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ASX to drop amid crypto crash, Aussie travel ban overhaul

·Contributing editor
·2-min read
Bitcoin's recent flash crash saw the digital currency shed 11 per cent. Source: Getty
Bitcoin's recent flash crash saw the digital currency shed 11 per cent. 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 again on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 27 points or 0.35 per cent lower this morning.

Global markets: It was a poor night of trade on Wall Street, which saw the Dow Jones fall 0.25 per cent, the S&P 500 drop 0.15 per cent, and the Nasdaq tumble 0.65 per cent.

AUD: The Australian dollar is trading at 0.7368 to the US dollar as at 7am this morning.

Bitcoin crash: Bitcoin is deep in the red, down more than 11 per cent in the past 24 hours to US$46,746 (AU$63,170). That’s the digital token’s steepest daily fall since it began a remarkable rebound on 20 July. Here's what has happened.

NAB, Westpac: Two of Australia's largest banks will undergo their regular check-in with federal politicians today. The executive teams from National Australia Bank and Westpac will face the House of Representatives economics committee.

Travel ban: A federal ban on Australians leaving the country will be dropped as soon as November under plans to end an extraordinary travel restriction and embrace a “vaccine passport” so travellers can prove they are allowed to cross international borders. The federal cabinet discussed the changes last night.

Sydney CBD venues: The City of Sydney has approved 266 al fresco dining applications as it counts down the weeks to reopening, in the hopes that outdoor dining will help hospitality businesses bounce back quickly. The approved applications are part of an initiative that was first launched in December 2020 to help businesses comply with COVID-safe capacity rules.

Uber: Tech giant Uber’s local boss says Australia needs to move away from fuel taxes and instead adopt a road user charging scheme to increase the uptake of electric vehicles in the country.

Unemployment hike: Reserve Bank governor Philip Lowe has warned the unemployment rate will increase in coming months as the economy takes a hit from COVID-19 lockdowns.

Property skyrockets: Property prices have risen as high as $1.2 million in a year for suburbs in Australia as the housing market continues to skyrocket against the backdrop of the Covid-19 pandemic. And research showed 24 suburbs saw their prices soar to $50,000 and beyond each month – most of those in NSW.

Have a great day.

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