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ASX, iron ore, crypto to recover as Evergrande concerns ease

·Contributing editor
·2-min read
Evergrande concerns ease, allowing markets to recover from crashes earlier this week. Source: Getty
Evergrande concerns ease, allowing markets to recover from crashes earlier this week. Source: Getty

Good morning.

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

ASX: The Australian share market looks set to rise on Thursday morning after recent sharp losses as concerns ease over Chinese property giant Evergrande. According to the latest SPI futures, the ASX 200 is expected to open the day 16 points or 0.2 per cent higher this morning.

Wall Street: It was a strong night of trade on Wall Street, which saw the Dow Jones rise 1 per cent, the S&P 500 climb 0.95 per cent, and the Nasdaq jump 1 per cent.

AUD: The Australian dollar is trading at 0.7239 to the US dollar as at 6.30am this morning.

Iron ore: The price of iron ore has bounced as Evergrande concerns ease after hitting a 14-month low earlier this week. It surged US$13.55 a tonne or 14.4 per cent to US$107.55 a tonne, CommSec reported.

Bitcoin Major cryptocurrencies were down on Wednesday as a flash crash in the price of bitcoin earlier this week wiped out over $200 billion from the market. But the price of bitcoin has also improved, rebounding from below AU$55,000 on Wednesday to flirt with AU$60,000 on Thursday morning.

Evergrande: Overseas markets were buoyant overnight after nerves were settled by surprise news that Evergrande had agreed a plan to repay interest on one of its key bonds, avoiding a default that many fear could hammer the domestic and global economy. Evergrande’s onshore property unit said it reached an agreement with yuan bondholders on an interest payment, Bloomberg reported.

Netflix: After feverish speculation a deal was close, Netflix has confirmed it bought the Roald Dahl Story Company. The acquisition gives the streaming company exclusive rights to the stories and characters of the beloved children’s author, who died in 1990.

CBA, ANZ: The bosses of two of the nation's big four banks will come under the spotlight of federal politicians as virus lockdowns impact home and business loan customers as well as the broader economy. The Commonwealth Bank and the ANZ will face the House of Representatives economics committee on Thursday as part of a regular check-up of the country's financial institutions.

Have a great day.

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