ASX to open higher as global bank exits Australia

(Source: Rick Rycroft via AAP) (ASSOCIATED PRESS)

Good morning.

Here's your Yahoo Finance Friday morning wrap:

ASX: The Australian share market is expected to be in the green this morning after US markets had a bumper run overnight. The ASX had a fantastic run yesterday with shares hitting a 14-month high off the back of better than expected jobs numbers.

Wall Street: Wall St set new records with the Dow Jones index ending over 34,000 for the first time. The S&P500 also ended 1.1 per cent higher at 4,170.42 and the Nasdaq rose 1.3 per cent to 14,036.76 both of which were boosted by a rise in tech stocks.

Crypto crazy: Meanwhile, Bitcoin has continued to surge after the successful launch of Coinbase in the US. The cryptocurrency has reached a new all time high of $US64,829 (AU$85,051). Investors can’t get enough of the digital currency.

Citigroup: The global bank is set to close up shop and exit the Australian market with the new CEO Jane Foster saying the bank doesn't have the scale here to compete.

"We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia," she said in a statement.

Vaccine woes: The stresses of the vaccine rollout continue as the world urges wealthier nations to help those in poorer countries get the jab. Two thirds of epidemiologists have warned that a failure to vaccinate the globe against COVID-19 opens the door to mutations so extreme they render the current vaccines ineffective within a year.

Banks: ANZ and NAB are preparing to face a parliamentary inquiry today as part of their twice-yearly examination in Canberra. National Australia Bank will be grilled by the House of Representatives economics committee on Friday, followed by the ANZ.

Reno madness: Almost 80 per cent of Aussies are opting to buy rundown properties with the intention of renovating, according to a new report. Aussies last year spent a whopping $63,118 per renovation, with kitchens, bathrooms and outdoor areas the preferred projects of choice.

90 per cent: The amount of Australian businesses that believe the human resources department will play a greater role in the post-COVID world and play a key role in streamlining and formulating the company strategy.

Have a great day.

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