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ASX to fall as economic gloom worsens, Aus Post overwhelmed

·Contributing editor
·2-min read
Many online shoppers face delays in getting their parcels when Australia Post stops pickups in lockdown states for three days so it can process a backlog. Source: Getty
Many online shoppers face delays in getting their parcels when Australia Post stops pickups in lockdown states for three days so it can process a backlog. 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 15 points or 0.2 per cent lower this morning.

Global markets: It was a mixed night of trade on Wall Street, which saw the Dow Jones fall 0.15 per cent, the S&P 500 trade flat, and the Nasdaq rise 0.3 per cent.

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

Economy gloom: Before the extensive lockdowns across much of Australia were implemented in June, July and then August, the economy was slowing. Find out the critical error which led our economy to where it is today.

Aus Post: Many online shoppers face delays in getting their parcels when Australia Post stops pickups in lockdown states for three days so it can process a backlog. Collections from digital retailers in NSW, the ACT and Victoria will pause from 7am on Saturday, September 4, to 7am on Tuesday, September 7.

Recession dodged: Australia may have just side-stepped the path to a technical recession by the skin of its teeth after recording a small uptick in GDP growth over the June quarter. Between 21 March and 21 June, the Australian economy grew by 0.7 per cent, according to the ABS’ latest figures.

Woolies staff: The supermarket giant struggles to put stock out on shelves as 3,300 staff are forced into iscolation amid the worsening COVID-19 outbreak.

Illegal party: Nine young men have been fined over a party in Sydney's eastern suburbs as police continue to crack down on illegal gatherings in the area. Police suspect the Malabar Headland Party on July 23 is linked to COVID-19 cases. They're investigating whether it's also linked to the August 19 "super spreader" party in Maroubra, were health officials believed more than a dozen revellers got infected.

Have a great day.

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