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ASX to rise after Joe Biden secures 2020 US election

Lucy Dean
·3-min read
WILMINGTON, DE- NOVEMBER 7: Supporters of Joseph Biden gather to watch him give his first address as president elect after the presidential election defeat of Donald Trump on November 7, 2020 at the Chase Center on the Waterfront in Wilmington, Delaware: Photo: Chris Tuite/ImageSPACE/MediaPunch /IPX
WILMINGTON, DE- NOVEMBER 7: Supporters of Joseph Biden gather to watch him give his first address as president elect after the presidential election defeat of Donald Trump on November 7, 2020 at the Chase Center on the Waterfront in Wilmington, Delaware: Photo: Chris Tuite/ImageSPACE/MediaPunch /IPX

Good morning.

Here's Yahoo Finance's Monday morning wrap.

ASX: The ASX is expected to lift at the open on Monday as global markets cast off the uncertainty that has plagued them for weeks. The ASX200 finished up 0.8 per cent higher on Friday, while futures indicate a positive start on Monday.

Wall Street: Wall Street finished lower on Friday after rallying throughout the week.

The S&P 500 inched down less than 0.1 per cent to 3,509.44, but posted a 7.3 per cent gain for the week. The Dow Jones Industrial Average slipped 0.2 per cent to 28,323.40 and the Nasdaq composite edged up less than 0.1 per cent to 11,895.23.

Joe Biden: The Democrat candidate’s election victory will remove uncertainty from markets, after securing the required number of votes to claim the White House. However, Donald Trump is yet to concede defeat.

Beyond claiming the title, Biden faces serious challenges in kickstarting a struggling American economy.

Covid-19: Prime Minister Scott Morrison will be looking to President-elect Joe Biden to stem the Covid-19 pandemic as the USA battles one of the worst global outbreaks.

“We ... look forward to working with President-elect Biden and his Administration to continue to fight the Covid-19 global pandemic and recession, to develop a vaccine, drive a global economic recovery," Morrison said.

Young worker scheme: It’s been flagged as posing equity risks and as having some black holes, but the Government’s young worker subsidy scheme is set to become reality this week.

Save $17k: Selling? While using a real estate agent is popular, it’s also expensive. According to CoreLogic data, you’re looking at $14,000 to $17,000 in commission. Here’s what you need to know.

Compensation: If you’re received compensation for damage done due to events outside of your control, you might be wondering if you can claim tax on that payment. Tax expert Mark Chapman breaks it down.

Grattan: The Grattan Institute thinktank has called for the Government to hold fire on big transport infrastructure projects, warning that the way Australians live and work has fundamentally changed.

"The pandemic has pushed population growth over a cliff and fewer people will commute in future as working from home becomes part of 'COVID normal'," the institute's transport and cities program director Marion Terrill said.

Aussie homes: And how does the average Australian home compare to those overseas? New analysis from CommSec shows that 11 years ago we were building the biggest detached houses in the world, but that’s shrunk in recent years.

However, the appetite for big homes is back, with Australians once again building the biggest homes. Here’s how we’re living.

“There have been shifting trends in the sizes and styles of homes over the past decade and Covid-19 is throwing another element into the mix. More Aussies could embrace working from home in a bigger way, opting to move away from apartments in, or near the CBD, in preference for a larger home in a regional or suburban ‘lifestyle’ area,” CommSec Chief Economist Craig James said.

Have a great day!

With AAP.

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