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ASX to plunge further amid fear of China's Evergrande collapse

·Contributing editor
·2-min read
The Australian share market is expected to sink again on Tuesday following yesterday's bloodbath. Source: Getty
The Australian share market is expected to sink again on Tuesday following yesterday's bloodbath. Source: Getty
  • This is Yahoo Finance's Morning Wrap. For regular updates on how the share market is doing today, follow our stocks story on the ASX.

Good morning.

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

ASX: The Australian share market is expected to sink again on Tuesday following yesterday's bloodbath. According to the latest SPI futures, the ASX 200 is poised to open the day 98 points or 1.4 per cent lower.

Wall Street: It was also a poor start to the week on Wall Street. The Dow Jones fell 1.8 per cent, the S&P 500 sank 1.7 per cent, and the Nasdaq dropped 2.2 per cent.

AUD: The Australian dollar is trading at 0.7253 to the US dollar as at 6.30am this morning.

Iron ore: Falling iron ore prices sent stocks into a sea of red yesterday following concerns about demand in China amid fears that property giant Evergrande could collapse. And prices could pull back further today. According to Metal Bulletin, the spot iron ore price has fallen 8.8 per cent to US$92.98 per tonne.

JobKeeper: About $6.2 billion in JobKeeper wage subsidies were paid to ineligible businesses with more than $10 million in turnover that did not experience a minimum 30 per cent fall in turnover in the first six months of the scheme.

Cypto hack: A hacker has stolen $12.7 million in bitcoin from crypto transfer platform pNetwork. "We're sorry to inform the community that an attacker was able to leverage a bug in our codebase and attack pBTC on BSC, stealing 277 BTC (most of its collateral)," the platform said. It said that all other "bridges" were not affected, adding: "All other funds in the pNetwork are safe."

Submarine pact: Scott Morrison has sought to calm Indonesian President Joko Widodo’s concerns that the AUKUS submarine pact will lead to a new arms race in the Indo-Pacific ahead of his arrival in the United States for meetings with President Joe Biden and other world leaders. Morrison is scheduled to arrive in New York at 8am (AEST) today to meet with Biden on the sidelines of the United Nations General Assembly for their first one-on-one meeting on Wednesday (AEST).

Woollies' new move: Australia will soon welcome its first commercial recycling plant that uses enzymes to “eat” plastic and break it down into its core molecules so they can be reused. Recycling start-up Samsara’s first 5000 tonnes of recycled material – equivalent to the weight of almost nine A380 aircraft – will be trialled in packaging items for Woolworths supermarket shelves in the next two years.

Have a great day.

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