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ASX to rise as Bitcoin clears US$20k

Lucy Dean
·3-min read
BRUSSELS, BELGIUM - MARCH 9, 2017 : Golden Bitcoins.
Bitcoin has hit a huge milestone. Image: Getty

Good morning.

Here’s Yahoo Finance’s Thursday morning wrap.

ASX: The ASX is expected to open higher on Thursday as investors wait for jobs data and the Government’s budget update.

Wall Street: Wall Street had a mixed finish as investors waited for movement on a stimulus package. They also weighed up new data showing shoppers were spending less.

The Dow Jones Industrial Average finished down 0.15 per cent, at 30,154.54, the S&P 500 climbed or 0.18 per cent, at 3,701.17. The Nasdaq Composite was up 0.50 per cent, at 2,658.19.

Bitcoin: Bitcoin has broken through US$20,000 (AU$26,440) for the first time ever as investors bought up the cryptocurrency during Covid-19.

It’s now gained more than 170 per cent this year. Here’s what’s going on.

Jobs: Australia’s latest unemployment figures will be released on Thursday and economists are tipping a significant increase in the number of employed people. However, they don’t think the figures will be quite as rosy as October’s.

Budget update: The Government will hand down its mid-year economic and financial outlook today. Lower unemployment and a smaller deficit are both expected to be features of the budget update.

Mining jobs: A new report has found 24,000 jobs could be established over around 100 oil, gas and mining projects due to start in the next five years.

Most of the jobs are linked to coal and iron ore.

Honda: The manufacturer is recalling 1.79 million cars around the world, including the 2002-2006 model year CR-V vehicles. Defects in this vehicle had been linked to fires.

It’s also recalling some Accord, Accord Hybrid and Insight vehicles.

Crown: Crown Resorts will be able to open its Sydney complex, although will have to do so without its casino after failing to secure it from the gaming regulator.

Crown said it plans to begin opening operations from 28 December.

Xinja: Neobank Xinja has shut up shop in Australia, naming tough Covid-19 conditions as the nail in the coffin. Here’s what happens next for customers.

Business reminder: Businesses have been urged to check if they’re eligible for an insurance payout after the horror year.

“Restaurants, bars, gyms, dance studios and businesses offering public facing services who lost money as a result of Covid-19 may be able to go ahead with a business interruption insurance claim,” law firm Slater and Gordon senior associate James Hunter said.

Highest-paid celebs: And Forbes has named the world’s highest-paid celebrity. Kylie Jenner took out first place, making US$590 million in 202, followed by Kanye West, Roger Federer and Cristiano Ronaldo.

With AAP.

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