WiseTech Global's Richard White will step down as chair, with an independent chair appointed, but remain on the board and with the company, sending shares surging.The key Wall Street index has closed at a record mark on enthusiasm about chip makers and as oil prices settle to where they were before the war in Iran.Follow the day's financial news and insights from our specialist business reporters on our live blog.Disclaimer: This blog is not intended as investment advice.PinnedTue 7 Jul 2026 at 7:37amTue 7 Jul 2026 at 7:37amMarket snapshotBy Daniel ZifferASX 200 futures: +0.03% to 8,813 pointsAustralian dollar: +0.04% to 69.5 US centsDow Jones: +0.3% to 53,055.9 pointsS&P 500: +0.7% to 7,537 pointsNasdaq: +1.1% to 26,121 pointsFTSE: -0.2% to 10,651 pointsEuroStoxx: -0.4% to 650 pointsSpot gold: -0.2% to $US4,163/ounceBrent crude: -0.1% to $US72.07/barrelIron ore: +0.5% to $US98.25/tonneBitcoin: +1% to $US64,246Prices current around 7:30am AEDT.Live updates on the major ASX indices:Collapse all postsFilter PostsAll20Key Events6Market snapshot1Company news3Tue 7 Jul 2026 at 11:16amTue 7 Jul 2026 at 11:16amICYMI: Monday's video finance reportBy Daniel ZifferDid you miss Alan Kohler’s / David Chau’s finance report last night? Don’t stress, we’ve got you. The numbers refer to yesterday’s data, so catch up on where we’ve been, to get a steer on where you’re going today.Tue 7 Jul 2026 at 10:58amTue 7 Jul 2026 at 10:58amUpdateBy Daniel ZifferLast week we brought you news of longtime Australian shoe maker and retailer Betts shutting 20 of its 35 stores.In an email to customers, Betts Group managing director and CEO Michael Breckler provides an update:"Over the past two years, my team and I have worked tirelessly to transform Betts into a stronger, more modern business. We've refreshed our brand, introduced exciting new product collections, grown our online business, invested in better customer experiences and made many difficult decisions to position Betts for the future."Like many retailers, we've also faced significant financial challenges. Despite making enormous progress, we have now entered voluntary administration. While that may sound concerning, I want to reassure you of one very important thing:"Betts is continuing to trade and has a very positive outlook."Our website remains open, many of our stores continue to trade, and we remain committed to serving our customers every day. The administration process gives the business the opportunity to restructure and emerge stronger. We genuinely believe Betts has a bright future ahead, built on a much stronger brand, loyal customers and an exciting product pipeline."As part of this process, a number of stores will be closing over the coming weeks. While it's never easy to say goodbye to stores and the dedicated teams who have been such an important part of our business, these closures also provide an opportunity for customers to enjoy some exceptional bargains as we clear remaining stock."Finally, I simply want to say thank you. For more than 134 years, Betts has been part of Australian families' lives. Your support has allowed us to continue through some incredibly challenging years, and it is because of customers like you that we remain optimistic about what comes next."This is not the end of Betts. It is the beginning of the next chapter."Key EventTue 7 Jul 2026 at 10:45amTue 7 Jul 2026 at 10:45amWiseTech shares rally on board changesBy Stephanie ChalmersShares in WiseTech Global are up 9.1% in early trade.The stock remains $74.30 or 66.2% lower over the past year.Key EventTue 7 Jul 2026 at 10:40amTue 7 Jul 2026 at 10:40amControversial WiseTech global chair Richard White to stand down, but stick aroundBy Daniel ZifferIn a statement to the stock exchange, the tech company says it is appointing a new independent chair, Raelene Murphy "with immediate effect".Co-founder Richard White will remain on the board as an executive director and as 'Chief Innovation Officer'.In the statement, Mr White referred to "recent personal media attention... creating an unnecessary distraction from the strength of the WiseTech business".What he's referring to is claims in June by Nine newspapers, that reported the Australian Federal Police were investigating allegations of human trafficking.He denies all allegations.At the time, in a statement to the ASX, WiseTech noted the media commentary."The media reports that the alleged investigation relates to Richard White in a personal capacity," it said."There is no suggestion in this media commentary of an investigation into WiseTech."The Company is not aware of any investigation as outlined in the article."The Executive Chair [Richard White] has provided assurance to the board that he is not aware of any such investigation and also confirmed that he emphatically and unequivocally denies any involvement in or with human trafficking."In today's statement the new chair says the claims are "totally at odds" with her personal experience of working with Mr White.In 2024 the board commissioned a review into allegations relating to Mr White - which appeared to centre on consensual sexual relations with women who he had interacted with on social media platform LinkedIn. The findings were released to the market.(What is all this about? There's a link to an explainer, below).Key EventTue 7 Jul 2026 at 10:34amTue 7 Jul 2026 at 10:34amWiseTech appoints independent chair but White to remain on boardBy Stephanie ChalmersSome more detail from WiseTech's announcement — Richard White will remain on the board as an executive director and continue in his role as chief innovation officer.An independent chair Raelene Murphy has been appointed.Key EventTue 7 Jul 2026 at 10:29amTue 7 Jul 2026 at 10:29amWiseTech Global's Richard White has stepped down as chairBy Daniel ZifferMore to come.Tue 7 Jul 2026 at 10:24amTue 7 Jul 2026 at 10:24amEFT flurry, with 72 added to the ASX in a yearBy Daniel ZifferGreat repot from my colleague David Taylor, which you can watch below or read here.The Australian Securities Exchange (ASX) added a record 72 exchange traded funds (ETFs) to its boards last financial year, up from 50 listings the previous 12 months. ETFs are pooled investment funds that typically follow an index or a sector. They have risen in popularity in recent years, with $350 billion under management. More ETFs are also swapping hands with trading activity up 26 per cent compared to the previous 12 months. "There has been a surge in both the creation of ETFs as well as the uptake of ETFs," said Betashares chief executive officer Alex Vynokur. ASX senior manager Rory Cunningham said there was widespread interest in ETFs from younger investors, high net worth investors and self-managed super funds. ETFs are easily accessible and affordable, but analysts warn these investments come with risk.Forager Funds chief investment officer Steve Johnson said a lot of investor enthusiasm was around technology and, specifically, AI-related ETFs, which in some cases was no different to gambling, set up to allow investors to bet on the latest, hottest trend.Tue 7 Jul 2026 at 10:15amTue 7 Jul 2026 at 10:15amNetwealth an early mover, up +3%By Daniel ZifferIn the delightfully circular world of financial services, firm Netwealth is listed on the stock exchange.That means it has to update the market, as it has today.In the news it has signed a client, Morgan Stanley Wealth Management Australia, to provide some tech to it, and expects the "net flow" of funds it will be managing this financial year to be $15.4 billion.The year after? $18B-$20B, which would be an increase of 17%-30% on this current year.The shares have the company worth a staggering $5 billion in its own right, as a tech company, superannuation fund and a business that does the administration for others in finance.Tue 7 Jul 2026 at 10:12amTue 7 Jul 2026 at 10:12amDeloitte Access Economics grim forecast, cuts growthBy Daniel ZifferWhat's hitting Australia's prospects of economic growth?No biggie, just:rising interest ratesweak consumer and business confidencestalling housing investment a prolonged cost-of-living crisis A new outlook from Deloitte Access Economics details the view of the "Big Four" firm, which is decidedly grim.Headline CPI may remain above 4% for the remainder of the calendar year, with underlying inflation edging higher as the oil shock works through supply chains, peaking in early 2027 before returning to target in 2028. Interest rates will likely rise by 25 basis points in August followed by a 12-month pause before normalising inflation allows the RBA to ease monetary policy late next year. The unemployment rate will average 4.9% in 2026-27 and may peak at 5% across 2027-28, before falling slightly as lower inflation and interest rate cuts stimulate the labour market. Overall, Deloitte Access Economics currently expects the Australian economy to grow by 2.2% in 2025-26, 1.3% in 2026-27 and 1.9% in 2027-28 — a decrease on prior forecasts of 2.4%, 1.9% and 2.0%, respectively.And here's why, with a quote from partner and report author Stephen Smith that's worth reading in full:"Australia's growth outlook has deteriorated over the past six months. The economy is still expanding, but growth has slowed and the outlook has become more fragile. Inflation has reaccelerated, interest rates have moved higher, and the oil price shock triggered by conflict in the Middle East is not yet fully resolved. "To date, 2026 has revealed the vulnerabilities that have developed within the Australian economy over recent history. Australia is now structurally exposed in ways that have become hard to ignore. Deloitte Access Economics has rarely adopted such a downbeat assessment of the short-term outlook. "For too long, strong population growth has masked a weak underlying productivity performance and lifted aggregate growth while doing less to improve living standards. Years of insufficient investment in housing, infrastructure, energy and the economy's productive capacity have left the supply side of the economy struggling to keep pace with demand. "The result is an economy more prone to inflation pressures at lower rates of growth. Meanwhile, the Middle East conflict has been another reminder that as a small open economy with a concentrated export base, Australia is highly sensitive to geopolitical disruption, shifts in global demand and commodity prices, and the security of trade routes. "The interaction of geopolitical exposure, weak productivity, stretched household balance sheets and a constrained supply side was easy to overlook when interest rates were low, commodity prices were high and population growth kept aggregate growth ticking along. They are harder to dismiss now that inflation is sticky, investment needs are rising and the global environment is more uncertain."With oil prices retreating to levels close to those seen before the Strait of Hormuz was closed,