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ASX subdued amid crypto crash

·Contributing editor
·3-min read
ASX, AUD, crypto all start the week at a loss. Source: Getty
ASX, AUD, crypto all start the week at a loss. Source: Getty

Good morning.

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

ASX: The Australian share market looks set to start the week on a subdued note. According to the latest SPI futures, the ASX 200 is expected to open the week 5 points or 0.1 per cent lower this morning following a mixed finish on Wall Street.

Wall Street: In the United States on Friday Wall Street ended mixed, with inflation concerns looming over the end of a volatile week of trading. The Dow Jones rose 0.35 per cent, the S&P 500 fell 0.1 per cent, and the Nasdaq tumbled 0.5 per cent.

AUD: The Australian dollar is trading at 0.7728 to the US dollar as at 7.30am this morning.

Oil: It could be a good start to the week for energy producers after oil prices jumped on Friday. According to Bloomberg, the WTI crude oil price rose 2.7 per cent to US$63.58 a barrel and the Brent crude oil price climbed 2 per cent to US$66.44 a barrel. This wasn’t enough to stop both benchmarks from recording weekly declines.

Gold: Gold miners will be on watch today after the gold price softened on Friday night. According to CNBC, the spot gold price fell 0.3 per cent to US$1,878.9 an ounce. Despite this, the precious metal recorded a 2.2 per cent gain for the week.

Iron Ore: Producers of iron ore could come under pressure today after the iron ore price continued to slide. According to Metal Bulletin, the spot iron ore price has fallen a sizeable 5.3 per cent to US$200.72 a tonne.

Crypto: Bitcoin continues downward spiral after volatile week that crashed crypto market. The volatility shaved billions off the wider crypto world's value after deep correction hit the market. The global crypto market lost 9 per cent on Saturday alone, according to data provider CoinMarket.

UK-AU trade: he UK's International Trade Secretary Liz Truss says British farmers have nothing to fear and an "awful lot to gain" from a free trade deal with Australia. Boris Johnson's government is hoping to secure agreement in principle on its first trade deal to be negotiated from scratch since leaving the EU.

Pfizer vaccine: Australia expects to receive 2 million doses a week of Pfizer's COVID-19 vaccine from October, Minister for Health Greg Hunt told the SMH on Sunday. Australia has ordered 40 million doses of Pfizer's COVID-19 vaccine, which Canberra intends to use to inoculate its population under the age of 50.

Emissions: A new report has questioned the government's figures on emissions reduction, claiming greenhouse gas levels are going up not down. The Morrison government insists it has reduced 2005 level emissions by 19 per cent, putting it on track for its 2030 goal.

NSW Labor loss: NSW opposition leader Jodi McKay is set to face further questions over the viability of her leadership after Labor's loss in the Upper Hunter by-election. Labor conceded defeat on Sunday, with McKay and ALP candidate Jeff Drayton calling their Nationals counterparts to congratulate them.

Gender equality: The COVID-19 pandemic has dealt a significant blow to gender equality in the Australian workforce, a new report reveals. Three quarters of Australian women say their workload has increased since the onset of the pandemic, women's job satisfaction has declined from 69 to 47 per cent, and nearly half of working women are feeling less optimistic about their career prospects than they were before the pandemic.

Have a great day.

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