Sumary of Record-high ASX set to sag; Star withdraws $12b Crown merger bid:
- Chief marketing officer Lisa Ronson said consumer attitudes had changed and plastic toy promotions were no longer aligned with the company’s environmental mission.
- ”Environmental groups have welcomed the move, with Boomerang Alliance director Jeff Angel saying the toys had ended up on beaches, streets and parks.
- The Star Entertainment Group has withdrawn a $12 billion merger proposal with beleaguered rival Crown Resorts, as the James-Packer controlled firm faces an uncertain future following its Victorian royal commission grilling.
- At the same time, 10-year US Treasury yields are set to decline for a fourth week, which for some may signal concerns that economic growth could be peaking in part as the delta coronavirus strain forces mobility curbs in some countries.
- “There’s going to be some choppiness in the market in the second half of the year, but we think it’s going to trend higher,” said Victoria Fernandez, chief market strategist at Crossmark Global Investments.