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ASX drops as the Federal government mulls more COVID-19 support

·Contributing editor
·2-min read
Treasurer Josh Frydenberg will introduce a draft law to make changes to worker and business COVID-19 support. Source: Getty/Yahoo Finance
Treasurer Josh Frydenberg will introduce a draft law to make changes to worker and business COVID-19 support. Source: Getty/Yahoo Finance

Good morning.

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

Stock markets: It looks set to be a tough day ahead for the Aussie share market. According to the latest SPI futures, the ASX 200 is expected to open the day 24 points or 0.3 per cent lower this morning. This follows some declines on Wall Street overnight thanks to virus fears. The Dow Jones fell 0.3 per cent, the S&P 500 dropped 0.2 per cent. The Nasdaq edged slightly higher. Meanwhile, European markets are higher as investor sentiment improves. The FTSE 100 has risen 0.8 per cent by the closing bell. Germany's DAX was up 0.3 per cent and the CAC rose 1.1 per cent.

Aussie dollar: The Australian dollar is trading at 0.7361 to the US dollar as at 7am this morning.

Commodities: Oil could come under pressure today as oil prices sink lower, down 3.4 per cent to US$71.49 per barrel as concerns over the Chinese economy weighed on prices. Meanwhile, gold prices sat largely flat at US$1,812.4 per ounce.

Cryptocurrencies: Cryptocurrencies were mostly higher on Monday as bullish sentiment continues into August. Bitcoin underperformed other major cryptocurrencies and is down about 3 per cent over the past 24 hours compared to a 2 per cent rise in ether over the same period.

RBA today: The Reserve Bank of Australia will hold its monthly board meeting faced with a vastly different set of circumstances than when they last gathered early in July. Last month, RBA governor Philip Lowe was talking about a "positive path" for the economy after recovering from recession stronger than expected but four weeks on and Australia's outlook is considerably darker.

COVID-19 support: The federal government will focus on measures to limit damage to the economy as the Delta variant of COVID-19 continues to wreak havoc in NSW and Queensland. Today, Treasurer Josh Frydenberg will introduce to federal parliament a draft law to make changes to worker and business support.

Cash-for-jab plan: All fully vaccinated Australians would receive a $300 payment under a $6 billion Labor plan to give the coronavirus jab rollout a shot in the arm. The Morrison government has rejected the opposition's proposal designed to fuel sluggish immunisation rates.

Have a great day.

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