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ASX to dip as Westpac pays record fine

Lucy Dean
·2-min read
Brisbane, Queensland, Australia - 27th November 2019 : View of an illuminated Westpac logo behind a glass wall in the Queenstreet mall in Brisbane, while a man is passing by
Not a good day in the office for Westpac. Image: Getty

Good morning.

Here’s Yahoo Finance’s Thursday morning wrap.

ASX: The ASX is expected to open lower on Thursday as skittish US investors drag Wall Street lower. It comes after the ASX200 rebounded 2.4 per cent off the back of hopes of an October rate cut.

Wall Street: Wall Street’s main indexes fell sharply on Wednesday amid concerns that the economy is slowing.

The Dow Jones Industrial Average fell 525.05 points, or 1.92 per cent, to 26,763.13, the S&P 500 lost 78.65 points, or 2.37 per cent, to 3,236.92, and the Nasdaq Composite dropped 330.65 points, or 3.02 per cent, to 10,632.99.

Westpac: Westpac will pay the biggest fine in Australian corporate history ever, after settling a financial crimes case with the regulator AUSTRAC for $1.3 billion.

The fine comes after Westpac admitted to 23 million anti-money laundering breaches, with the fine eclipsing the $702 million fine paid by CommBank in 2018 for similar transaction breaches.

Insolvency: Small businesses will receive a new insolvency system allowing them 20 days to develop a restructuring plan, should they be at risk of going under, before creditors vote on whether they accept it.

It comes days before the JobKeeper subsidy is reduced.

Mandatory leave: New fathers in France will need to take an obligatory seven days of paternity leave, in what President Emmanuel Macron is describing as a move in favour of gender equality.

"When a child arrives in the world there is no reason why it should be just the mummy who looks after it," he said.

RBA ‘indolence’: Former prime minister Paul Keating has taken aim at the Reserve Bank of Australia, accusing it of “indolence” in a searing statement on Wednesday.

“The Reserve Bank is now having another one of its dalliances with indolence,” Keating said.

“Knowing full well that monetary policy can now no longer add to nominal demand – something that now, only fiscal policy is capable of doing, the Reserve Bank is way behind the curve in supporting the government in its budgetary funding measures.”

Property: The Covid-19 pandemic is playing havoc with the Australian housing market, but the slip in prices so far has been moderate. These are the four forces controlling where prices will go next.

Jetstar: And do you need a getaway? Don’t we all. Good news then: Jetstar is flogging $59 flights from Sydney to Adelaide until midnight tonight. And with South Australia reopening its borders to NSW from Thursday, you could be quaffing a South Australian riesling faster than you can say quarantine.

Have a great day.

With AAP.

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