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ASX steady, economy under threat, green light for COVID jab reward

·Contributing editor
·2-min read

 

Yahoo Finance morning wrap for Tuesday. Source: Getty
Yahoo Finance morning wrap for Tuesday. Source: Getty

Good morning.

Here's everything you need to know for finance markets this morning.

ASX: The Australian share market looks set to have another subdued day on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day flat.

Wall Street: US stocks had a mixed start to the week, which saw the Dow Jones fall 0.35 per cent, the S&P 500 drop 0.1 per cent, and the Nasdaq push 0.5 per cent higher.

AUD: The Australian dollar is trading at 0.7757 to the US dollar as at 7.40am this morning.

Oil: Energy producers could come under pressure after oil prices dropped lower. According to Bloomberg, the WTI crude oil price is down 0.55 per cent to US$69.23 a barrel and the Brent crude oil price has fallen 0.55 per cent to US$71.49 a barrel. Oil prices came under pressure after Chinese data revealed weak import volumes during May.

Gold: Gold miners could have a positive day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.55 per cent to US$1,902.60 an ounce. A softening US dollar gave the precious metal a boost.

Cryptocurrency: Cryptocurrencies recovered some of their losses after a turbulent weekend, floating up into the green following another session in which they were spooked by China. Here's where bitcoin, ethereum, dogecoin and weibo are trading now.

Vaccine rewards: Businesses have been given the green light to offer rewards to people who have been vaccinated for COVID-19.The Therapeutic Goods Administration has approved arrangements that will be in place until the end of 2022.

World climate and security: Australia's 2020 bushfires have been showcased in a new global report as an example of the security risk from climate change. The World Climate and Security Report, released on Monday by the International Military Council on Climate and Security, looks at the threats posed by the convergence of climate change with other global risks, like COVID-19.

Economic risk: The economy has already fully recovered from last year's recession, the unemployment rate has fallen rapidly to 5.5 per cent and is set to head even lower and the nation's top-tier AAA rating is now deemed safe by one global credit rating agency. But Victoria's 14-day COVID-19 lockdown risks undermining general upbeat confidence among consumers and firms - a risk to household spending, investment and hiring of staff.

Have a great day.

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