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ASX to slide as 100 Aussies battle for 1 job

Lucy Dean
·3-min read
Occupation job search employment issues job classified ad unemployment searching
Here's how many job seekers are going for the same job. Image: Getty

Good morning.

Here’s Yahoo Finance’s Wednesday morning wrap.

ASX: The ASX is expected to slide on Wednesday morning after Wall Street snapped a four-day streak of gains overnight. It comes after the Australian share market hit its highest level since March, with the ASX200 breaching 6,200 points on Tuesday, before finishing at 6195.7 on Tuesday.

Wall Street: Wall Street finished lower overnight as a paused Covid-19 vaccine trial weighed on investors. Johnson & Johnson paused clinical trials of the vaccine due to one participant’s illness.

The Dow Jones Industrial Average fell 158.04 points, or 0.55 per cent, to 28,679.48, the S&P 500 lost 22.51 points, or 0.64 per cent, to 3,511.71 and the Nasdaq Composite dropped 12.36 points, or 0.1 per cent, to 11,863.90.

1 in 100: It’s a hard jobs market, a new Anglicare Australia report has confirmed, with more than 100 Australians vying for every one entry-level job.

“Our research shows the jobs just aren't there," Anglicare Australia executive director Kasy Chambers said.

JobKeeper warning: The International Monetary Fund has said Australia needs to make sure it doesn’t “prematurely” withdraw financial support, if it wants to avoid further setbacks.

IMF prediction: More broadly, the IMF said the global economic contraction will be smaller than previously flagged. It predicts a global contraction of 4.4 per cent in 2020, but warned that the world’s poorest are getting left behind.

"The poor are getting poorer with close to 90 million people expected to fall into extreme deprivation this year," IMF chief economist Gita Gopinath said in a blog posting.

Apple’s new iPhone: Apple has unveiled its latest iPhone. The iPhone 12, which starts at $1,349, has 5G connectivity.

$9 million payday: Both CSL and BHP shareholders will today decide whether to award chief executives Paul Perreault and Mike Henry more than $9 million in shares each as the two massive companies hold their annual general meetings.

Budget cash tips: Have you been following last week’s Budget announcement? One of the biggest changes was to the tax system. Here’s how to make the windfall work for you.

Jobs at risk: Recessions are hard on everyone, but there are eight jobs that are the most at risk of redundancy. The top one? Anything that can be automated. Here are the others.

ATO scam: The ATO has issued another alert over a scam, this time targeting businesses using the JobKeeper subsidy. Keep an eye out for this dodgy email.

Successful retirement: And did you miss yesterday’s Women’s Money Movement webinar on retirement? Check it out here.

With AAP.

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