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ASX to tumble after Wall Street bloodbath

Lucy Dean
·2-min read
A visitor speaks on a mobile phone as he studies stock prices at the Australian Securities Exchange in Sydney, Australia, Monday, Jan. 21, 2008. The Australian stock market closed lower for the eleventh session in a row on Monday. At the close the S&P/ASX200 index was down 2.9 per cent to 5,580.4 with the All Ordinaries down 2.91 per cent to 5630.9. (AP Photo/John Pryke)
The ASX is expected to drop at the open. (AP Photo/John Pryke)

Good morning.

Here’s Yahoo Finance’s Thursday morning wrap.

ASX: Australian shares are tipped to fall at the open after Wall Street had a shocker overnight. Soaring coronavirus cases and the spectre of the looming US election kept investor spirits’ low around the world, with the ASX futures indicating a tumble ahead.

It comes after the S&P/ASX200 benchmark index finished up 6.7 points, or 0.11 per cent, to 6057.7 on Wednesday. The All Ordinaries closed higher by 15.3 points, or 0.24 per cent, to 6262.5.

Wall Street: The US share market fell on Wednesday to lows last seen in July as investors beat a retreat ahead of the US presidential election next Tuesday.

The Dow Jones Industrial Average fell 939.13 points, or 3.42 per cent, to 26,524.06, the S&P 500 lost 119.26 points, or 3.52 per cent, to 3,271.42 and the Nasdaq Composite dropped 426.48 points, or 3.73 per cent, to 11,004.87.

Property: There’s a “perfect storm” brewing that will push house prices significantly higher, writes Michael Yardney. Here’s what he’s saying.

Energy bills: We’re getting closer to steamy summer days and miserably muggy nights - and the associated air conditioning bills. But there are five purchases you can make to cut back on energy spending.

JobSeeker: The unemployment benefit payment has already been reduced, but uncertainty remains around just what level it will be set at in the new year. Here’s when Australians should have an idea of the support they will receive.

RBA: Next Tuesday is a big day: US Presidential election, Melbourne Cup and according to economists, another staggering interest rate cut. Economists are growing increasingly confident the Reserve Bank will pull the trigger next Tuesday, taking rates to a tiny 0.10 per cent.

Border pressure: Victoria has successfully crushed the second wave of the coronavirus and now business groups are pushing for borders to open.

“State governments should wean themselves off the political attraction of border barriers or risk their economic recovery and the jobs of their community," Ai Group chief Innes Willox said.

Bank outage: And Wednesday was a frustrating day for thousands of Aussies after the ANZ banking app went offline. This is what went down.

Have a great day.

With AAP

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