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ASX down, Bitcoin rises, social media hit by global outage

·2-min read
The ASX board and the logos of Instagram, Facebook and Whatsapp as they appear on a phone.
The ASX is expected to plunge at the open while Facebook, Instagram and Whatsapp all suffer a global outage (Source: Getty)

Good morning.

ASX: The local market is set to open sharply lower after major tech players plunged overnight.

This comes after a Commonwealth Bank (CBA) share buyback helped produce a winning start to the week on the ASX yesterday.

Market giant CBA rose more than 5 per cent after the $6 billion off-market buyback amid gains for most share categories.

Wall Street: The US market took a beating with the Nasdaq index falling the most as the big technology stocks were pressured by an up-tick in Treasury yields.

Declines on the S&P 500 and the Dow Jones were countered by gains in shares of Tesla and Merck.

Bitcoin booms: Bitcoin (BTC) has risen overnight with up around 300 points, or 0.4 per cent, and is now worth over $67,400.

China’s property problems: China's property sector problems have been putting the global economic recovery at risk.

Evergrande has been headed for default with trading in Evergrande shares suspended, days after it missed a second set of interest payments on offshore debt.

Social media outage: Facebook, Instagram and WhatsApp have gone offline for users across the globe, including Australia, as the social media giant works on restoring its services.

The cause of the outages on the platforms, all owned by Facebook, was not immediately clear but the company has said it is working hard to solve the issue.

Rates day: The Reserve Bank is expected to stick to its outlook of keeping the cash rate at a record low until 2024 when its board meets today.

$35 million Centrelink debt: The Morrison Government is chasing more than 48,000 Australian families to pay back millions in debt in a move that has been blasted as “hypocritical” and “astounding”.

Figures from Services Australia reveal hundreds of families in every state are being pursued over Child Care Subsidy debts from the 2019-20 financial year amounting to $35,331,140.

Bali Holidays: Indonesia plans to reopen the airport in the resort island of Bali for international flights on October 14, after closing it for more than a year because of the COVID-19 pandemic.

But, Aussies vying to visit the island destination will have to wait with borders opening to South Korea, China, Japan, United Arab Emirates and New Zealand first.

Have a great day.

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