ASX to fall as cashless welfare approved for two year extension

The cashless welfare scheme has been extended for two years. Image: Getty

Good morning.

Here’s Yahoo Finance’s Thursday morning wrap.

ASX: The ASX may end its seven-day winning streak on Thursday after US tech stocks took a beating overnight. The Australian share market has been going from strength to strength over the last seven trading days, but that doesn’t mean investors hopes of a ‘Santa Clause rally’ will eventuate.

Wall Street: Wall Street struggled through trade on Wednesday local time as investors closely watched stimulus talks. The Dow Jones Industrial Average finished 0.35 per cent lower at 30,068.81 points, while the S&P500 took a 0.79 per cent tumble to 3,672.82 points. And the tech-heavy Nasdaq fell a huge 1.94 per cent to 12,338.95 points.

Cashless welfare: The Government’s controversial cashless welfare scheme has been extended for another two years after the Senate agreed to continue trialling the payment system. That’s despite opposition from Labor, the Greens and independents Jacqui Lambie and Rex Patrick.

Lambie said the card itself needed more support around it to help people living in poverty or struggling with addiction, but blasted the Government for not delivering that support.

"What could have been so great for this country is now becoming heartbreaking," Senator Lambie said.

Best & Less: Budget retailer Best & Less has seen huge 13.5 per cent sales growth with overall sales of $629 million for the year to 30 November.

Now, it’s considering listing. Here’s what we know.

Facebook: America is taking on Facebook over claims it has broken competition rules. Nearly every US state has sued the company, according to the US Federal Trade Commission.

AAA rating: While NSW and Victoria both suffered ratings downgrades in the last week, Australia’s AAA rating is not in immediate danger, ratings agency Standard & Poor’s has said.

"No rating action on a state or territory impacts the sovereign," S&P director of sovereign and public finance Anthony Walker said.

Pauline Hanson: The One Nation leader has called for action over Woolworths’ cashless stores. Here’s what’s going on.

Coles’ deal: And Coles has signed a major deal with the Transport Workers’ Union that will significantly improve workers in Coles’ supply chain’s conditions.

“For truck drivers, logistics workers and food delivery riders it means the bar has been set very high in terms of listening to their concerns and investigating issues. For road users it means a major retailer is putting in place mechanisms to make our roads safer,” TWU national secretary Michael Kaine said.

With AAP.

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