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ASX rises following a strong finish on Wall Street

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·Contributing editor
·3-min read
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Aussie stocks set to open strongly for the week. Source: Getty
Aussie stocks set to open strongly for the week. Source: Getty

Good morning.

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

ASX: The Australian share market looks set to start the week on a positive note following a strong finish on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the week 48 points or 0.7 per cent higher this morning.

Wall Street: On Wall Street on Friday, the Dow Jones rose 1.05 per cent, the S&P 500 climbed 1.5 per cent, and the Nasdaq stormed 2.3 per cent. The latter could be good news for tech shares today.

AUD: The Australian dollar is trading at 0.771 to the US dollar as at 8am this morning.

Oil: Oil prices have rebounded as the week opens. According to Bloomberg, the WTI crude oil price rose 2.4 per cent to US$65.37 a barrel and the Brent crude oil price climbed 2.5 per cent to US$68.71 a barrel. This followed declines of around 3 per cent the day before.

Gold: Gold miners will be in focus today after the gold price stormed higher on Friday night. According to CNBC, the spot gold price recorded a 0.85 per cent gain to US$1,838.1 an ounce. This stretched the precious metal’s weekly gain to 4 per cent.

Bitcoin: Bitcoin rose 5.63 per cent to $49,337.72 by 0800 GMT on Sunday, adding $2,628.83 to its previous close. The world's biggest and best-known cryptocurrency is up 77.9 per cent from the year's low and down 24 per cent from the year's high.

Tesla & Bitcoin: Last week, Tesla exacerbated an already nervous market mood with the announcement that it was no longer accepting the cryptocurrency as payment for its products. But here's why the move could actually be good for Bitcoin.

Oil refineries: Later today, Prime Minister Scott Morrison will unveil the final details of the $2.4 billion plan aimed at retaining self-sufficient refining capability and limiting costs on motorists and businesses.

Aged care response: Finance Minister Simon Birmingham believes the government's $17.7 billion funding package into aged care is adequate, as a key commitment in last week's big spending federal budget. The funding is spread over four years, while aged care advocates, economists and the opposition say it should have been more like $10 billion a year.

Samsung Galaxy A22: Samsung brought its prices for 5G phones down to Earth when it unveiled the Galaxy A32 earlier in the year, but now it's poised to make fast wireless entirely commonplace. Here's everything you need to know about the new, more affordable, Samsung Galaxy A22.

Aussie bankers: Australian expatriate investment bankers are returning home in large numbers, lured by the launch of new boutique advisory firms, a sharp pick up in deal-making and the safety of a country relatively unscathed by the coronavirus pandemic.

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