Here’s Yahoo Finance’s Tuesday morning wrap.
The ASX is expected to rise after Wall Street rallied overnight.
One Australian dollar was buying 71.25 US cents at 7:42 AEST, down from 71.4 US cents at yesterday’s close.
In the US, Microsoft’s pursuit of TikTok US operations and resumed efforts to hammer out a coronavirus relief bill lifted investor sentiment.
The Dow Jones Industrial Average rose 0.89 per cent to end at 26,664.4 points while the S&P 500 gained 0.72 per cent to 3,294.61.
The Nasdaq Composite climbed 1.47 per cent to 10,902.80, beating its previous record high close on July 20.
Speaking of Microsoft: Chinese-owned social media app TikTok has been banned by the US, and unless its snapped up by an American company by 15 September, it will be shut down.
Interest rates: The Reserve Bank of Australia will today decide on the official cash rate, but experts are almost certain it will leave the rate at its current record low of 0.25 per cent.
Warning to off-plan buyers: Property expert Michael Yardney argues the off-the-plan apartments have never represented a good investment - even at the best of times - and not during a pandemic.
Here’s why Yardney thinks these investors will be “financially ruined”, and could see their life savings “squandered”.
‘Don’t privatise TAFE’: The Australian Education Union has warned against privatising the vocational education sector, and has asked the federal government to give TAFE more funding.
"A strong, fully-funded TAFE sector must be at the centre of the Commonwealth's response post COVID-19 so that Australia emerges in the best-possible social and economic condition," AEU federal president Correna Haythorpe said.
Trump’s taxes in the spotlight: A New York City prosecutor is seeking eight years of President Donald Trump's personal and corporate tax returns, saying he’s justified in demanding them because of public reports of "extensive and protracted criminal conduct at the Trump Organisation".
A US District Court Jude has scheduled arguments on the matter to be fully submitted by mid-August.
‘Disaster payment’: The Prime Minister has revealed Victorians who aren’t entitled to sick leave can now access a $1,500 per fortnight disaster payment if they require it.
Have a great day.
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