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ASX to rise as QLD government cuts pay

Anastasia Santoreneos
·3-min read
Here's Yahoo Finance's Wednesday morning wrap. Source: Getty
Here's Yahoo Finance's Wednesday morning wrap. Source: Getty

Good morning.

Here’s Yahoo Finance’s Wednesday morning wrap.

The ASX is expected to rise at the open, after US indexes climbed on additional stimulus hopes and a record jump in retail sales.

One Australian dollar was buying 68.89 US cents at 0700 AEST, lower from 69.41 US cents at the close of trade on Tuesday.

On Wall Street, all three major indexes posted their third consecutive daily gains, with the retail sales jump indicating the economy could bounce back sooner than expected.

The Dow Jones Industrial Average rose 526.82 points, or 2.04 per cent on Tuesday, to 26,289.98, the S&P 500 gained 58.15 points, or 1.90 per cent, to 3,124.74 and the Nasdaq Composite added 169.84 points, or 1.75 per cent, to 9,895.87.

Queensland government’s major move: Industrial Relations Minister Grace Grace revealed pay rises for Queensland’s public sector have been deferred to 2022, as the state battles the economic fallout of the coronavirus pandemic.

The amendments will not apply to local government or other state system workers, and chief and senior executives of government-owned water, energy and transport corporations or its statutory authorities will not get performance-based payments to in 2020/21.

Economist’s big bet: Independent economist Stephen Koukoulas bet against his investment manager mate Tony Locantro, who believed house prices would drop by 35 per cent by December 2021.

“Even with the Covid-19 economic depression unfolding, house prices remain unlikely to fall by anywhere near the 35 per cent forecast,” Koukoulas said.

In fact: “It is possible, even probable, that Australia-wide house prices will rise...within the next two years.”

Facebook, Google, Twitter face the music: Top officials from Facebook, Google and Twitter will appear before US lawmakers on Thursday at a hearing on foreign influence and election security, the House of Representatives Intelligence Committee announced on Tuesday.

Crude oil takes a hit: Fears of a resurgence of coronavirus in China, the world’s biggest crude importer, are casting a shadow over the oil market once more. It follows data revealing Saudi oil exports plunged to their lowest level in 35 years.

Go bush for good: For many city-dwellers, the turn of the seasons means one thing: glorious long weekends spent in misty paddocks, wineries, sweet shops and by a roaring fire. And, tiny house company in2thewild is hugely capitalising on it.

Here’s how they’re encouraging Aussies to go bush for good in a post-pandemic world.

TikTok lands in Australia: Chinese-owned video-sharing social media giant TikTok has launched in Australia, making a number of executive appointments who hail from the likes of Google, YouTube, Airbnb and ANZ – and they’re hiring.

And, they’re hiring 22 lucky Aussies. Here’s who they want.

With AAP.

Yahoo Finance Breakfast Club Episode 6. Source: Supplied
Yahoo Finance Breakfast Club Episode 6. Source: Supplied

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