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ASX to open higher as JobKeeper in spotlight

Lucy Dean
Updated ·2-min read
Noblesville - Circa August 2018: BP Retail Gas Station. BP is One of the World's Leading Integrated Oil and Gas Companies V
Noblesville - Circa August 2018: BP Retail Gas Station. BP is One of the World's Leading Integrated Oil and Gas Companies V

Good morning.

Here’s Yahoo Finance’s Thursday morning wrap.

ASX: The ASX is expected to lift at the open on Tuesday after an unexpectedly positive jobs report in the US pushed Wall Street higher.

The Australian dollar has also reached its highest point since July 2019, buying 70.21 US centa at 7:00am AEST, up from 70.02 US cents at the close of trade on Friday.

Wall Street: The Nasdaq reached a record high at the close, taking it to a new bull market. The S&P500 and Dow Jones also pushed higher amid an unexpected fall in the unemployment rate.

This sparked hopes the worst of the coronavirus fallout had passed.

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The Dow Jones Industrial Average rose 461.46 points, or 1.7 per cent, to 27,572.44, the S&P 500 gained 38.46 points, or 1.20 per cent, to 3,232.39 and the Nasdaq Composite added 110.66 points, or 1.13 per cent, to 9,924.75.

World Bank: While US traders were hopeful, the World Bank has a bleaker outlook. It’s said the world faces an unprecedented crisis that will trigger the largest shock in more than seven decades.

Recession: The American economy is officially in a recession, new figures released on Monday US time revealed. This ends 128 months of economic expansion since June 2009.

JobKeeper: Finance Minister Mathias Cormann and Treasury head Steven Kennedy will today front a Senate committee seeking to understand the huge $60 billion JobKeeper error.

Australian Treasurer Josh Frydenberg speaks to the media during a press conference in Sydney, Friday, July 26, 2019. The Australian government released report that recommends more regulation on the market power of multinational digital platforms including Google and Facebook that would ensure fair deals for other media businesses and more control for individuals over how their data is used. (Bianca De Marchi/AAP Image via AP)
Treasurer Josh Frydenberg. (Bianca De Marchi/AAP Image via AP)

Business boost: The federal government has extended the $150,000 instant asset write-off scheme until the end of the year at a cost of $300 million.

“(They) will be able to go and buy equipment or machinery, other materials for their business - up to $150,000 - and write it off straight away," Treasurer Josh Frydenberg told Sky News on Tuesday.

"They can buy a pizza oven, they can buy a coffee machine, they can buy a new truck, a new tractor - they can buy new materials for their business."

BP: BP will cut 10,000 workers, or around 15 per cent of its global workforce as the company reels from the coronavirus outbreak. The move is also intended to pivot the group to renewable energy, its head said.

With AAP.

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