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ASX to open flat as PM hit with open letter

Jessica Yun
·2-min read
MELBOURNE, AUSTRALIA - FEBRUARY 11: Australian Prime Minister Scott Morrison is seen at a Simonds home construction site in the Melbourne suburb of Officer, on February 11, 2021 in Melbourne, Australia.. (Photo by Luis Ascui/Getty Images)
MELBOURNE, AUSTRALIA - FEBRUARY 11: Australian Prime Minister Scott Morrison is seen at a Simonds home construction site in the Melbourne suburb of Officer, on February 11, 2021 in Melbourne, Australia.. (Photo by Luis Ascui/Getty Images)

Good morning.

Here's your Yahoo Finance Friday morning wrap:

ASX: The Australian share market is set for a flat start to the day after Wall Street recorded choppy gains.

Wall Street: At the time of writing, the S&P 500 and Dow Jones were down by 0.041 per cent and 0.16 per cent respectively, but the Nasdaq is up 0.11 per cent. Bank of America analysts are speculating that investors are moving to less conventional means of trading. More from Yahoo Finance US here.

Speaking of the stock market, here's why everything 'bad' is now 'good'. "From the GameStop (GME) saga to Tesla’s Bitcoin buy (BTC-USD) to Elon’s Dogecoin (DOGE-USD) purchase, it seems like any internet-based humor that is even vaguely financial manages to impact asset prices," writes markets reporter Myles Udland.

Is the stock market overvalued? We seem to be hearing a different opinion every week. According to the 'Warren Buffet indicator', it is. What's that?

More than 30 groups have penned an open letter to the Prime Minister and state governments calling for more accessible homes. The alliance is called the Building Better Homes Campaign, and groups representing people with disability, older Aussies, and health professionals are asking that new homes meet 'accessibility' requirements the same way they have to meet safety standards, the ABC reported.

Remember the super guarantee? It's the minimum superannuation rate Aussies get paid, and it's schedule to rise from 9.5 per cent to 10 per cent in July. But the Morrison government is considering pausing this, citing higher wages growth, but Shadow Treasurer Jim Chalmers doesn't buy it.

"To pretend now that their motivation to cut super is higher wages growth stretches credibility to breaking point," Chalmers will say in a speech later today. "The Morrison government should stop pretending another super freeze is about higher wages instead of higher super, when the truth is they want neither and they have form on both."

In fact, he'll make increasing superannuation a key election promise, News.com.au reports.

One NSW council is asking to raise rates by a whopping 15 per cent next financial year. Here's why.

GUANGZHOU, Feb. 4, 2021 -- Maintenance workers carry out annual safety inspection on a roller coaster at Chimelong Tourist Resort in the run-up to the Lunar New Year holiday in Guangzhou, south China's Guangdong Province, Feb. 4, 2021. (Photo by Liu Dawei/Xinhua via Getty) (Xinhua/Liu Dawei via Getty Images)

A roller-coaster in Guang Zhou in the run-up to Lunar New Year. (Photo by Liu Dawei/Xinhua via Getty) (Xinhua/Liu Dawei via Getty Images)

ICYMI: It's a new lunar new year today, the year of the ox. Here's what that means for your money

Have a great day.

–with AAP