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ASX set to rise; Tokyo Olympics off - Yahoo Finance's morning wrap

Yahoo Finance's morning wrap. Source: Getty

Good morning.

Here’s Yahoo Finance’s morning wrap.

Markets: The ASX is expected to rise after hitting a near eight-year low last night.

The Australian dollar was buying 57 US cents at 0700 AEDT, down from 58.01 at Monday's close.

Tokyo Olympics postponed: International Olympic Committee member Dick Pound has revealed the IOC already decided to postpone the Tokyo Olympics, despite giving itself four weeks to decide.

The Olympics are likely to take place in 2021, with details to be worked out over the coming month.

US Fed makes aggressive move: The US Federal Reserve has unveiled new measures to ease corporate debt markets during the coronavirus pandemic.

The new plan involved buying as many US government bonds and mortgage-backed securities as needed - essentially, unlimited quantitative easing.

2020 recession: The coronavirus pandemic will cause a global recession in 2020 that could be worse than the one triggered by the global financial crisis of 2008-2009, the International Monetary Fund says.

Tigerlily collapses into administration: Australian swimwear and clothing brand Tigerlily has entered voluntary administration, blaming the coronavirus pandemic for a drop in sales, according to the SMH.

How to cope with fear, panic: Dave Taylor writes that while it’s easy to panic about the state of the world, you should remind yourself that “this is a particularly severe storm, but it too shall pass”.

NAB worker’s false test: A National Australia Bank employee has been sacked, after they apparently provided a fake coronavirus test result, which led to an evacuation at the bank's Melbourne head office.

$500k wiped instantly: Pub and club owners reveal the emotional and financial strain of shutting shop, as the PM rolls out strict lockdown measures.

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