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ASX to drop as Evergrande crisis smashes markets, tradie war heats up

·Contributing editor
·2-min read
All eyes on the ASX at today's open with the Evergrande crisis expected to continue smashing markets. Source: Getty
All eyes on the ASX at today's open with the Evergrande crisis expected to continue smashing markets. Source: Getty

Good morning.

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

ASX: The Australian share market is expected to drop again at the open this morning. According to the latest SPI futures, the ASX 200 is poised to open the day 11 points or 0.15 per cent lower.

Wall Street: It was also a disappointing night on Wall Street which saw the Dow Jones fall 0.15 per cent, the S&P 500 drop 0.1 per cent, but the Nasdaq rise 0.2 per cent. US markets roared back in early trade but ultimately gave back their gains.

AUD: The Australian dollar is trading at 0.7231 to the US dollar as at 6.30am this morning.

Evergrande: Mega-developer Evergrande sits on the brink of collapse, with experts warning that the Chinese company’s failure could trigger global shockwaves. Should that happen, here's what it could mean for Australia.

Iron ore: The China Evergrande Group crisis is coming to a boil. And, if left to its own devices, the crisis could spill over into global markets. Here's what the crisis it could mean for ASX iron ore shares.

Crypto plunge: Not even cryptocurrencies are safe from the repurcussions of the Evergrande fallout. Bitcoin has fallen 8 per cent over the past 24 hours, now worth US$42,245 (AU$57,868). And it’s not just Bitcoin falling. According to data from CoinMarketCap, every one of the top 57 cryptocurrencies was in the red yesterday afternoon.

Tradie war: Violent scenes in Melbourne of construction workers protesting outside the industry’s union headquarters for a second consecutive day shouldn’t come as a surprise to the authorities in Victoria. Now, with the $22 billion construction industry shut down for two weeks – and an even longer closure being discussed – a tense new battle is brewing.

Rex: Regional carrier Rex says it will be the first Australian airline to fully immunise all frontline staff against COVID-19 and that it plans to redeploy unvaccinated staff. Regional Express says vaccinations will be mandatory for employees working at check-in, as well as all pilots and cabin crew.

Have a great day.

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