Australia’s milk industry needs a new white knight. Instead, it has found a supermarket giant. Here’s why that’s worrying news.AUD +1.4% to 67.80 US centsIn New York: BHP -1.6% Rio -0.9% Atlassian -5.1%In Europe: Stoxx 50 -0.1% FTSE +0.5% CAC +0.3% DAX -0.3%Iron ore -3.2% to $US121.30 a tonneUnited StatesThe Institute for Supply Management’s gauge of manufacturing activity decreased to 46.3 in March, below the median estimate of 47.5 in a Bloomberg survey of economists.
Wall Street banks are poised to realise at least $US1.3 billion in losses on the sale of ultra-risky debt tied to the leveraged buyout of Citrix Systems. Tesla’s shares fell as the company ended up making almost 18,000 more elective vehicles than it sold, casting doubt on the demand outlook.Oil has the potential to reach $US100 a barrel by late this quarter after OPEC+ announced steep crude output cuts, according to Amrita Sen, the chief oil analyst at Energy Aspects.