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ASX pushes higher amid a bearish week for crypto

·Contributing editor
·3-min read
Yahoo Finance's Tuesday morning wrap. Source: Getty
Yahoo Finance's Tuesday morning wrap. Source: 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 14 points or 0.2 per cent higher.

Global stocks: World stocks clung close to record highs as worries about the Delta variant of COVID-19 offset positive sentiment from surging euro zone business activity and a welcome US jobs report. The STOXX index of 600 leading European companies was flat on Monday, reversing earlier losses after data showed euro zone businesses expanded activity at the fastest rate in 15 years in June.

Wall Street: Wall Street was closed yesterday for the Independence Day holiday.

AUD: The Australian dollar is trading at 0.7529 to the US dollar as at 7am this morning. 

Oil: Energy producers could be on the rise today after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 1.6 per cent to US$76.36 a barrel and the Brent crude oil price has risen 1.2 per cent to US$77.10 a barrel. Oil prices jumped after OPEC’s crisis talks were abandoned following a clash between Saudi Arabia and the UAE.

Gold: Gold miners will be on watch after the gold price pushed higher. According to CNBC, the spot gold price is up 0.5 per cent to US$1,792 an ounce. The precious metal hit a two-week high on rising demand in India.

Cryptocurrency: After a bullish week for the crypto majors last week, it was a bearish start to the week on Monday morning. By 6pm last night, Bitcoin was down by 3.08 per cent to $34,190. A bearish start to the day saw Bitcoin fall from an early morning high $35,280.0 to a mid-morning current day low $34,050.

Reserve Bank: The Reserve Bank of Australia will meet today to decide on the cash rate. According to latest Westpac's weekly economic report, the banking giant is expecting the central bank to make no changes. Though, an update on its Yield Curve Targeting Program and the Bond Purchase Program are expected.

Ransomware: The hackers who have claimed responsibility for an international ransomware outbreak have lowered their asking price in a private conversation with a cybersecurity expert, something he says may be a sign the group is having trouble monetising their massive breach. The REvil ransomware gang, also known as Sodinokibi, is publicly demanding US$70 million (A$93 million) to restore the data it is holding ransom after their data-scrambling software affected hundreds of small and medium businesses.

Royal Commission: Two Crown Resorts heavyweights are set to face scrutiny as the final week of Victoria's royal commission continues today. Evidence is expected from Crown Resorts' managing director and chief executive Steve McCann, as well as its chief financial officer Alan McGregor.

Bank review: Banks have flagged tougher industry rules with a major review set to investigate tighter standards two years after the damning banking royal commission. The voluntary code is a set of promises made by a bank about how it will treat its customers, including when they run into financial difficulties and face eviction from homes and farms.

Have a great day.

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