Here’s Yahoo Finance’s Thursday morning wrap.
The ASX is expected to fall at the open after rising coronavirus cases in the US caused a major sell-off in the US.
The Australian dollar was buying 68.68 US cents at 0700 AEST, lower from 69.41 US cents at the close of trade on Wednesday.
In the US, Wall Street's three major indexes suffered their biggest daily percentage drop in almost two weeks, as the nation recorded its second-largest rise in infections since the coronavirus crisis began.
The Dow Jones Industrial Average fell 710.16 points, or 2.72 per cent, to 25,445.94, the S&P 500 lost 80.96 points, or 2.59 per cent, to 3,050.33 and the Nasdaq Composite dropped 222.20 points, or 2.19 per cent, to 9,909.17.
IMF sounds economic alarm: The International Monetary Fund said the coronavirus caused wider and deeper damage to economic activity than first thought, and now expects 2020 global output to shrink. by 4.9 per cent - up from a 3.0 per cent contraction predicted in April.
The IMF also warned governments against abruptly cutting off income support measurers like JobKeeper. It said once the economic supports were withdrawn, governments should replace them with broader public spending on climate change and social safety nets.
$593 penalty: Some Australians have just one week left to avoid paying the Lifetime Health Cover Loading penalty - a fee 3.4 million of them don’t actually know they’ll pay.
Here’s what the loading levy is, and how much it will cost you.
Job ads soar: Online job advertisements on SEEK increased by 21.9 per cent in the last two weeks, in a sign business confidence is ticking higher amid the coronavirus crisis.
Cash boost for the arts: Artists and entertainers will be able to apply for a slice of a $250 million support package to help the sector recover after coronavirus restrictions wreaked havoc.
Google’s privacy move: Google has revealed it will automatically delete some location history after 18 months for new users, and make it easier for everyone to access its search, maps and YouTube apps without being tracked.
US couple’s $6 million romance: A US couple have been charged after helping to run an international romance scam that used fake profiles on dating websites to woo dozens of victims into giving up more than $US6 million ($A8.7 million).
Are you a fan of Brooklyn Nine Nine? With over three quarters of Australians binging TV, and two thirds browsing the internet to kill time during the coronavirus lockdown, cybercriminals are having a field day, according to McAfee.
These are the films and TV shows cybercriminals are lurking behind.
Ultra-rare Holden: The first factory-made Holden race car is headed for auction later this week and is expected to sell for $1 million, breaking previous auction records.
Have a great day.
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