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ASX to rise as new data highlights COVID-19 lockdown damage

·Contributing editor
·1-min read
Australia's economy is on tenderhooks as we await this weeks raft of data. Source: Gettty
Australia's economy is on tenderhooks as we await this weeks raft of data. Source: Gettty

Good morning.

Here's what you need to know about finance markets for today.

ASX: The Australian share market looks set to rise on Monday. According to the latest SPI futures, the ASX 200 is expected to open the day 13 points or 0.2 per cent higher this morning.

Global markets: It was a a strong end to the week on Wall Street, which saw the Dow Jones rise 0.7 per cent, the S&P 500 climb 0.9 per cent, and the Nasdaq push 1.2 per cent higher. Comments out of the US Federal Reserve boosted US stocks.

Aussie dollar: The Australian dollar is trading at 0.7315 to the US dollar as at 7am this morning.

Data week ahead: A bumper week for economic reports - ABS Business indicators report, international trade figures, economic growth figures, monthly RBA credit data and CoreLogic's home value index - will reveal what damage a series of coronavirus lockdowns are doing to the economy and whether Australia has managed to avoid a recession at this stage. 

Coalition support: Support for the coalition has fallen to its lowest level since before the last federal election, according to the latest Newspoll, as large parts of Australia remain in lockdown due to COVID-19. However, Scott Morrison has edged further ahead as preferred prime minister over Labor's Anthony Albanese.

Oil: More than 90 per cent of US oil production in the Gulf of Mexico had been shut down as Hurricane Ida makes landfall, threatening to push petrol prices even higher. 

Have a great day.

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