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ASX to dip as PM battles 'arrogant' Facebook

Anastasia Santoreneos
·2-min read
ASX to slide as PM battles Facebook. Source: Getty
ASX to slide as PM battles Facebook. Source: Getty

Good morning.

Here's Yahoo Finance's Friday morning wrap. 

The ASX is expected to dip at the open, with the SPI200 Futures contract indicating the local bourse is set for a 31 point drop at 7:58am AEDT. It follows a negative lead on Wall Street overnight. 

In the US, the country's main indexes fell as investors shifted out of big tech, and an unexpected rise in weekly jobless claims indicated the US labour market's recovery was "disappointing".

In early trading, the Dow Jones Industrial Average was down 267.75 points, or 0.85 per cent, at 31,345.27, the S&P 500 was down 32.45 points, or 0.83 per cent, at 3,898.88 and the Nasdaq Composite was down 153.32 points, or 1.10 per cent, at 13,812.17.

Scott Morrison is standing firm against Facebook, calling the social media giant's ban on news "arrogant" and "disappointing".

The Prime Minister called on Facebook to continue working with the Government on the media bargaining code.

"These actions will only confirm the concerns that an increasing number of countries are expressing about the behaviour of big tech companies....They may be changing the world, but that doesn't mean they run it."

Businesses caught in crosshairs: Small businesses and government organisations have been caught in Facebook's blanket news ban.

Industry research provider IBISWorld said the move was "hyper-aggressive", saying it could have significant ramifications for small businesses' bottom lines.

Self-employed? Often the tax implications of working for yourself can be daunting, but it doesn't have to be, according to online tax firm for freelancers, Hnry. 

Here are some answers to the most frequently asked questions the experts at Hnry get that should give you some relief to your tax-related worries.

Bitcoin ETF: North America's first Bitcoin ETF got off to a roaring start in its first day of trading, with investors exchanging US$145 million worth of shares, according to Bloomberg.

The ETF debuted on Thursday in Toronto, with experts saying there's "sizeable" appetite for a Bitcoin investment that has the benefits of an exchange-traded fund.

Have a great day.

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