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ASX jumps, crypto falls, NSW awaits COVID-19 relief package

·Contributing editor
·3-min read
Here's everything you need to know about finance markets for today. Source: Yahoo Finance/Getty
Here's everything you need to know about finance markets for today. Source: Yahoo Finance/Getty

Good morning.

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

ASX: The Australian share market looks set to push higher again this morning. According to the latest SPI futures, the ASX 200 is expected to open the day 22 points or 0.3 per cent higher.

Wall Street: US stocks had a positive start to the week. The Dow Jones rose 0.35 per cent, the S&P 500 climbed 0.35 per cent, and the Nasdaq pushed 0.2 per cent higher at the close yesterday.

AUD: The Australian dollar is trading at 0.7479 to the US dollar as at 7am this morning.

Oil: Energy producers could come under pressure today after oil prices softened overnight. According to Bloomberg, the WTI crude oil price is down 0.5 per cent to US$74.17 a barrel and the Brent crude oil price has fallen 0.4 per cent to US$75.26 a barrel. Oil prices slipped after economic worries weighed on sentiment.

Gold: Gold miners will be on watch after the gold price weakened. According to CNBC, the spot gold price is down 0.2 per cent to US$1,806.4 an ounce. Traders were selling the precious metal ahead of the release of US inflation data this week.

Iron ore: It could be a positive day for iron ore miners. This follows a solid night of trade for the steel making ingredient. According to Metal Bulletin, the spot iron ore price has risen 1.4 per cent to US$217.85 a tonne.

Cryptocurrency: Major crypto tokens dwindled back into the red after gains on Monday as analysts warned that bitcoin and ethereum prices are "in danger".

Relief package: A joint NSW and federal government relief package has been hammered out to help people and businesses suffering under the Greater Sydney lockdown, which is set to continue beyond three weeks after a dramatic spike in COVID-19 cases in Sydney's southwest. Premier Gladys Berejiklian on Monday warned there was virtually no hope of lockdown ending as scheduled on Friday as businesses and workers face the prospect of a fourth week with little to no income. 

Business support: A support package to help keep struggling NSW businesses afloat during Sydney's worsening coronavirus outbreak is set to be unveiled. Prime Minister Scott Morrison says the federal and NSW governments have been finalising the details of cashflow support for businesses.

Tesla CEO: Elon Musk has insisted in court he does not control Tesla Inc and says he does not enjoy being the electric vehicle company's chief executive as he took the stand to defend the company's 2016 acquisition of SolarCity. The lawsuit by union pension funds and asset managers alleges the celebrity CEO strong-armed Tesla's board into wasting the company's assets to buy SolarCity, which was running out of cash.

Fruit picker wages: A major union will ask the Fair Work Commission to guarantee fruit pickers earn minimum wage. The Australian Workers' Union will on Tuesday push to ensure horticulture workers take home minimum casual pay of $25.41 an hour. At the moment, farms are not required to pay the minimum award rate.

Confidence dip: The growing expectation that Sydney will remain in lockdown for an extended period is likely to deflate the mood of both consumers and businesses across the nation. Economists estimate the lockdown in Australia's biggest city is costing about $1 billion a week and are already marking down their national growth forecasts for later this year.

Buy crypto: So the hype around crypto has finally gotten to you and you’re ready to ride the Bitcoin-rocket to the moon (or into the ground), but you’re unsure how to buy a ticket? Buying cryptocurrency in Australia is just like buying regular shares. Here's how you do it.

Have a great day.

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