Payments providers had a tough session today for an array of reasons. Zip Co. tumbled after UBS cut its outlook on the buy now, pay later company due to mounting bad debts, which brought down shares in Zip?s soon-to-be merged partner, Sezzle. EML Payments also tumbled and gave up most of yesterday?s gains following reports that RBC Capital has cut its outlook on EML Payments.
Australia?s trade balance surplus increased by $2.7bn in May to a record $15.965bn driven by rises in coal, coke and briquettes and other mineral fuels. Notably, the value of Australia?s coal exports exceeded the value of the country?s iron ore exports in May, for the first time since April 2009.
The Australian bounced back to its positive ways on Thursday to close the session higher, boosted by a surge in materials, metals and mining stocks today.
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