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ASX rises, crypto drops as ATO offers 'helping hand'

·Contributing editor
·3-min read
ASX to rise, crypto drops on inflation fears, ATO offers a helping hand, Twitter shuts down disappearing 'fleets'. Source: Getty/Yahoo Finance
ASX to rise, crypto drops on inflation fears, ATO offers a helping hand, Twitter shuts down disappearing 'fleets'. Source: Getty/Yahoo Finance

Good morning.

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

ASX: The Australian share market looks set to give back some of its gains this morning. According to the latest SPI futures, the ASX 200 is expected to open the day 11 points or 0.15 per cent lower this morning.

Wall Street: The S&P 500 has ended with a gain after briefly hitting an intra-day record in a choppy session as investors balanced worries about inflation with reassuring comments from Fed Chair Jerome Powell.

AUD: The Australian dollar is trading at 0.7487 to the US dollar as at 7.20am this morning.

Oil: Energy producers could be in the red today after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 3.4 per cent to US$72.72 a barrel and the Brent crude oil price has fallen 2.7 per cent to US$74.44 a barrel. Oil prices tumbled after Saudi Arabia and UAE reached an agreement that will see global oil supplies boosted.

Gold: It could be a good day for gold miners after the gold price rose overnight. According to CNBC, the spot gold price is up 1 per cent to US$1,828.50 an ounce. The precious metal pushed higher after the US Federal Reserve reassured investors that it would continue with its accommodative monetary policy despite a strong inflation reading.

Cryptocurrency: Cryptocurrencies were broadly lower on Wednesday as rising inflation in both the US and UK fuels the view that central banks will soon have to raise interest rates.

Childcare fees: Parents who keep their children at home during the lockdowns in Greater Sydney will not be slugged for childcare they are not using. The federal government has agreed to allow childcare centres not to charge families gap fees from Monday while still receiving taxpayer subsidies when children are absent.

ATO 'helping hand': The Australian Taxation Office wants you to know that they’re “here to help” if you’re struggling to lodge your tax returns. But only if you earn under $60,000 per year. You also can’t be working as a contractor, running a business (even as a sole trader), or own a rental property.

Twitter: Twitter says it will shut down its ephemeral posts feature called "fleets" on August 3 after the product failed to gain traction with users. The shutdown comes just eight months after the social media platform rolled out fleets to all its users globally and just one month after it began testing advertising within the feature.

Unemployment U-turn: The latest jobs figures could see a further improvement in the unemployment rate, but economists are warning it could be the last before the Greater Sydney lockdown begins to bite. June labour force figures are released on Thursday, and at least one economist is predicting the unemployment rate could be sub-five per cent for the first time in a decade.

Solar power: Households with solar batteries will be able to make money from their electricity storage capacity, thanks to new energy market rules. The changes announced on Thursday are part of broader moves by the Australian Energy Market Commission to open up the national electricity market for both grid and household scale batteries.

Meme stocks: The meme stock craze has cooled off, at least temporarily. But Franklin Templeton CEO Jenny Johnson criticised the trading as risky investments that could produce lucrative highs and devastating lows. Here's what you need to know.

Have a great day.

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