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ASX to drop as 'liar loans' surge, CBA faces court

·Contributing editor
·2-min read
Property prices have surged almost 20 per cent and investment bank UBS has warned
Property prices have surged almost 20 per cent and investment bank UBS has warned "liar loans" could be one reason why. Source: Reuters/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 28 points or 0.4 per cent lower this morning.

Global markets: It was a very disappointing end to the week on Wall Street, which saw the Dow Jones fall 0.8 per cent, the S&P 500 drop 0.8 per cent, and the Nasdaq tumble 0.9 per cent. Economic uncertainty led to the Dow recording five consecutive daily declines last week.

AUD: The Australian dollar is trading at 0.7360 to the US dollar as at 7am this morning.

CBA sued: The Commonwealth Bank has been accused of defaming a Colombian-Australian remittance service using cryptocurrencies, after the bank told its customers using the service they were possible victims of a scam before closing their accounts.

Liar loans: Australian home prices have surged almost 20 per cent over the past year, and investment bank UBS has warned that a record level of "liar loans" as buyers "chase the market" could be one reason why.

Poor Aussies: There were almost four times as many COVID-19 deaths among Australians in the nation's poorest areas than in the wealthiest places, a new report into the health impacts of the first year of the pandemic has found.

Smart glasses: Facebook has unveiled its long-awaited smart glasses in partnership with Ray-Ban, entering a nascent wearables market with a focus on capturing photos rather than augmented reality.

Abbot fine: Former Prime Minister Tony Abbott has copped a $500 fine for not wearing a mask out in public while in Manly last week. Abbott was pictured by a member of the public who then sent the image to the NSW Police before Abbott was fined on Friday night.

Melanoma scanners: New technology that could save lives through the early detection and treatment of melanoma is set to be fired up across Australia.

Have a great day.

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