Trump Rejects Iran Proposal, CSL Cuts Profit Target

Happy Monday morning. Any hope of a steadier US-Iran ceasefire has taken another hit, with Donald Trump knocking back Tehran’s latest peace overture. Closer to home, healthcare giant CSL cut its full-year outlook, while One Nation is riding a fresh wave of momentum after its weekend by-election win. And in Canberra, Treasurer Jim Chalmers is setting the tone ahead of tomorrow’s budget, telling Bloomberg the current settings on housing and tax are “unfair and unacceptable” — Angus Whitley, Global Business reporter

Australian biotech CSL Ltd. cut its full-year outlook and flagged about $5 billion in additional impairments, saying a turnaround will take longer than expected after a review by its interim chief executive. The firm now expects revenue of about $15.2 billion and net profit of about $3.1 billion for the year ending June 30, 2026.

Far-right Australian party One Nation won its first lower house parliamentary seat with David Farley securing almost 60% of the vote in the seat of Farrer in Saturday’s by-election. In his victory speech, he criticized immigrants who “give us nothing” and vowed to target “damn net-zero programs.”