Yahoo Finance ASX to plunge after Wall St bloodbath
Good morning.
Here’s Yahoo Finance’s Friday morning wrap.
The ASX is expected to slide at the open, with the SPI200 Futures index down 119 points to 5,993. It follows a shocking day of trade on Wall Street.
In the US, the S&P 500 reversed sharply, falling 3.52 per cent to 3,455.06 points. The Dow Jones tanked nearly 800 points on Thursday by early afternoon trading, and the tech-heavy Nasdaq — which has led the rally off the late February lows — plunged about 4 per cent.
Why is the US stock market crumbling? Yahoo Finance US’ editor-at-large, Brian Sozzi, said a sell-off was long overdue.
“For starters, valuations on big tech names like Tesla have gotten completely out of whack with reasonable expectations on forward earnings,” he said.
Payroll data improves: One thing that is looking slightly up in the US is employment, with August payroll data expected to show that 1.35 million jobs were added in the month. The unemployment rate has dipped below 10 per cent.
Cyber attacks: Australians lost $634 million from scams in 2019, with industry experts estimating the total losses from cyber security incidents to be $29 billion per year.
The most commonly targeted computer systems were federal government, followed by state and territory government, and the preferred tool for hackers is the "malicious email".
Are you a culprit of this ‘regretful’ lockdown habit? While restaurant, cafe and hotel spending has plummeted 56 per cent, spending on alcohol has increased a whopping 17 per cent.
Research shows the average beer-at-home drinker will spend $1,440 a year and the average wine-at-home drinker will spend $2,580. Over a month, that’s $120 for beers at home and $215 for wine at home – before any drinks consumed outside of home are counted.
Britain’s major warning: Britain’s property market is “dangerously close to bubble territory” as sales and prices soar, housing industry figures warned.
“Two words: reality check,” said Andrew Montlake, managing director of UK mortgage broker Coreco. “As strong as the property market is right now, it will not last.”
Have a great day.
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