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ASX opens flat despite Wall Street's winning streak

·Contributing editor
·3-min read
ASX set to open flat on Monday. Source: Getty
ASX set to open flat on Monday. Source: Getty

Good morning.

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

ASX: The Australian share market is expected to start the week where it ended it. According to the latest SPI futures, the ASX 200 is expected to open the day flat.

Wall Street: The S&P 500 and Nasdaq have scaled new highs, with the S&P closing up for a seventh straight day on Friday, after US jobs data for June showed robust hiring yet persistent weakness in the labour market that will keep the Federal Reserve from raising interest rates any time soon. The S&P's winning streak was its longest since August 2020.

AUD: The Australian dollar is trading at 0.7528 to the US dollar as at 7am this morning.

Oil: Energy producers will be on watch after a mixed end to the week for oil prices. According to Bloomberg, the WTI crude oil price fell 0.1 per cent to US$75.16 a barrel and the Brent crude oil price rose 0.45 per cent to US$76.17 a barrel. Traders weren’t sure whether to buy or sell oil as OPEC talks dragged on into the weekend.

Gold: Gold miners could be on the rise today after the gold price pushed higher on Friday night. According to CNBC, the spot gold price rose 0.4 per cent to US$1,783.30 an ounce. Traders were buying the precious metal despite the strong jobs report.

Bitcoin: The Bitcoin blockchain has undergone its biggest-ever drop in mining difficulty, as the network’s automatic stabilizing mechanism kicked in following a strict crackdown by China on the country’s cryptocurrency industry.

Ransomware attack: A ransomware attack on a US IT company potentially targeted 1,000 businesses, researchers said Saturday, with one of Sweden's biggest supermarket chains revealing it had to temporarily close around 800 stores after losing access to its checkouts. Russian-based hackers have been blamed for a string of ransomware attacks, and US President Joe Biden recently raised the threat in talks with Russian counterpart Vladimir Putin.

Complaints: Tens of thousands of Australians have secured more than $240 million in compensation from financial institutions in the past year after seeking help with a complaint. The Australian Financial Complaints Authority received more than 70,000 complaints in the past 12 months from Australians in dispute with banks, insurers, super funds, investment firms and financial advisers.

Suez Canal: The megatanker retained by Egypt since it blocked the Suez Canal in March will be released Wednesday, after the authority that manages the vital waterway said a deal was reached with its Japanese owners. The MV Ever Given — a behemoth with deadweight tonnage of 199,000 — got stuck diagonally across the canal during a sandstorm on March 23, blocking the trade artery for six days before salvage teams could dislodge it.

Mouse plague rebate: NSW farmers impacted by a devastating mouse plague that's caused millions of dollars worth of damage to property and crops can now claim rebates. Deputy Premier John Barilaro said eligible households can claim up to $500 and small businesses up to $1000 to help offset the cost of mouse baits, traps and cleaning materials bought since February.

Spending: The recent buoyancy of retail spending could be curtailed in the near team by the spread of COVID-19 lockdowns across the nation. The Australian Bureau of Statistics will release its final retail trade figures for May on Monday.

Have a great day.

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