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ASX recovers losses as Bitcoin bounces back

·Contributing editor
·3-min read
The ASX looks set for a recovery on Thursday. Source: Getty
The ASX looks set for a recovery on Thursday. Source: Getty

Good morning.

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

ASX: The Australian share market looks set to recover some of yesterday’s losses on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 13 points or 0.2 per cent higher this morning.

Wall Street: The AU sharemarket rise follows a reasonably positive night on Wall Street, which saw the Dow Jones trade flat, the S&P 500 rise 0.2 per cent, and the Nasdaq climb 0.6 per cent.

AUD: The Australian dollar is trading at 0.7741 to the US dollar as at 7.30am this morning.

Oil: Energy producers will be on watch after oil prices pushed slightly higher overnight. According to Bloomberg, the WTI crude oil price is up 0.15 per cent to US$66.16 a barrel and the Brent crude oil price has risen 0.25 per cent to US$68.82 a barrel. Demand optimism gave prices a boost.

Gold: Gold miners could trade lower today after the gold price softened overnight. According to CNBC, the spot gold price is down 0.1 per cent to US$1,896.30 an ounce. The gold price slipped after the US dollar strengthened.

Crypto: Bitcoin climbed back above $40,000 on Wednesday for the first time this week, before edging off its highs, as recent volatility in the cryptocurrency market showed few signs of dampening down.

AMP faces court: ASIC has launched civil penalty proceedings in the Federal Court against five companies that are, or were, part of the AMP Limited group (AMP) for allegedly charging life insurance premiums and advice fees to more than 2,000 customers despite being notified of their death. The relevant companies include AMP Superannuation, NM Superannuation, AMP Life (which is now owned by Resolution Life NZ, but was part of AMP when the alleged conduct occurred), AMP Financial Planning, and AMP Services.

Amazon: Amazon signs deal to buy legendary Hollywood studio MGM for $8.45 billion. While Amazon has attracted antitrust scrutiny, legal experts say US regulators are unlikely to stop the e-commerce giant from making its second-biggest acquisition after Whole Foods.

Investment: New figures are expected to give weight to the federal government's claim its policies are driving up business investment. The Australian Bureau of Statistics will on Thursday release private capital spending data for the March quarter, as well as new figures on business investment intentions.

Vaccine scam: ASIC is urging Australians to be wary of scammers using the COVID-19 pandemic to target small businesses. The corporate watchdog said scammers often target small business owners as they recognise that they are busy and may have limited resources to keep systems safe. ASIC said there are a number of scams being aimed at small businesses, but some of the most concerning are those taking advantage of the pandemic.

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