to meet requirements.

“ASIC will continue to take decisive action against individuals and businesses that fail to meet their legal obligations,” she said.

The Aussie share market is set to climb higher after the S&P in the US closes at a record high to cap off a strong week of gains for the major indexes on Friday.

The leap came after data showed the US economy unexpectedly shed jobs last month and dampened expectations the Federal Reserve would raise interest rates at its September meeting.

Market expectations for a rate hike from the Fed at its next meeting dropped to about 44 per cent, according to CME FedWatch, down from 55 per cent in the prior session and 67 per cent a week ago.

Signs of progress for a potential peace deal in the Iran war have helped cool oil prices and, in turn, have eased inflation worries that could prompt a Fed rate hike and pushed Treasury yields lower.

A strong earnings season has also tempered concerns about the massive spending by AI-related companies, sending each of the three major indexes to their biggest weekly percentage gains since mid-April.

“You probably have to lower rates to kind of stimulate job growth, but if you lower rates, you’re going to also stimulate inflation. So you’re kind of in a pickle at this point, and yet the market’s just taken off because earnings have been stellar,” said Tom Siomades, chief market economist at AE Wealth Management in Topeka, Kansas.

“The market should be reacting to weak job numbers and higher inflation and the possibility of a slow-growth economy that may need to have rates raised rather than cut, and yet it’s not. We’re setting records, so go figure.”

The Reserve Bank is poised to keep interest rates unchanged for a second straight meeting on Tuesday, while restating its readiness to tighten policy further in order to tackle stubbornly strong inflation.

The RBA’s rate-setting board will hold the cash rate at 4.35 per cent, economists and traders reckon. Both will closely scrutinise the release and updated quarterly forecasts for any indications that the board is done after 75 basis points of hikes this year or genuinely willing to tighten further.

It will be a similar story at RBA governor Michele Bullock’s press conference that will take place an hour after Tuesday’s rate announcement.

“Our central expectation is for a hawkish hold,” said Carl Ang, fixed income research analyst at MFS Investment Management, while adding he still sees a slight chance of a move given the persistence of price pressures.

The RBA’s closely watched trimmed mean gauge has remained above the midpoint of its 2 to 3 per cent target since late 2021.

“In short, disinflation is proceeding too gradually to close the door on further tightening in the current cycle,” Ang added.

Economists expect the RBA will remain on a prolonged pause through this year and much of next.

Commonwealth Bank of Australia’s Belinda Allen expects the RBA will slightly bring forward the timing of inflation’s return below 3 per cent and anticipates the jobless rate forecast will be revised higher.

The central bank will retain its “hawkish tone for now until we see actual evidence the economy is slowing and inflation is coming back down”, said Allen, head of Australia economics at CBA, which doesn’t expect a rate adjustment for the rest of the year.

The three straight rate rises this year signalled the RBA’s determination to ensure inflation doesn’t get away from it again. In doing so, it unwound the same amount of easing delivered last year.

But the challenge is significant: Australia’s core inflation is among the highest in major developed economies.

Westpac’s profit expanded slightly as deposit and loan growth offset caution on the housing market from the lender’s chief executive.

Unaudited net profit came in at $1.8 billion in the three months to June 30, the base revealed this morning.

It reported a net interest margin - a key measure that shows how much profit it makes from its interest-earning assets - of 1.89 per cent.

Australia’s banks are grappling with a downturn in the housing market in major captial cities such as Sydney and Melbourne that’s threatening to eat into profitability of mortgages.

Westpac chief Executive Anthony Miller said he expects housing credit growth to moderate next year.

“While many households are feeling the impact of cost of living pressures, businesses are investing and our customers have continued to show resilience,” Mr Miller said.

Tax changes and higher interest rates are putting downward pressure on the nation’s housing market as mortgage applications decline, renewing the intensity of competition in the home-loans market for banks.