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ASX to dip as sluggish recovery continues, scams surge

·Contributing editor
·2-min read
The Australian share market looks set to fall on Monday dragged down by a dissapointing Friday close overseas. Source: Getty
The Australian share market looks set to fall on Monday dragged down by a dissapointing Friday close overseas. Source: Getty

Good morning.

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

ASX: The Australian share market looks set to fall on Monday. According to the latest SPI futures, the ASX 200 is expected to open the day 23 points or 0.3 per cent lower this morning.

Global markets: It was a largely disappointing end to the week on Wall Street, which saw the Dow Jones fall 0.2 per cent, the S&P 500 edge lower, and the Nasdaq push 0.2 per cent higher. Weak economic data in the US put pressure on stocks.

Aussie dollar: The Australian dollar is trading at 0.7454 to the US dollar at 7am this morning.

Scams: New data from Westpac has revealed the number of scams reported by the bank’s customers doubled in the past year, reflecting a ramping up of increasingly sophisticated criminal activity during the COVID pandemic.

Recovery: Australia faces a renewed taper debate as a sluggish economic recovery continues. Ten of 16 economists surveyed by Bloomberg expect the Reserve Bank of Australia will defer scaling back quantitative easing on Tuesday. That’s despite Governor Philip Lowe saying after August’s meeting that the impact of such a move wouldn’t help the economy much and that the government was better placed to offer support.

RBA: The Reserve Bank of Australia is due to release its cash rate decision for September at it's meeting tomorrow.

Global tax plan: A new global plan to ensure big multinationals pay their fair share of tax is expected to be operating in 2023.OECD Secretary-General Mathias Cormann will tell the ANU Crawford Leadership Forum on Monday work on the plan is well progressed and it is hoped to be presented to leaders at the G20 summit in Rome at the end of October.

Disability support: Many people who should be eligible for the disability support pension find themselves stuck on the lower-paid dole or don't receive any income support at all. Economic Justice Australia will tell a Senate inquiry into the disability pension the existing rules need changing because they are confusing and unfair.

Have a great day.

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