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ASX to rise as investors await GDP figures

ASX to rise as investors await GDP figures. Source: Getty

Good morning.

Here’s Yahoo Finance’s Wednesday morning wrap.

The ASX is expected to rise in early trade, before the release of gross domestic product (GDP) figures which could confirm Australia’s first technical recession in almost 30 years.

One Australian dollar was buying 68.97 US cents at 0700 AEST, up from 68.02 US cents at the close of trade on Tuesday.

In the US, a late-session rally pushed Wall St to solid gains, as investors focused on eased lockdown restrictions and signs of economic recovery.

The big question: How is the stock market still climbing higher given rising civil unrest across the US? Experts reveal the answer.

GDP figures: Economists predict the Australian Bureau of Statistics' estimate of GDP will be a loss of between 0.1 per cent and 0.5 per cent. A negative figure will almost certainly mean a recession.

Even if Australia doesn’t tip into a recession this quarter, experts anticipate an even sharper drop in June’s figures.

JobMaker takes shape: Industrial Relations Minister Christian Porter will join union heads Sally McManus and Michele O'Neil and a range of employer associations on Wednesday for a roundtable meeting to decide how to make the review of the system work, in a bid to boost jobs and get the economy moving again.

Unis cop virus revenue hit: Australia's universities have seen a hard drop off in international students, and are flagging the ongoing impact of COVID-19 pandemic could cost them billions in revenue over the next four years.

Petrol price warning: Aussies wanting to take a trip this long weekend are encouraged to fuel up now. Here’s exactly where to fill your tank in each capital city.

Money tips I wish I taught my kids: Property expert Michael Yardney reveals six money lessons he wished he taught his kids when they were young.

Have a great day.

With AAP.

Yahoo Finance Breakfast Club.

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