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ASX to dip as Labor slams Govt's jobs 'chasm'

Anastasia Santoreneos
·3-min read
Here's Yahoo Finance's Wednesday morning wrap. Source: Getty
Here's Yahoo Finance's Wednesday morning wrap. Source: Getty

Good morning.

Here’s Yahoo Finance’s Wednesday morning wrap.

The ASX is expected to dip at the open. The SPI200 Futures contract was down 54 points to 5,881 at 7:21 AEST, indicating a tough start for the local bourse.

In the US, Wall Street closed lower bucking its three-day winning streak, as investors were spooked by the first US presidential debate.

"Right now, markets are clearly driven by events in Washington, be it fiscal stimulus or the presidential election David Carter, chief investment officer at Lenox Wealth Advisors told AAP.

The Dow Jones Industrial Average fell 131.4 points, or 0.48 per cent, to 27,452.66, the S&P 500 lost 16.13 points, or 0.48 per cent, to 3,335.47 and the Nasdaq Composite dropped 32.28 points, or 0.29 per cent, to 11,085.25.

JobSeekers: The Government is looking at providing unemployed Aussies financial incentives to take up regional harvest work.

The measures, to be announced in the federal budget next week, would mean JobSeekers could earn up to $300 per fortnight before their benefits were affected.

Jobs ‘chasm’: Labor leader Anthony Albanese is demanding the Coalition focus its spending on creating jobs in Australia.

"The budget figures will tell the cold hard truth," he will say at a speech in Sydney on Wednesday.

"The gap between what this government says and what it does. The chasm between announcement and action."

Speaking of jobs, environmentalists are criticising the Morrison Government’s claims that a gas plan would create jobs, saying there were more than 27,000 full-time jobs in renewable energy and 58,000 in energy efficiency last year.

In fact, renewables creates more job than electricity generation by coal, gas or oil, a report found.

‘Spoofing’: JPMorgan Chase & Co will pay more than US$920 million (AU$1.3 billion) after it admitted to manipulating the precious metals futures and US Treasury futures market.

This manipulative practice, which is designed to create the illusion of demand, or lack thereof, is known as "spoofing".

Thrive Global takes Australia: Arianna Huffington’s Thrive Global has planted roots Down Under through an exclusive partnership with Monash University that aims to address mental wellbeing and improve performance and productivity across Asia-Pacific.

Here’s what you need to know.

Can we expect a Budget Day rate cut? Major banks have tipped a 2020 budget day cash rate cut to 0.1 per cent as the Australian economy begins a bumpy road to recovery. But not everyone is convinced.

Here’s what the experts are saying.

Divorce: Besides the emotional turmoil of divorce or separation, the financial challenges of ending a major relationship can take a real toll.

Here’s a Q and A with family lawyer Rachell Davey about how to hold on to your assets during a divorce.

Have a great day.

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