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ASX climbs as Qantas, PM warn of COVID-19 job hit

·Contributing editor
·4-min read
Prime Minister Scott Morrison warned on Wednesday that the current lockdown will be a massive blow to jobs. Source: Getty/Yahoo Finance
Prime Minister Scott Morrison warned on Wednesday that the current lockdown will be a massive blow to jobs. Source: Getty/Yahoo Finance

Good morning.

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

ASX: The Australian share market looks set to continue its ascent on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 70 points or 1 per cent higher this morning.

Wall Street: Wall Street stocks have posted their second straight daily gain, with robust corporate earnings and renewed optimism about the US economic recovery fuelling a risk-on rally. All three major US stock indexes added to their previous session's advance, placing all three within 1.0 per cent of their all-time closing highs.

EU stocks: European markets finished the day on a high on Wednesday in London, as Office for National Statistics figures showed that public-sector net borrowing was estimated to have been £22.8bn ($31bn) in June. The FTSE 100 moved 1.7 per cent higher by the close. Meanwhile Germany's DAX was 1.4 per cent higher and in France the CAC was up 1.9 per cent.

AUD: The Australian dollar is trading at 0.7357 to the US dollar as at 7.30am this morning.

Oil: Energy producers could be charging higher today after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 4.5 per cent to US$70.24 a barrel and the Brent crude oil price has risen 4.1 per cent to US$72.20 a barrel. An improvement in risk appetite provided support for oil prices despite US data showing an unexpected rise in oil inventories.

Gold: It could be a tough day for gold miners after the gold price tumbled overnight. According to CNBC, the spot gold price is down 0.4 per cent to US$1,804 an ounce. The precious metal dropped to a one-week low after risk appetite increased and safe haven assets fell out of favour.

Bitcoin: After a bearish start to the week, Bitcoin and the majors recovered from early losses to begin the recovery process. As of last night Bitcoin was up by 3.23 per cent to $30,772.0. A mixed start to the day saw Bitcoin fall to an early morning low $29,523.0 before making a move.

Heavy blow to jobs: Prime Minister Scott Morrison warned on Wednesday that the current country-wide COVID-19 lockdowns and restrictions will be a heavy blow on the economy in the September quarter, but he is confident of a turnaround in the final three months of the year.

Qantas warning: Qantas workers have been warned that ongoing COVID-19 border closures across Australia could mean the airline is forced to stand down employees. In a message to staff, airline CEO Alan Joyce lamented "frustratingly familiar challenges" for his team as more than 14 million people in NSW, Victoria and South Australia were subject to stay-at-home orders.

Top super funds: Far from obliterating our super funds, stratospheric growth in the share market (after an initial plummet) has turned the median fund return into an 18 per cent gain, from a 0.8 per cent loss in the 2019/20 financial year. More astonishingly, the top fund increased 22 per cent in just the last year. How has your fund performed?

Twitter hack: A 22-year-old UK citizen has been arrested in Spain in connection with a July 2020 hack of Twitter, which compromised the accounts of high-profile politicians and celebrities, the US Justice Department says.

China trade: The United States is "closely monitoring" trade tensions between Australia and China and will support officials in Canberra in addressing China's state-led, non-market practises, US Trade Representative Katherine Tai has told her Australian counterpart.

Parenting plans: More women are putting off having children because of job and financial stress driven by the COVID-19 pandemic. That's the finding of an Australian Institute of Family Studies survey showing nearly one in five women under the age of 40 had changed their plans about parenting.

Have a great day.

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