Here’s Yahoo Finance’s Thursday morning wrap.
Stocks: The ASX is expected to slip into the red at the open after the US Federal Reserve flagged a slow recovery on Wednesday US time.
The local SPI 200 futures contract was down 63 points, or 1.03 per cent, to 6,066.0 at 7:00am AEST on Thursday.
US Federal Reserve: The Federal Reserve said it wouldn’t touch interest rates until the end of 2022 as Reserve Chairman Jerome Powell warned of an “extraordinarily uncertain” pace of recovery.
Wall Street: That statement put a dampener on US stocks which ended the session lower.
The Dow Jones Industrial Average fell 282.31 points, or 1.04 per cent, to 26,989.99, the S&P 500 lost 17.04 points, or 0.53 per cent, to 3,190.14 and the Nasdaq Composite added 66.59 points, or 0.67 per cent, to 10,020.35. The S&P 500 was off as much as 0.8 per cent before the Fed statement.
OECD warning: The OECD has warned Australia’s output could slip 6.3 per cent in 2020 if there’s a second wave of coronavirus in the country. Even without the second wave, GDP will fall by 5 per cent this year.
It said the recovery will be faster if it’s led by a rebound in consumer confidence.
Tax mistake: How good are you at your taxes? This year you might need to be better than ever as millions of Australians have made purchases to facilitate their remote work. Here’s what you need to know.
Have a great day.