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ASX, AUD drop, OPEC to boost oil production

·Contributing editor
·3-min read
ASX, AUD drops, OPEC to boost oil supply, Scott Morrison loses votes. Here's everything you need to know about finance markets for this morning. Source: Getty
ASX, AUD drops, OPEC to boost oil supply, Scott Morrison loses votes. Here's everything you need to know about finance markets for this morning. Source: Getty

Good morning.

Here's everything you need to know about finance markets for today.

ASX: The Australian share market is expected to start the week in the red. According to the latest SPI futures, the ASX 200 is expected to open the day 37 points or 0.5 per cent lower.

Wall Street: It was a poor end to the week last week on Wall Street as virus fears returned. The Dow Jones fell 0.85 per cent, the S&P 500 dropped 0.75 per cent, and the Nasdaq tumble 0.8 per cent.

AUD: The Australian dollar is trading at 0.7404 to the US dollar as at 7.20am this morning.

Oil: Energy producers will be on watch today after oil prices pushed higher. According to Bloomberg, the WTI crude oil price is up 0.2 per cent to US$71.81 a barrel and the Brent crude oil price has risen 0.15 per cent to US$73.59 a barrel. However, news on Sunday that OPEC plans to completely end production cuts by September 2022 could weigh on prices once oil markets open again.

Gold: Gold miners could come under pressure today after the gold price dropped on Friday night. According to CNBC, the spot gold price fell 0.8 per cent to US$1,815 an ounce. The gold price retreated from a one-month high after the US dollar strengthened.

Cryptocurrency: Bitcoin revisited the $31,000 mark over the weekend, partially reversing last week's fall. But the numbers were mixed across the rest of the majors.

Sydney construction halts: Tradies across Greater Sydney have downed tools as construction sites shut down for two weeks as tough new COVID-19 restrictions begin. It's the first time the construction industry has been shut down in NSW since the pandemic began and state Labor is calling on the federal government to re-introduce JobKeeper to help businesses and workers survive the harsher measures announced on Saturday.

Bezos in space: Billionaire American businessman Jeff Bezos and his three crewmates are engaging in a crash course of training in preparation for his company Blue Origin's inaugural flight to the edge of space.

Morrison support: The coalition and Labor are neck-and-neck in popular support but Prime Minister Scott Morrison's approval rating has slipped amid new state lockdowns and criticism of the government's pandemic response. The federal government and Labor opposition both recorded 39 per cent of voter support in the latest Newspoll.

Mandatory vaccines: The national cabinet is being urged to make vaccinations compulsory for all hospital staff and create a rollout plan to ensure every worker has a date in their diary to get a jab. The call came as NSW reported another 105 cases on Sunday alongside the death of a woman in her 90s, the fourth fatality in the current outbreak. Victoria also reported an additional 17 cases.

$122,001 Penfolds grange: A rare bottle of 1951 Penfolds Grange, signed by its creator and the company's chief winemaker at the time, Max Schubert, has sold for a record $122,001. It's believed to be the highest price ever paid at auction for a bottle of Australian wine, after a Melbourne buyer paid $103,000 for a single bottle of the Bin 1 Grange Hermitage last year.

Have a great day.

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