Here’s Yahoo Finance’s Friday morning wrap.
The ASX is expected to open lower, after negative US economic data and the possibility of a delayed US election concerned overseas investors.
What’s out today: The Reserve Bank of Australia will publish data on lending and credit provided in June, and the Australian Bureau of Statistics will issue the June prices of major producers in mining, manufacturing, construction and service industries.
One Australian. dollar was buying 71.94 US cents at 7am AEST, up from 71.53 US cents at yesterday’s close.
In the US, the S&P 500 and the Dow Jones closed lower despite positive earnings from the major tech giants.
It follows data revealing the US economy suffered its biggest blow since the Great Depression in the second quarter as a result of the Covid-19 pandemic.
Apple crushes Q3: Apple has reported US$59.7 billion in revenue, surpassing its original expectation of US$52.3 billion. The iPhone generated US$26.42 billion in revenue.
Gold surge: The price of gold has hit a nine-year high, with investors increasingly turning to the element as a safe haven against the falling US dollar.
Here’s what that means for you.
Are you a gig economy worker? Many people have made the transition into the gig economy, but haven’t thought about the tax implications this might have.
Here are H&R Block’s director of tax communications, Mark Chapman’s, tax tips that sharing economy workers must know.
Tick tock: Australia is in its first recession in three decades as Covid-19 has knocked around the global economy. So when will we recover?
This investment clock, which was first shown in London’s Evening Standard newspaper in 1937, shows exactly when we’ll get out a recession - and fall back into one.
Have a great day.
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