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ASX to rise; Labor reveals major workplace law overhaul

Anastasia Santoreneos
·2-min read
CANBERRA, AUSTRALIA - DECEMBER 7:  Australian Opposition Leader Anthony Albanese speaks during the Kmart Wishing tree launch at Parliament House on December 7, 2020 in Canberra, Australia. (Photo by Lukas Coch - Pool/Getty Images)
ASX to rise; Labor reveals major workplace law overhaul. Source: Getty

Good morning.

Here's Yahoo Finance's Wednesday morning wrap.

The Aussie share market is set to rise at the open, with the SPI200 Futures Index 0.25 per cent higher at around 7:40am AEDT.

In the US, the tech-heavy Nasdaq hit an all-time high for the fifth consecutive session, but Wall Street results were fairly mixed.

The S&P 500 index was flat during afternoon trade, while the Dow Jones added around 0.1 per cent.

Reporting season is well underway, with Commonwealth Bank expected to post its interim profits on Wednesday.

Labor’s job promise: Anthony Albanese has promised to insert job security into the Fair Work Act, forcing the Fair Work Commission to factor the issue into decisions.

The opposition leader is set to outline a range of industrial relations policies aimed at slashing the burden of insecure work for millions of people.

The Crown has been deemed unsuitable to operate a Sydney casino in Barangaroo, a report from the Crown probe revealed.

Commissioner Patricia Bergin said The Crown needed a complete overhaul of culture and governance if it were to open.

“The scorching light of this inquiry has exposed a number of problems that would have otherwise remained unearthed and unresolved,” Bergin said.

However, the The New South Wales state gaming authority still needs to actually adopt Bergin’s findings. They are set to discuss her recommendations on 12 Feb.

H&M to shut stores: The Swedish retailer is reportedly looking to close up to 15 per cent of its stores, or as many as seven Australian stores, according to The Australian.

The retailer will look to shift customers to its newly-launched online platform. One H&M store in Sydney’s Chatswood has already closed.

Bitcoin is approaching the US$50k mark, after Tesla bought a whopping $1.5 billion worth of the stock and said it would begin accepting it as payment.

Tesla’s investment has driven year-to-date gains of the cryptocurrency to 67 per cent.

GameStop has well and truly fizzled, with the stock falling below US$50 per share on Tuesday.

While recent losses mean the stock is still up more than 150 per cent year-to-date, that’s a far cry from January, when the stock was up 1600 per cent to US$483.

Trump impeachment trial: Donald Trump's historic post-presidency impeachment trial has begun, with prosecutors opening their case by showing a video of Trump supporters violently overwhelming police at the US Capitol on 6 January.

“If that's not an impeachment offence, then there is no such thing," Democratic congressman Jamie Raskin, who led the prosecution, told the assembled senators.

Have a great day!

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