The Australian sharemarket opened slightly lower on Friday as the ASX 200 reacted to the news that BHP's second takeover bid for Anglo American had been rejected. BHP shares fell on open, reflecting investor disappointment with the rejection of the revised proposal. The market is also eagerly awaiting the full details of the federal budget, which is expected to confirm a surplus of $9.3 billion. In other news, dating app Bumble has removed ads 'promoting' sex after facing backlash, and US tariffs on China are causing concerns about financial instability. ANZ economists predict that New Zealand's central bank will leave the cash rate at 5.5%. Consumer spending rose 0.2% in April, and Brent oil futures are back between $80-85 a barrel. Qantas has announced that it will stop flying between Sydney and Shanghai due to low demand. The biggest tech court case in Australian history is currently underway, and Treasury's latest inflation forecasts have been labeled 'controversial' and have created a gap with the Reserve Bank's forecasts. The Northern Territory is facing a record debt of over $11 billion, and the Mining and Energy Union reports that rail workers narrowly escaped harm in a train derailment. Question Time has begun ahead of the federal budget announcement [a55ddd6b].