ASX to open lower as US approves Pfizer vaccine

Image: Getty

Good morning.

Here’s Yahoo Finance’s Monday morning wrap.

ASX: The ASX is expected to open slightly lower on Monday after finishing lower on Friday. Local traders also face a weak lead from Wall Street from Friday, although the USA’s approval of the Pfizer vaccine could put some spring in investors’ steps.

Wall Street: Wall Street closed slightly lower on Friday as investors remain wracked with uncertainty over the economic stimulus.

The Dow Jones Industrial Average rose 0.16 per cent, to 30,046.37, the S&P 500 lost 0.13 per cent, to 3,663.46 and the Nasdaq Composite dropped 0.23 per cent, to 12,377.87.

Brexit: UK Prime Minister Boris Johnson has agreed to push Brexit trade discussions beyond their deadline as the EU and the UK struggle to reach an agreement.

"Despite the exhaustion after almost a year of negotiations, despite the fact that deadlines have been missed over and over we think it is responsible at this point to go the extra mile," Johnson and von der Leyen said in a joint statement.

Small business: More than 300 Australian small businesses will be eligible for grants of up to $20,000 to help cover energy bills. However, businesses need to either upgrade to become more energy efficient, carry out energy audits or instal monitoring equipment.

Bulk billing: If you were left out of pocket at your last doctor’s visit, you’re in the minority. New data shows nine in 10 doctor visits were provided at no cost during the Covid-19 pandemic as bulk billing soared.

Jobs data: The latest jobs data will come out on Thursday and economists are predicting a 40,000 increase in employment, keeping the unemployment rate at 7 per cent and 1 million without a job.

“Some unemployed people are facing the prospect of a prolonged period of unemployment," it says,” the RBA said last week.

Budget outlook: Australia’s recovery is starting to firm up, Deloitte Access Economics has said as consumer confidence reaches a 10-year high.

"The cheapest stimulus of all is confidence," economist Chris Richardson said.

Aviation: Australia’s struggling aviation sector has been thrown a Christmas lifeline as Deputy Prime Minister Michael McCormack extends the aviation industry support measures over the period.

"The government is focused on keeping Australians connected and facilitating freight movements as aviation emerges from the COVID-19 pandemic," Mr McCormack said on Monday.

JobMaker: Australia’s Small Business Ombudsman Kate Carnell has a warning for any businesses hoping to rort the JobMaker system: don’t.

“You can't get rid of a staff member, and put somebody on and hope to get the $200 or $100.

“It has to be a new staff person, because we're trying to get people back into work at the moment,” she said.

Property: The new year is just weeks away and there’s a trend already appearing, property expert Michael Yardney says. Houses and units are both getting bigger, but what does this mean for property investors?

With AAP.

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