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ASX to open higher follow record closes on Wall Street, AUD dips

Samantha Menzies
·Contributing editor
·2-min read
ASX to open higher follow record closes on Wall Street, AUD dips
ASX to open higher follow record closes on Wall Street, AUD dips

Good morning.

Here's everything you need to know about finance markets this Tuesday.

ASX: Shares are poised to open higher this morning following record closes in the US as traders weighed a rebound in air travel, a decline in bond yields and vaccine setback.

Wall Street: Wall Street rallied on Monday, with the broader market setting marginal new highs and technology shares recovering lost ground, as investors struggled to balance economic optimism against steadily rising Treasury yields.

The Dow Jones Industrial Average rose by over 100 points and the S&P 500 Index also inched to a new high, bolstered by the signing of a new $1.9 trillion stimulus bill that's poised to spur consumer spending and ignite economic growth.

AUD: The Australian dollar is in negative territory for its Monday session. Currently, the pair is trading at 0.7739, down 0.29 per cent on the day.

Tax cuts: Federal Treasurer Josh Frydenberg is hoping impending tax cuts will lessen the pain of the JobKeeper expiry, with more than $12 billion in tax cuts to set in over the next seven months.

Around $9 billion of the tax cuts flowed to 8.8 million Australians during the pandemic, Frydenberg will note at a Business Council of Australia Dinner on Tuesday, but more is yet to come.

Openpay: Openpay, an Australian company which targets industry groups, on Monday claimed it was the first company of its kind to sign a hospital operator after St John of God Health Care agreed to trial its service.

Two hospitals in Perth, St John of God Murdoch and Mt Lawley, and one in Melbourne, St John of God Berwick, are the initial facilities to offer the payment service.

Patients are being offered payment plans ranging from two to 12 months during the six month trial.

Labour policy: An elected Labor government will make women's safety from violence and standing in the workplace national priorities under a new policy platform. The foreword to the party's national platform, which will be adopted at a special virtual conference in two weeks, is titled Recovery, Rebuilding and Renewal.

Fortescue: Fortescue Metals Group is looking to build a green hydrogen plant in Brazil, executives told Reuters on Monday, as the Australian miner acts on recently announced plans to go carbon neutral by 2030.

Buffet panic sale: Famed investor Warren Buffett is known for holding S&P 500 stocks forever. But two stocks he sold showed 2020's losers are among 2021's winners.

Have a great day.

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