Australia markets closed

    +102.10 (+1.47%)

    +0.0060 (+0.77%)
  • ASX 200

    +116.30 (+1.74%)
  • OIL

    +1.18 (+1.92%)
  • GOLD

    +25.80 (+1.49%)

    +1,192.21 (+2.05%)
  • CMC Crypto 200

    -11.91 (-1.28%)

ASX to dip as tweet costs Elon Musk $19bn

Lucy Dean
·3-min read
Tesla CEO Elon Musk talks to media as he arrives to visit the construction site of the future US electric car giant Tesla, on September 03, 2020 in Gruenheide near Berlin. - Tesla builds a compound at the site in Gruenheide in Brandenburg for its first European
Elon Musk has tweeted about Bitcoin. (Photo by ODD ANDERSEN/AFP via Getty Images)

Good morning.

Here’s Yahoo Finance’s morning wrap for Wednesday.

ASX: The ASX is expected to slide on Wednesday morning following a soft lead from Wall Street overnight. Futures were down early on Wednesday morning.

It comes after the ASX finished higher on Tuesday. The S&P/ASX200 benchmark index closed up 58.3 points, or 0.86 per cent, to 6839.2 on Tuesday.

The All Ordinaries finished higher by 49.2 points, or 0.7 per cent, at 7110.8.

Wall Street: US markets fell early on Tuesday local time as investors cast off mega-cap growth stocks, denting the tech-heavy Nasdaq. Netflix, Microsoft, Amazon, Alphabet (Google) and Apple were among those to cop a loss in early trade. However, they’d recovered by market’s close.

At the close, the Dow Jones Industrial Average finished up 15.66 points, or 0.050 per cent, at 31,537.35, the S&P 500 was up 4.87 points, or 0.13 per cent, at 3,881.37, and the Nasdaq Composite was down 67.85 points, or 0.50 per cent, at 13,465.20.

Scams: Australians have been warned to stay alert against identity theft as new analysis reveals it costs one-in-four of us an average $300. Here are some of the signs to watch out for.

JobSeeker: The new rate of the JobSeeker benefit has been revealed, and it’s $3.57 higher a day. Welfare groups have been left dismayed by the small increase in the JobSeeker payment. It’s been described as “heartless”

Facebook: The social media giant will flick the switch on Australian news content following discussions with the Australian Government. Now, Facebook is expected to strike many million-dollar deals with publishers.

"As a result of these changes, we can now work to further our investment in public interest journalism and restore news on Facebook for Australians in the coming days," the social media giant said in a statement.

Elon Musk: The Tesla founder lost his title as world’s richest person after shares in the vehicle company fell 8.6 per cent on Monday, wiping AU$19.2 billion from his net worth, taking him below Amazon’s Jeff Bezos.

What didn't help? This series of tweets from Musk which commented on Bitcoin and Ethereum’s prices as “seeming high”.

A major cryptocurrency sell-off ensued. Tesla had recently bought $1.9 billion in Bitcoin, with market watchers suggesting the Tesla sell-off was linked to the Bitcoin tumble.

Wage growth: Australia, don’t expect a pay rise any time soon. That’s according to economists who predict today’s wage price figures will be as little as a 0.3 per cent growth in the last quarter of 2020.

Have a great day.

With AAP.