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ASX to fall amid grim wage growth warning

Lucy Dean
·3-min read
Hands holding wallet with australian dollars and make a payment - coronavirus finance struggle concept
Image: Getty

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Good morning.

Here’s Yahoo Finance’s morning wrap for Monday.

ASX: The ASX is expected to open the week lower following an uncertain lead from Wall Street on Friday.

It comes after the ASX saw its worst fall in three weeks on Friday.

The S&P/ASX200 benchmark index closed lower by 92.1 points, or 1.34 per cent, to 6793.8. The All Ordinaries closed lower by 91.5 points, or 1.28 per cent, at 7064.0.

Wall Street: Stocks on Wall Street finished the week nearly level after investors sold off technology shares, preferring to buy up cyclical stocks and industrials.

The Dow Jones Industrial Average edged up 0.98 points to 31,494.32 and the Nasdaq Composite added 9.11 points, or 0.07 per cent, to 13,874.46. The S&P 500 dropped 7.26 points, or 0.19 per cent, to 3,906.71, taking it to its first weekly loss in three weeks.

Travel vouchers: Victoria will unleash another round of its $200 voucher scheme, this time targeting Melbourne businesses as the state emerges from its third, “circuit breaker” lockdown.

Victoria stimulus: That’s part of a larger $143 million stimulus package pushed out to Victorian businesses this weekend, as businesses struggle to recoup losses from the snap five-day lockdown.

Wage growth: The Australian economy may be showing signs of recovery, but that doesn’t mean workers are going to see that reflected in their pay packet any time soon.

"While the jobs recovery has been faster than expected and unemployment is expected to fall below six per cent by this time next year, we are still a long way from full employment and hence a decent pick up in wages growth," AMP Capital chief economist Shane Oliver says.

Golden investing rules: If you’re getting started in investing, Peter Switzer is here to help you out. He’s shared his seven investing principles that tell him if an investment is a goer… or a stinker.

Donald Trump: He’s no longer the president of the US, but he’s still sitting on a huge pile of cash. According to Forbes, Donald Trump is the world’s 339th richest person. Here’s how much he’s worth.

Teachers’ pay: A new report has called for a 10 - 15 per cent increase in NSW public school teachers’ pay, and the provision of more specialist support teachers, as the education system buckles under an increased workload.

JobSeeker: The Government’s budget committee met on Friday to discuss the new rate of JobSeeker. Here’s what we know.

Elon Musk: And if you’re ever interviewed by Elon Musk, there’s a fair chance he’ll ask you this question. It’s his preferred way to sniff out a liar, and according to science, it works.

Have a great day.

With AAP.

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