Yahoo Finance ASX to fall, Bitcoin rises as NSW begins reopening
Good Morning.
ASX: The local market is expected to open lower after jobs data in the US on Friday left investors concerned about the COVID-19 economic recovery.
Wall St: The S&P 500 ended its session on Friday slightly lower after data showed weaker jobs growth than expected in September.
However, despite the disappointing figures, investors still expect the Federal Reserve to begin tapering asset purchases this year.
BTC: Bitcoin held its bullish stance over the weekend, keeping above the $75,000 level - currently sitting over $77,000.
NSW reopening: After 106 days, almost 63,000 COVID-19 cases and 431 deaths, stay-at-home orders were lifted across NSW.
NSW will begin reopening today for fully vaccinated Aussies - leading the way for the rest of the country.
NSW Premier Dominic Perrottet called for patience amid concerns customer-facing staff could be at risk of abuse from unvaccinated people denied entry to venues.
Jobs: But despite the reopening, jobs data is still expected to show a large fall in employment.
The labour force report for September is released by the Australian Bureau of Statistics (ABS) on Thursday.
Economists forecasts point to a further 120,000 loss of jobs in the month following the large 146,300 tumble in August.
‘Excellent’ recovery: A leading economist has predicted an "excellent" recovery for the Australian economy through 2022, although much of the outlook depends on vaccination rates.
But Deloitte Access Economics partner and economist Chris Richardson says although the global backdrop is pretty good, China is suffering a sharp slowdown.
"The net impact of global economic developments on the Australian economy is turning down once more," Richardson said in his latest quarterly business outlook.
Have a great day.
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