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ASX to recover at open, 'bleak' future in some US markets

Samantha Menzies
·Contributing editor
·2-min read
The ASX is expected to recover at open today
The ASX is expected to recover at open today. Source: Reuters

Good morning.

Here’s Yahoo Finance’s morning wrap for Monday.

ASX: The S&P/ASX 200 is set to open higher this morning following a 2.4 per cent fall on Friday - which was the worst daily fall in five months.

This took the weekly performance to a 1.8% fall, but the index managed to deliver a 1% return for the month of February.

Wall Street: The tech-heavy Nasdaq index has rallied in choppy trading, even as sentiment remains fragile after the index's worst performance in four months with fears of rising inflation keeping US bond yields near a one-year high.

The S&P 500 ended little changed on Friday, while the Dow index closed lower after earlier dropping to a three-week low.

The Dow still posted gains of nearly 4 per cent for the month, as investors bought into cyclical companies set to benefit from an economic reopening.

Nasdaq, which had its worst week since October, ended the month roughly 1.8 per cent higher while the S&P 500 posted a monthly gain of about 3.5 per cent.

Qantas aid: Australia’s treasurer said he’s considering measures to support firms like Qantas Airways Ltd. and others that are still struggling with fallout from the coronavirus pandemic, once the government’s JobKeeper wage subsidy expires late this month.

‘Bleak’ future: Fixed income and bond investors in the US “face a bleak future”, Warren Buffet warns.

His warning comes amid a sharp rally in long-term interest rates that saw the 10-year Treasury yield recently touch its highest level in a year.

Bitcoin tumbles: Bitcoin has fallen 5.4 per cent to the lowest level in three weeks.

Price move appears to be a continuation of last week’s trend, when bitcoin fell amid concerns that rising U.S. Treasury bond yields might prompt the Federal Reserve to tighten monetary policy sooner rather than later to keep inflation from rising out of control; analysts have said such a move could prompt a sell-off in risky assets including stocks and bitcoin.

Have a great day.

With AAP.

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