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ASX to open steady as Chinese investments plummet

Lucy Dean
·3-min read
Waving flag of Australia and
Chinese investment has fallen dramatically. Image: Getty

Good morning.

Here’s Yahoo Finance’s Monday morning wrap.

ASX: The ASX is expected to open the week flat as investors wait for both the Reserve Bank of Australia’s monthly minutes, and the US Federal Reserve’s meeting on Wednesday.

Wall Street: Wall Street finished the week with a mixed bag, as the Nasdaq slid and the S&P 500 moved sideways. That marks two weeks in a row where all three major Wall Street averages finished lower.

The Dow Jones Industrial Average closed up 131.06 points, or 0.48 per cent, to 27,665.64, the S&P 500 gained 1.78 points, or 0.05 per cent, to 3,340.97 and the Nasdaq Composite dropped 66.05 points, or 0.6 per cent, to 10,853.55.

Victoria: 20,000 businesses will be eligible for grants under a new $3 billion business package Victorian Premier Daniel Andrews announced on Sunday. The package also includes payroll tax deferrals for 2020/21.

Sydney boost: Sydney’s struggling nightlife and associated businesses look set to score a boost, with the NSW government planning to announce a strategy to “drive investment, create jobs and attract more businesses”, NSW Treasurer Dominic Perrottet said.

Queensland business: Up in Queensland, the Chamber of Commerce and Industry Queensland is calling for funding commitments tied to sustainability and digitalisation.

"There is no reverting to business as usual. And that goes for the priorities we are calling for," CCIQ's general manager of advocacy and policy Amanda Rohan said.

Chinese investments: Chinese investment in Australia has fallen by more than 47 per cent to $2.5 billion last year, with investment dropping across mining, manufacturing, agriculture and real estate.

Fuel security: $211 million will be funnelled towards building fuel storage facilities and supporting local refineries in a Government bid to keep prices low and create 1,000 jobs, while also protecting Australian fuel security.

Business trend: Covid-19 has been horrific for Australian businesses, but TikTok’s “pure positivity” means many businesses are now seeing it as a strong advertising platform.

“It’s an authentic platform. It’s real, it’s fun, it’s creative, but authenticity is what makes it different,” general manager of TikTok Australia, Brett Armstrong, told Yahoo Finance.

Covid-19 habit: For a little while, it looked like Covid-19 could see the burden of unpaid domestic work be more equally shared with both mum and dad at home. However, writes Bianca Hartge-Hazelman, the opposite has happened, with Australian women saying 2020 life is closer to the 1950s.

‘Awful’ fine: A 72-year-old Adelaide woman has been hit with a $30,000 fine after feeding pigeons. What would Mary Poppins think?

Holiday boost: And Thailand is paying citizens to go on holidays, with the Asian country’s tourism industry having suffered hugely during the Covid-19 travel restrictions. The $473,000 scheme sees travellers score 40 per cent discounts off flights and accommodation once they book through the government app, and will also score a daily spending allowance.

With AAP.

Have a great day.

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