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ASX plummets following sharp fall on Wall St, all eyes on vaccine rollout

·Contributing editor
·3-min read
AUD drops this morning, ASX expected to follow. Source: Getty
AUD drops this morning, ASX expected to follow. 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 deep in the red this morning. According to the latest SPI futures, the ASX 200 is expected to open the day 111 points or 1.5 per cent lower.

Wall Street: The three main Wall Street indexes have all finished sharply lower after investors were spooked by hawkish interest rate comments by Federal Reserve official James Bullard. The blue-chip Dow and the benchmark S&P; 500, which started the week at record closing levels, slumped after Bullard, president of the St.

AUD: The Australian dollar is trading at 0.7483 to the US dollar as at 7am this morning.

Oil: It could be a positive start to the week for energy producers after oil prices rebounded on Friday. According to Bloomberg, the WTI crude oil price rose 0.85 per cent to US$71.64 a barrel and the Brent crude oil price rose 0.6 per cent to US$73.51 a barrel.

Gold: Gold miners will be on watch today after the gold price fell again on Friday night. According to CNBC, the spot gold price dropped 0.3 per cent to US$1,769.00 an ounce. The precious metal had its worst week in over a year after the US Federal Reserve brought forward its rate hike plans.

Iron ore: Shares could come under pressure today after the iron ore price softened. According to Metal Bulletin, the spot iron ore price fell 0.9 per cent to US$218.90 a tonne.

Cryptocurrency: A sell-off in the crypto market has continued into the weekend, with the world's two biggest tokens, bitcoin and ethereum, both declining further as China's crackdown gathers pace.

Vaccine rollout: There will be one item on the agenda when Scott Morrison chairs an emergency national cabinet meeting today - the COVID-19 vaccine rollout. The prime minister will chair the meeting via video link from The Lodge, where he is in isolation following his European trip last week.

Imposter art: 80% of these products are fake: Meet the former cop stamping out imposter art. Today, she’s spearheading a major partnership between the Trading Blak collective of Aboriginal businesses and Facebook Shop and the aim to take blak, or Aboriginal and Torres Strait Islander, businesses to 17 million Australians.

Social dwellings: The NSW government is being urged to make a state budget investment to build more social housing, with new modelling highlighting its strong economic benefits. The Equity Economics-led report, commissioned and released by the Community Housing Industry Association before the NSW budget on Tuesday, forecasts the benefits of constructing 5000 extra social housing residences each year.

Retail trade: Consumer spending is expected to be a main plank of Australia's continued economic expansion, aided by low interest rates, the wealth effect of rising house prices, a strong labour market, and a surge in household savings.

Have a great day.

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