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ASX, Wall Street rebound amid crypto bubble burst warning

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Samantha Menzies
·Contributing editor
·3-min read
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ASX, Wall Street rebound amid Bitcoin, Dogecoin bubble burst warning. Source: Getty
ASX, Wall Street rebound amid Bitcoin, Dogecoin bubble burst warning. Source: Getty

Good morning.

Here's everything you need to know in finance markets this morning.

ASX: The Australian share market looks set to rebound on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 31 points or 0.45 per cent higher today.

Wall Street: The ASX rebound follows a positive night of trade on Wall Street, which saw the Dow Jones jump 0.95 per cent, the S&P 500 rise 0.9 per cent and the Nasdaq storm 1.1 per cent higher.

AUD: The Australian dollar is trading at 0.775 to the US dollar as of 7.10am this morning.

Oil: According to Bloomberg, the WTI crude oil price is down 2.6 per cent to US$61.02 a barrel and the Brent crude oil price has fallen 2.4 per cent to US$64.99 a barrel. Reports on an inventory build in the US and rising COVID cases in India weighed on prices.

Gold: According to CNBC, the spot gold price is up 0.95 per cent to US$1,745.70 an ounce. This was driven partly by softening bond yields.

Cryptocurrency: People are buying cryptocurrency in hopes that others will also buy and push its price up, and then they will sell the crypto, but when everyone is doing this, the bubble eventually has to burst and you’re going to be left short-changed if you don’t get out in time. From Bitcoin to Dogecoin, here's why experts are warning of a cryptocurrency bubble burst.

Superfunds: A year after the start of COVID-induced lockdowns, Aussie super funds are enjoying the market recovery and are moving towards more comfortable economic conditions. According to a report by SuperRatings, super funds appear to have emerged from the pandemic in a strong position with the median balanced option returning 9.7 per cent from 1 July 2020 to date.

AU vaccine revamp: A plan to bring forward COVID-19 jabs for Australians aged 50 and over and proposals for state and territory mass vaccination sites are expected to be unveiled on Thursday. The prime minister will meet with the premiers and chief ministers for national cabinet, which reached an in-principle agreement on changes to the vaccine rollout at Monday's meeting.

US vaccine incentives: America is trying to overcome diminishing demand for COVID-19 shots by offering businesses a tax incentive to give employees paid leave to get vaccinated. The move comes as the US is set to meet President Joe Biden's goal of administering 200 million coronavirus doses in his first 100 days in office.

Centrelink breach: Services Australia has been ordered to apologise and pay compensation to a domestic violence victim after it disclosed her new address to her former partner. The agency breached the Privacy Act when it failed to separate the woman's records from her former partner's then updated his online account with her new address, Australian Information Commissioner and Privacy Commissioner Angelene Falk has ruled.

Climate tech: Another half a billion dollar cheque has been written by the Morrison government to help Australia foster international partnerships on clean energy technology. It's the latest climate-related budget announcement from Prime Minister Scott Morrison as he gears up to take part in a summit organised by US President Joe Biden. It brings together the world's biggest polluters in a bid to ramp up global climate action.

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