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ASX expected to open steady, Wall St jumps

Samantha Menzies
·Contributing editor
·2-min read
A sheet of uncut Australian twenty dollar notes are displayed at the Reserve Bank of Australia in Sydney, October 28, 2008. The Australian dollar extended gains on Wednesday, pulling away from recent multi-year lows, lifted by higher stock markets which helped revive appetite for higher-yielding currencies.    REUTERS/Tim Wimborne  (AUSTRALIA)
The Australian dollar gained overnight. Source: REUTERS/Tim Wimborne (AUSTRALIA)

Good morning!

ASX: The ASX is expected to have a flat start to the week ahead of fresh economic insights from the Reserve Bank, even despite gains on Wall Street overnight.

Wall Street: The blue-chip Dow has powered to its fifth consecutive record high and the S&P 500 closed has slightly higher as investors bought shares that should benefit from a strong reopening of the US economy, an outlook signaled by rising yields in the bond market.

The tech-heavy Nasdaq tumbled on Friday after rebounding more than six per cent in the past three sessions as the rising bond yields revived inflation worries and dulled the appeal of high-growth technology shares.

Buffet & Bitcoin: Bitcoin is at an all-time high but Warren Buffet still won't touch it because he sees no value in it. Here are three reasons why.

Strawberry prices: Farmers are slashing the size of strawberry crops or not planting at all out of fear fruit will rot on the ground amid a picker shortage that is expected to jack up prices at the supermarket.

Travel restrictions due to COVID-19 have meant a massive shortfall in farm labour, usually made up of working holidaymakers or backpackers.

AUD: The Australian dollar is trading at 77.5 US cents today, 

Global rate hikes begin: Turkey and Brazil may deliver the Group of 20’s first rate hikes in 2021 this week, potentially lending support to two currencies caught in the crosshairs amid surging US Treasury yields. 

The current backdrop has parallels to 2010, when the global economy recovered from a deep crisis, commodity prices improved and the Fed stayed on hold, according to Goldman Sachs Group Inc. In that episode, central banks in the developing world started hiking rates to the benefit of their currencies.

Have a great day.

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