Good morning,

Snowy Hydro may need a fourth giant tunnel boring machine to ensure Snowy 2.0 dodges further delays, CEO Dennis Barnes told Senate estimates, warning that challenging ground conditions could hamper progress on the nation’s biggest renewable energy project.

The future of Ross Taylor's reign at Fletcher Building is in doubt with the trans-Tasman building products giant calling a trading halt on its stock and flagging an earnings downgrade that could trigger its CEO's departure.

Value-focused consumers are increasingly haggling on the shop floor for a bigger discount, says Terry Smart, the CEO of JB Hi-Fi which reported an uncharacteristic slump in first half revenue and profit amid a worsening trading environment.

The Markets

Five things to know this morning

1. ASX to open higher with CSL's earnings in focus a day after its failed trial results delivered a blow to its share price. Other results include Challenger and Seek. Wall St mixed. Bitcoin reclaims $US50,000 briefly.
2. An encouraging trend is emerging as profit reporting season ramps up, says Macquarie Equities, which found share price reactions thus far have been 'overwhelmingly positive'.
3. Food and grocery suppliers are growing increasingly nervous about price cut requests from supermarket giants, saying labour and energy costs are still high.
4. Biotech giant CSL's shares slumped 5 per cent after it revealed a potential blockbuster drug trialled on 18,200 patients in 49 countries failed to deliver the desired result of a reduction in post-heart attack cardiac events.
5. Auction clearance rates have rocketed to their highest level since 2022 as home buyers ignore the data and rush back into the market.