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ASX up, Bitcoin loses steam, employment to rise

·Contributing editor
·3-min read
Yahoo Finance morning wrap for Thursday. Source: Getty
Yahoo Finance morning wrap for Thursday. Source: Getty

Good morning.

Here's everything you need to know about finance markets for today.

ASX: The Australian share market looks set to rise again on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 15 points or 0.2 per cent per cent higher this morning.

Wall Street: Markets were jostled Wednesday after US Federal Reserve officials projected interest rate hikes sooner than expected, with stocks sliding and the dollar jumping on the news. All three major US indices fell following the afternoon announcement, as investors digested the possibility that interest rates could begin climbing sooner as Fed officials cited an improved economic outlook.

AUD: The Australian dollar is trading at 0.7612 to the US dollar as at 7.15am this morning.

Oil: Energy producers will be on watch after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is down 0.4 per cent to US$71.85 a barrel and the Brent crude oil price has risen 0.1 per cent to US$74.04 a barrel. The latter is closing in on a multi-year high.

Gold: Gold miners could tumble lower today after the gold price sank overnight. According to CNBC, the spot gold price is down 1.4 per cent to US$1,830.60 an ounce. News that the US Federal Reserve has brought forward its rate hike plans has hit the precious metal hard.

Cryptocurrency: Bitcoin and other currencies lose steam. The bitcoin (BTC-USD) price shot back above $40,000 following sessions of losses, but is treading water as fund managers say the cryptocurrency is in a bubble despite the price crash.

Employment: Economists expect another solid rise in employment for May, which should at least keep the unemployment rate steady at 5.The Australian Bureau of Statistics will release the crucial labour force report for May on Thursday.

Renewable energy: NSW will allocate $380 million in next week's budget to ramp up investment in large-scale renewable energy, under its electricity infrastructure roadmap strategy.

Minimum wage: Most of Australia's lowest paid workers will receive almost $20 extra a week from next month but employer groups and unions have raised concerns with the increase. The Fair Work Commission revealed on Wednesday the national minimum wage will rise 2.5 per cent to $772.60 per week or $20.33 an hour.

Productivity: The impact of last year's COVID-19 crisis on productivity was unprecedented and its lingering effects may alter the structure of the economy in the long term, the Productivity Commission says.

Superannuation: Making additional contributions before 30 June is a great way to cut your tax bill while simultaneously boosting your superannuation portfolio. On the surface, the strategy is simple: make a payment to your superannuation fund before 30 June and claim a tax deduction for that amount. There are some tricks you should know to ensure you squeeze the most out of any extra contributions.

Private health: Almost a million Aussies are wearing $417million in unnecessary private hospital premiums. so if you're 31 or over with no private health cover in place, here's the $14,582 reason to change that before 30th June.

Have a great day.

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