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Stocks, gold, oil rise as Egypt hands out $1.18bn fine

Samantha Menzies
·Contributing editor
·3-min read
Australia's finance markets for Wednesday. Source: Getty
Australia's finance markets for Wednesday. 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 today. According to the latest SPI futures, the ASX 200 is expected to open the day 18 points or 0.25 per cent higher.

Wall Street: The S&P 500 has closed at another record high and the Nasdaq composite index has jumped as investors shook off concerns about the halt in Johnson & Johnson's Covid-19 vaccine roll-out and strong US inflation.The drug maker's shares hit a one-month low before recovering some losses to close down 1.

AUD: The Australian dollar is trading at 0.76417 to the US dollar as at 7.45am this morning.

Gold: According to CNBC, the spot gold price is up 0.75 per cent to US$1,745.70 an ounce. This was driven by a weaker US dollar and a rise in US inflation.

Oil: According to Bloomberg, the WTI crude oil price is up 1.2 per cent to US$60.41 a barrel and the Brent crude oil price has risen 1 per cent to US$63.91 a barrel. Strong economic data out of China gave oil prices a boost.

Suez canal fine: The owner of the world’s most famous cargo vessel, the Ever Given, is now staring down a billion-dollar penalty for blocking one of the most important global trade routes. The skyscraper-sized container ship quickly caught global attention in late March after it became stuck in the Suez Canal, which provides passage for 10 per cent of global maritime trade, and sparking concerns about a potentially “catastrophic” spike in oil prices and impact on world trade.

Closing doors: Businesses deciding to close their doors are increasing as they concede they are no longer viable after government support measures during the Covid-19 recession wound up.But while credit reporting agency CreditorWatch says external administrations are rising, on an annual basis they have fallen for more than 13 consecutive months.

Covid-19 response: The national cabinet of Australian leaders will return to an "operational footing" to get the coronavirus pandemic response back on track, Scott Morrison says.The prime minister has brought forward the next meeting with state and territory leaders to April 19, from May 7, with subsequent meetings to be held twice a week.

Investments: There are hundreds, if not thousands, of available investment options all purporting to be sustainable, green and climate friendly. But without an international standard, it can be tough to tell whether your investment is in line with your ideals.

TFE scheme: One of the most effective tax breaks of recent years has been the “Temporary Full Expensing” (TFE) scheme for businesses. Between 6 October 2020 and 30 June 2022, it’s possible to get a full deduction against profits for virtually all payments for capital assets, which could include anything from computer equipment to a coffee machine for the office kitchen to solar panels for the office roof. 

Have a great day.

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